Cavallo’s high-stakes confidence game

Headline: Cavallo’s high-stakes confidence gameSource: EuromoneyDate: May 2001Author: James Smalhout         Domingo Cavallo When Argentina cancelled a domestic bond auction last month – its government refused to pay the interest rates the market demanded – fears about the country’s ability to meet its debts were revived. The government, mired in recession for […]

Headline: Cavallo’s high-stakes confidence game
Source: Euromoney
Date: May 2001
Author: James Smalhout

       
Domingo Cavallo
When Argentina cancelled a domestic bond auction last month – its government refused to pay the interest rates the market demanded – fears about the country’s ability to meet its debts were revived. The government, mired in recession for almost three years, has debt of at least $125 billion. Argentina would need to cut imports in half or boost exports by half to service that overhang.




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