(The Buenos Aires Times)
Six months after Argentina exited default, its new bonds have sunk to a mere 30 cents on the dollar.
Six months after Argentina exited default, its new bonds have sunk to a mere 30 cents on the dollar.
The depressed price is, in fairness, partly the result of the basic mechanics of the securities – they carry artificially low interest rates and a generous grace period – but it also reflects a grim reality that’s setting in on creditors: The IMF deal that the country desperately needs is a long ways off.
