The formal default approaches

ARGENTINA - Report 20 May 2020 by Esteban Fernández Medrano

In our May 14 report, we pointed out that the government had passed the ball to the bondholders and was waiting for a counter-proposal to further advance in the current tense debt negotiations. Effectively, local authorities sought more precise definitions from creditors and also to sense how far apart their positions were. In light of the fact that the grace period after the April 22 failure to pay global bonds ends on Friday, and therefore Argentina formally enters into default, in this report, we are going to reassess the chances of closing a deal comparing the different proposals received.

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