Sovereign Report

Sovereign Report

Argentina

Argentina on the Rebound On March 29, Argentina?s Congress approved a package of emergency measures known as the Competitiveness Law, granting the government special powers to cope with the country?s economic crisis. Markets hope ? but are not fully convinced ? that these measures can help Argentina avoid a payments crisis on its $123.7 billion foreign debt. The day after Congress voted the measures through, Argentina?s benchmark FRB bond fell 0.8% to 84.10, pushing its yield up to 14.8%. Concern is growing over the impact of Argentina?s crisis on neighboring Brazil (see Done Deal, page 52). Issuers throughout the region are on the sidelines, waiting to see the outcome in Argent

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