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Weekly Report - 06 August 2020 (WR-20-31)

ARGENTINA: Crucial debt deal agreed but more work lies ahead

It has been achieved. In the early hours of deadline day, 4 August, Argentina’s economy ministry confirmed it had reached an agreement with the three main groups of bondholders over the restructuring of some US$66bn of sovereign debt issued under international law. Provided that the verbal accord is now formalised before the new 24 August deadline, the deal will conclude over seven months of high-stakes negotiations, which often seemed on the brink of collapse. Yet while Argentina emerges from its ninth debt default with “significant debt relief”, it must now face up to its other intractable economic challenges.

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