Tag: Martin Guzman

ARGENTINA: Buying time on foreign law debt as economic storm clouds darken

Teneo April 6, 2020

The government last night, 6 April, confirmed that it would postpone payments on around USD 8.4bn in USD-denominated debt issued under local law. The move is designed to gain space to keep on making foreign currency payments issued under non-Argentine law and avoid a wider default and a subsequent return to complex international litigation; it is very difficult to litigate against the state in the domestic legal system.… Read the rest

ARGENTINA: Guzman debt play points to tough talks ahead

Teneo February 13, 2020

Finance Minister Martin Guzman’s appearance in Congress yesterday, 12 February, was never going to amount to a full and frank exposition of the government’s policy and debt restructuring plans. What it did involve was some indications of the government’s opening debt play, including some very modest fiscal consolidation plans, and a dose of political grandstanding.… Read the rest

ARGENTINA: Provincial bond snare avoided but bigger tests lie ahead

Teneo February 5, 2020

Buenos Aires provincial Governor Axel Kicillof announced yesterday, 4 February, that the province will make a USD 250mn bond amortization payment after failing to convince enough bondholders to accept his proposal to delay the payment (originally due on 26 January) until May.… Read the rest

ARGENTINA: Sub-sovereign debt issue as prelude to broader negotiations

Teneo January 15, 2020

Yesterday, 14 January, Buenos Aires provincial authorities formalized their intention to delay an upcoming amortization payment of USD 250mn. The federal government had earlier indicated that it would not cover the payment, having previously made positive noises about the possibility of a bailout.… Read the rest