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Weekly Report - 18 June 2020 (WR-20-24)

ARGENTINA: Still playing for time

The Argentine government has extended, for the fourth time, the deadline for the holders of US$66bn of sovereign debt issued under international law to accept its debt restructuring offer. But this might not be the last extension. With the new 19 June deadline looming, there is still no sign that a deal will be struck before then. However, President Alberto Fernández insists that his government wants to reach a deal with bondholders, take the country out of default, and resolve its debt problems once and for all. This suggests that while the Fernández administration may be driving a hard bargain it will ultimately cede to bondholder demands and secure a deal for the sake of the national economy. 

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