Good News on Debt, Despite Bad Activity Data

ARGENTINA - Report 03 Jun 2014 by Esteban Fernandez Medrano and Domingo Cavallo
Last Thursday, the Argentine government announced that after long and complex negotiations it finally reached a first firm agreement with the Paris Club regarding its outstanding debt, which had been in default since 2002. The normalization of its default position with the Paris Club is a positive signal for the country’s debt market, more so if it is perceived as part of an ongoing process in a return to the capital markets, one which has been gaining strength since last year’s agreements with the CIADI, and this year’s agreement with Repsol and softening in the confrontation with the IMF....

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