Stephen C. Nelson

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A pedestrian walks past posters on the street that read “No to the payment of the debt. Break with the IMF”, in Buenos Aires on Wednesday. (Agustin Marcarian/Reuters)

MundoAmérica,

The Argentine government is locked in contentious negotiations with foreign bondholders, led by the U.S. investment firm BlackRock, over the terms of nearly $65 billion in payments it owes on its debt. This is familiar — and risky — territory for Argentina. Should negotiations fail before the June 2 deadline and the government of President Alberto Fernández misses another debt payment, the country will formally slip into default for the third time this century and ninth time in its history.

What’s new this time is the chaotic international backdrop. The global coronavirus pandemic and the accompanying severe, ongoing, worldwide economic contraction suggests we may see a wave of sovereign debt defaults.…  Seguir leyendo »

MundoAmérica

On Sept. 1, Argentina’s central bank announced new restrictions on foreign currency transactions — reversing the decision taken four years earlier to eliminate currency controls. This was not welcome news for many Argentines, whose ability to buy their currency of choice — the U.S. dollar — faces renewed restrictions.

President Mauricio Macri focused his 2015 election campaign on freeing economic constraints that the left-wing government had put in place over the previous decade. One core part of this agenda was his promise to eliminate the capital controls. Within days of taking office, Macri rolled back those controls, which had made it difficult to buy dollars and other foreign currency.…  Seguir leyendo »