Surfing the Covid-19 and the Debt Restructuring

While many Asian and European countries are slowly returning to normal, the focal point of the Covid-19 pandemic has shifted to the Americas. The United States’ economy has buckled under the sanitary crisis with over 25 million jobs lost in two months and unemployment reaching Great Depression levels, amid ongoing conflict between federal and local authorities on reopening activity. Further south, the Brazilian government’s mismanagement of the situation is leading to political instability. The Real has sunk 32% year to date, making it one of the world’s worst-performing currencies in 2020. International markets reacted positively to the gradual loosening of restrictions but remain wary of a potential resurge in infections.