Economist.com | Brazil, Argentina and the IMF
Argentina's defiance of its creditors has not eased Brazil's financial dilemmas
NÉSTOR KIRCHNER, Argentina's pugnacious president, is making life awkward for his opposite number in Brazil. Earlier this month, he briefly stopped repaying a loan from the International Monetary Fund and was rewarded with a new credit on easy terms. This week he demanded that private creditors swallow a 75% write-down in the value of debt on which Argentina defaulted in 2001. That would be the biggest “haircut” in the recent history of debt restructuring.
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Economist.com | Brazil, Argentina and the IMF
NÉSTOR KIRCHNER, Argentina's pugnacious president, is making life awkward for his opposite number in Brazil. Earlier this month, he briefly stopped repaying a loan from the International Monetary Fund and was rewarded with a new credit on easy terms. This week he demanded that private creditors swallow a 75% write-down in the value of debt on which Argentina defaulted in 2001. That would be the biggest “haircut” in the recent history of debt restructuring.
keep reading...
Economist.com | Brazil, Argentina and the IMF
posted by Pablo Presas at 6:41 p.m.
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