Beginning of the End

Beginning of the End

Corporate & Sovereign Strategy

In Buenos Aires, government officials continue playing hard ball with creditors. Argentina's President Néstor Kirchner and Roberto Lavagna, his economy minister, are confident that a majority - albeit a slender one - of bondholders will accept their harsh offer to restructure $84.5 billion worth of defaulted bonds. If they are proved right, Argentina will have imposed the most severe sovereign debt restructuring in recent history, sticking bondholders with NPV losses of 75% to 92%. Momentum behind the government's offer is gradually building among domestic creditors and foreign investors fatigued and fru

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