Argentina

Argentina fights back from US criticism

by moveforward on December 19, 2013

Argentina fights back from US criticism

Argentina fights back from US criticism

The financial troubles of Argentina have been well-documented as has the fact that the country effectively “defaulted” on its debts just after the turn of the century. The situation has come to a head over the last few months with a court hearing in the US led by only 7% of Argentinian debt holders who did not accept the debt restructuring which allowed Argentina to at least try to move forward again. Despite the fact that the offer was accepted by 93% of those holding Argentine debt it seems that the 7% who held out could rock the whole sovereign debt restructuring sector.

The Argentine authorities are very concerned that the country has been painted as having a wild party, spending excessively and then basically defaulting on sovereign debt. The fact remains that public debt as a percentage of Argentine GDP was in excess of 160% back in 2002 and basically the country could not afford to service its debts at the time. So why is Argentina now deciding to fight back against US criticism? [click to continue…]

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