Macro-financial outlook: too good to be true?

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Macro-financial outlook: too good to be true?

Octubre 2009

The debt swap is moving, the IMF still on hold.

The Argentine financial markets continued to rally in the last month as the Government has made progress and sent positive signals on the external front. The most important piece of news was that the Government finally announced the reopening of the debt exchange for the “holdouts”, though most of the details of the offer remain unknown. On the other hand, despite some positive announcements in Istanbul during the IMF-World Bank meetings, there has been little progress on carrying out a new Article IV report and hence on the Paris Club.