- Argentina bonds international slid by more than 2 cents to trade at almost 20 cents on the dollar in the United States, hovering near levels indicating a high probability of default.
- The parallel exchange rate in Argentina expanded by nearly 15% to a record low of 280 pesos per dollar on Monday.
- Last year, the Paris Club offered Argentina more time to repay its debt while it negotiated a separate agreement with the IMF.
Argentina bonds sovereign, which are already trading at deeply distressed levels, fell by as much as 12 percent in early trading on Tuesday, following a weekend of political turmoil sparked by the abrupt exit of the country’s finance minister.
After the unexpected retirement of predecessor Martin Guzmán, who was important in arranging a $44bn debt restructuring deal with the IMF, President Alberto Fernández nominated a relatively unknown former provincial official, Silvina Batakis, to manage the economy.
The country’s international bonds slid by more than 2 cents to trade at almost 20 cents on the dollar in the United States, hovering near levels indicating a high probability of default.
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