Argentina’s government sent a bill to Congress late on Thursday night laying out its plans to restructure public debt in dollars issued under local law, offering creditors new instruments in both foreign currency and pesos.
By Joseph Stiglitz, Edmund S. Phelps, and Carmen Reinhart (*) – Argentina's creditors are being asked to accept a proposal that would reduce their revenue stream but make it sustainable. A responsible resolution will set a positive precedent, not only for Argentina but for the international financial system as a whole.
By Jose Antonio Ocampo (*) – By affirming that Argentina's public-sector debt is unsustainable, the International Monetary Fund has taken a critical step toward resolving the country's long-running crisis. Moving forward, one hopes that the Fund will realize its own role in the latest crisis and follow its own advice on when to pursue capital-market liberalization.
President Alberto Fernandez said he has set a March 31 deadline to renegotiate Argentina’s rampant public debt and that a more “innovative” International Monetary Fund approves of the direction his government is taking.
President Lenin Moreno and leaders of Ecuador's Indigenous peoples struck a deal late Sunday to cancel a disputed austerity package and end nearly two weeks of protests that have paralyzed the economy and left seven dead.
China will invest in Spain’s savings-bank industry and continue buying public debt, a Spanish government official cited Chinese Premier Wen Jiabao as telling Prime Minister Jose Luis Rodriguez Zapatero at a meeting Tuesday in Beijing.