September 1, 2013
By Ben MillerFor years, Latin America looked on as the eurozone stumbled under the weight of its debt. Some in the region even allowed themselves a hint of schadenfreude.
But, according to Lee Buchheit, partner at Cleary Gottlieb Steen & Hamilton and a veteran of sovereign debt restructurings, that could soon change.
Latin America, he says, is vulnerable to a change in both commodity prices and US interest rates. Both are poised to change – and in a manner not to the region’s advantage.
With Mexico’s Brady bond agreement in 1989, Latin America reminded the world the first lesson about sovereign debt: that it could be restructured. “Everyone knew that a bank loan could be restructured, bu
Latin America must not forget the lessons it has taught the world about restructuring, says sovereign debt veteran Lee Buchheit