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...
Country risk rose due to volatility in international markets
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Country risk rose due to volatility in international markets
Third week
March 2011
Country risk in argentina, as indicated by the JP Morgan global EMBI, grew to its highest level since October of last year.
5 year CDS rose above 600 basic points once again, settling at 640 bps last Friday after having reached 665bps on Wednesday
Events in Northern Africa and the Middle East, as well as the natural disaster and fear of nuclear disaster in Japan, pushed the sale of risky assets and generate great volatility in international markets.
JP Morgan’s Global EMBI, which calculates country risk of emerging markets by comparing the differences between the interest rates paid by bonds offered by those countries in US dollars to bonds offered by the FED, showed that country risk in Argentina amounted to its highest level since October of last year. The indicator rose to 608 bps last Wednesday, which constituted a 19.9% rise since the end of 2010 and an increase of 5.9% since March 11th, the day of the Tsunami in Japan.
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