Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
The key for a successful debt exchange is a further fiscal adjustment
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The key for a successful debt exchange is a further fiscal adjustment
Fifth week
October 2019
Last week, Alberto Fernández stated his intention of offering a “Uruguay-style” reprofiling. After his declaration, dollar bonds reacted positively with rises of up to 5%. In 2003, our neighboring country made a voluntary exchange that had a very high adherence ratio: 98%. The new bonds offered in the debt exchange kept their original nominal value, although they brought some alleviation by extending maturities by 5 years and reducing interest coupons.
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