November 1, 2004
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
Nearly three long years after its default, the Argentine government is about to unveil the details of its "final" offer to bondholders.