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Weekly Report - 25 June 2020 (WR-20-25)
ARGENTINA: Looking for way out of debt dilemma
The Argentine government led by President Alberto Fernández faces a dilemma. It knows it must strike a debt restructuring deal with foreign bondholders to start plotting the country’s economic recovery. It also knows that the sooner it does this, the sooner the much-needed recovery can start to materialise. But the leftist government is determined to come out on top of the negotiations and not to be be seen to be offering a ‘sweet deal’ to creditors, who it believes must accept that investments always carry a risk of financial losses. This stance is preventing the government from moving close to meeting bondholders’ demands and securing a deal. But the clear need to resolve the debt dilemma is driving the government to continue to improve its offer and repeatedly extend the deadline for it to be accepted.
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