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Argentina’s local-debt problem pits government and opposition against each other

By Scott Squires*

Cut off from global credit markets, Argentina's government is selling more and more local currency bonds, piling up a debt burden that already amounts to $33 trillion (US$174 billion) and is increasing almost exponentially.

In one week, the Treasury will attempt to refinance $300 billion in debt, offering higher interest rates and shorter maturities to attract investors, as it has done in the previous four months.

For Fabricio Gatti, a portfolio manager at Novus Asset Management in Buenos Aires who holds this type of debt, that tactic will only work for a few more months . . .

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