Debt Restructuring Looking Increasingly Likely

Although we have seen false dawns before there may be some ground to expectations that Argentina will seek a fairly imminent restructuring of its defaulted bonds, in order to pave the way for a normalisation of relations with creditors. Local newspaper La Nacion on September 20 reported that Buenos Aires will seek to repay the US$6.7bn of defaulted paper it owes to the Paris Club over the next five years, echoing comments by Economy Minister Amado Boudou last week that a debt deal was in the works.

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