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Brazil & Southern Cone - February 2020

Beware the ides of March

The province of Buenos Aires came to the brink of default but backed down on 4 February. The episode may help move the national-level debt restructuring talks forward. An International Monetary Fund (IMF) mission visited Buenos Aires for a week from 12 February. The government has published a timetable which envisages the bulk of negotiations with foreign creditors taking place in the second half of March. Completing talks by then looks difficult but President Alberto Fernández will be under domestic pressure to settle so as to shift focus to ending two years of economic recession.

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