Mexico has completed a debt refinancing operation worth US$ 6.6 billion in international markets, including a heavily over-subscribed bond offer, the Finance Ministry said.
Argentina said it didn’t make US$ 500 million in debt payments due Wednesday, starting a 30-day countdown to a possible default unless the government and bondholders can reach a deal on restructuring its massive foreign debt.
A group of major asset managers who are creditors to Argentina have rejected the government’s proposal aimed at overhauling US$66.2 billion of its foreign-law debt, saying it inflicted an unjust amount of financial pain on international bondholders.
Argentina’s Senate voted in favor of a bill on Wednesday that grants power to the government of President Alberto Fernandez to handle a massive debt restructuring of bonds issued in foreign currency.
Total foreign debt held by developing nations jumped more than 5% to US$7.8 trillion, driven by a surge in Chinese debt, the World Bank said in a report on Wednesday.
The New York Times published on Wednesday a very strong editorial criticizing the misguided policies of the government of President Cristina Fernandez, arguing that once again 'Argentina is on the brink”.
Argentina's central bank is currently losing international reserves at an average of 47,5 million dollars per day or 8 million per hour, according to the latest figures on the bank's accounts which is increasingly used by the government of President Cristina Fernandez to honor foreign debt and finance the budget.