Sovereign Report

Sovereign Report

Argentina

Argentina's Roller Coaster Ride The outlook for Argentina continued its stormy course in April, going from gloomy to optimistic in a matter of days after the country announced a planned debt restructuring, spending cuts and tax measures. At mid-month, the mood was dark as the government struggled with its foreign debt burden. But when it said that the country would be able to ease its cash crunch by exchanging shorter-term debt that matures over the next five years for longer-term bonds, Argentina's widely traded floating rate bond rose 5% in a week, the biggest weekly increase since September 1998. The announcement of plans to reduce domestic spending and lower tax rates on capital g

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