What Argentina’s leaders can learn from their predecessors

Argentina, Martin Guzman, Alberto Fernandez, President, Finance Minister, Restructuring, LatAm
By Oliver West
12 May 2020

The Argentina turnaround story under former president Mauricio Macri turned out to be a castle built on sand. But slick execution of the country’s two year bond market fairytale between 2016 and 2018 can provide the new government with some guidance in dealing with investors now it is staring down the barrel of default.

Remember the days of $69bn order books for Argentine sovereign bond deals? Just four years ago, serial defaulter Argentina persuaded bond investors that this time, things were different, and that the country’s huge potential would no longer be stuck with the “eternally unfulfilled” epithet.

In reality, the macroeconomic imbalances ...

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