Ready to Rehabilitate Argentina

Ready to Rehabilitate Argentina

Argentina

Argentina took its first step toward rehabilitation on the international capital markets with February's highly successful $4.2 billion exchange of short-dated global and peso-denominated bonds for longer-dated global bonds. The debt exchange, led by Goldman Sachs and Salomon Smith Barney, was the first of three restructurings planned for this year. It pushed out Argentina's near-term debt repayments beyond five years and cut its amortization costs by $3.6 billion over the next four years. The exchange reinforced investor confidence in Argentina and "reduced immediate pressure on public finances," says Daniel Marx, Argentina's secretary of finance. Now Argentina needs to

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