The head of the International Monetary Fund has warned that the crisis in Greece could spread throughout Europe. Dominique Strauss-Kahn said that every day lost in resolving Greece's problems risks spreading the impact “far away”.
European financial regulators approved the outlines of the Argentine swap offer on up to 20 billion US dollars in defaulted bonds, putting Argentina a step closer to launching the exchange. The country aims to return to international debt markets by striking a deal with “holdout” creditors who rejected a tough 2005 restructuring of nearly 100 billion US dollars in defaulted debt.
Brazil plans to sell bonds in international markets in coming weeks, taking advantage of the lowest borrowing costs since October 2007, Treasury Secretary Arno Augustin said.