Argentina and Ecuador's debt: Questions far from over

Argentina and Ecuador's debt: Questions far from over

In Depth Features

In August, when Argentina and Ecuador reached deals with their creditors to restructure billions of dollars worth of foreign law bonds, leaders of both cash-strapped countries were visibly ecstatic. Ecuadorian President Lenín Moreno called it a huge relief. Argentina’s Alberto Fernández broke the social-distancing measures for COVID-19 to hug his economy minister. There was reason to cheer. Argentina swapped $66 billion and Ecuador $17.4 billion in old debt for new bonds with longer repayment terms, lower interest rates and debt relief. Argentina has a breather on principal payments until 2025; Ecuador until a year after that. But there’s no time to waste. “The debt restructuring provides an

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