How not to default on sovereign debt

How not to default on sovereign debt

Argentina Bonds Corporate & Sovereign Strategy

Domingo Cavallo, former Argentine economy minister, says Rights Upon Future Offer clauses should be avoided in sovereign debt restructurings Argentina declared default on its sovereign debt in December 2001. After debt swaps in 2005 and 2010, it restructured 93% of the bonds, leaving holdout representing 7% of the original defaulted amount.In spite of these exchanges, Argentina could not re-access the international capital markets and in June 2014 a New York court ruling impeded normal

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