Local Debt Restructuring Underway, Foreign Debt Still Gridlocked

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Local Debt Restructuring Underway, Foreign Debt Still Gridlocked

Third week
July 2020

Last Friday the executive submitted the bill to restructure the dollar debt under local law. This is a step in the right direction because it also fulfills the promise of matching the conditions of the proposal made to investors with foreign law bonds. The bond menu is identical, but logically the new securities will be issued under local law. Past due interest until the date of issuance will also be credited to those who accept the proposal in the first round.