|
Headline: How the banks let Argentina down Source: Euromoney Date: January 2002 Argentina was brought down, ultimately, by the miscalculations of its own leaders. But others must share the blame, including the IMF. The international financial community, especially the large sell-side banks, do not come out of the debacle smelling of roses either. All of Argentina’s $95 billion in bonded debt was issued with the help of compliant banks, which picked up enormous fees. Few of them criticized president Carlos Menem when he ran huge budget deficits at a time when the economy was growing by 8% a year; no-one wanted to annoy the world’s biggest international bond issuer. |
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
