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Weekly Report - 11 February 2016 (WR-16-06)
ARGENTINA: Haircut but not severe
After a week of intense negotiations, the finance secretary, Luis Caputo, presented a proposal to ‘holdout’ creditors in the US on 5 February in an attempt to resolve Argentina’s long-running debt dispute once and for all. Two of the hedge funds accepted the proposal for a haircut of 25%, meaning it would pay out on some US$6.5bn of claims totalling US$9bn. Despite the official mediator in the dispute, Daniel Pollack, describing the proposal as “a historic breakthrough”, four hedge funds are yet to accept it, although the Argentine government has important political backing from the White House. President Mauricio Macri, meanwhile, conducted a trip to northern Argentina bearing gifts designed to encourage further splits within the main opposition Partido Justicialista (PJ, Peronists), which will be essential to win backing for any deal with the ‘holdouts’ at home.
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- VENEZUELA: Opposition moots advancing presidential election
- BOLIVIA-BRAZIL: Morales and Rousseff re-energise ties
- ARGENTINA: Haircut but not severe
- BRAZIL: Few good options available to tackle Zika
- BRAZIL: Government considers flexible fiscal target
- TRACKING TRENDS
- MEXICO: Peña Nieto reshuffles cabinet to address oil crisis
- TRACKING TRENDS
- HAITI: Another caretaker government takes office
- COSTA RICA: Solís suffers electoral setback
- HONDURAS: Supreme court appointments excite controversy
- Ecuador’s Correa locks horns with military
- Quotes of the week