A Near Escape In The Argentine Debt Wars
Yesterday an official announcement was given that Argentina would meet an U$D 3.07 billion payment to the IMF due this week, and that the Fund would give its seal of approval to the last review of fiscal accounts. A somewhat boring account, until you realize that this was finally brokered by the US Treasury only hours before the final deadline, avoiding a default that seemed extremely likely just a couple of days ago. The underlying difficulty, of course, remains: the seemingly unsalvable gap in the negotiations between private bond holders and the Argentine government. Stay tuned for fireworks somewhere around mid-year, I think.
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