The sharp sell-off of the peso in the first week of February – plunging 15% against the dollar in a single day to reach a new low – had been predicted by experts taking part in Euromoney’s Country Risk Survey.
Far from stabilizing, Argentina’s country risk score has plumbed new depths, pushing the bankrupt sovereign down no fewer than 24 places in the global rankings to 136th in the fourth quarter of 2013, firmly embedding it in tier five, the lowest ECR category, containing the world’s highest-risk sovereigns.
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