Argentina's presidential front-runner Alberto Fernandez said that if electe...
BUENOS AIRES/NEW YORK - Argentina’s presidential front-runner Alberto Fernandez said that if elected next month, he would aim to avoid haircuts on bond payments and seek a moderate “Uruguay-style” debt restructuring, music to the ears of the country’s creditors.
The Peronist candidate, who soundly beat market-friendly incumbent President Mauricio Macri in an August primary, is the favorite to win the Oct. 27 general election. How his administration will handle the debt crisis is one of the key questions for the country and its local and global backers. “We will pay the debts by growing and exporting... The only way is to export. The other channel has been exhausted, which is to borrow,” he said.
“We think that Fernandez’s remarks regarding paying debt without a haircut, along with his track record, suggest that he could pursue a moderate economic policy course if elected,” the investment bank said. Credit Suisse added, though, that how Fernandez would achieve his goals of spurring growth while maintaining fiscal discipline under a $57 billion credit facility struck with the International Monetary Fund last year remained “unclear.”
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