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Weekly Report - 23 April 2020 (WR-20-16)
ARGENTINA: Reverting to hardball debt renegotiation tactics
The government led by President Alberto Fernández has presented a formal debt restructuring offer to holders of Argentine sovereign bonds issued under international law. The Fernández administration is hoping to strike a deal with bondholders to avoid Argentina defaulting on its debts for the ninth time in its history. Averting a default would allow the Fernández administration to obtain fresh international financing to fund the economic stimulus programmes it will have to implement to get Argentina out of its current economic recession. But it has made an aggressive offer that has been swiftly rejected by bondholders raising the possibility of no agreement being reached.
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