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...
Argentina: Debt, the IMF and Beyond
Monthly Reports |
Back to
Back to :
Argentina: Debt, the IMF and Beyond
March 2004
The approval of the second tranche of the IMF agreement was preceded by tense negotiations and the threat of a breakup
in the relations.
Both parties are likely to continue to make efforts to maintain the program, but if there is not significant progress in the negotiations with private creditors by September the G-7 is likely to increase its pressure on Argentina and it is ready to accept an Argentine default with the multilaterals.
The external pressures generated some progress in the debt restructuring process, in particular the government’s appointment of the financial advisors. We expect that the offer will include a Par bond, a Discount bond and a peso bond (the last one for the domestic investors). The par bond would imply a smaller reduction in total debt, but it could allow the government to reduce the financial requirements during the first ten years by about 33%.
Other Reports that may be of interest
 |
 As expected, the Fund's Board of Directors approved the review of Argentina's program, although it made it clear that Massa failed to meet all goals. The IMF applauds the fiscal effort promised by... |