Argentina’s de facto default on $130 billion in face value of debt – investors who’ve seen the price of their bonds more than halve to 35 cents on the dollar in four months are in no doubt that this is a default-like loss, if not yet a legal default – and the tortuous progress of its supposedly voluntary and orderly debt restructuring, which shows no sign of being either, have drawn renewed and urgent calls for a better approach to sovereign debt work-outs.
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