Buenos Aires estate agent Esperanza Abondano is feeling the pinch of Argentina's debt crisis as the country inches toward a potential ninth default with a hard deadline for bond payments on Friday and a restructuring deal with creditors still elusive.
BUENOS AIRES/NEW YORK - Buenos Aires estate agent Esperanza Abondano is feeling the pinch of Argentina’s debt crisis as the country inches toward a potential ninth default with a hard deadline for bond payments on Friday and a restructuring deal with creditors still elusive.
Argentina hopes this time will be different as it looks to clinch a deal with creditors to revamp $65 billion in foreign debt that it cannot repay after two years of recession, high inflation and borrowing costs that have spiked sharply. “We are fully committed to change the turbulent history of Argentina,” Guzman said during an online event earlier this month. He has said talks are moving in the right direction and will likely spill beyond Friday, which had been penciled in as a cut-off for a deal.A no-deal default could hinder Argentina’s access to loans and impact its private sector, and would hang over the country for years to come.
“Argentina is effectively already living in a virtual default, and regardless of whether they are able to strike a deal on May 22 it is unlikely for them to be in a position to receive any credit at acceptable terms,” he said. People close to the deal say the government’s initial offer was around 40 cents on the dollar while counter-offers floated by key creditors last week are just under 60 cents.Joseph Stiglitz, a Nobel Prize-winning economist and Guzman’s mentor at New York’s Columbia University, told Reuters the coronavirus pandemic supported Argentina’s stance that it had little room to up its offer.
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