Argy default would hit bank profits, says Fitch

Argy default would hit bank profits, says Fitch

Bonds Corporate & Sovereign Strategy

Subsidiaries of international banks in Argentina are likely to take a hit to their profits if the sovereign defaults today, Fitch ratings said on Tuesday. Such institutions are nevertheless “adequately positioned” to face the likely turmoil if the sovereign does default again today, it said. Volatility in foreign exchange markets is likely to increase, and bank profitability will fall if the sovereign does not reach a deal with holdout creditors that will avoid it entering default today, the rat

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