Uruguay’s banking system remains in tatters, with every major bank losing vast amounts that usually exceed their total equity. The government’s task of getting the once-famed financial sector back on its feet is going to be hard.
Uruguay’s job has been made a little easier thanks to a highly successful $5.6 billion debt exchange lead managed by Citigroup. The country swapped nearly all of its outstanding debt for new bonds that had longer maturities and included collective action clauses to make any future restructurings less difficult.
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