Argentina: restructuring in the time of Covid-19
Professor Rodrigo Olivares-Caminal was featured in the Financial Times speaking on sovereign debt
With $65bn in foreign debt owed to various creditors, Argentina missed an interest payment on 22 may, tipping it into default. A stand-off has lasted months, although Professor Rodrigo Olivares-Caminal believes the direction of travel is encouraging and we are unlikely to see a repeat of the sort of lengthy court battles witnessed in the past. He also believes that the Covid-19 pandemic has had an impact on the talks and said: "We are in the worst combined health, economic and financial crisis that we have ever witnessed, unfolding in an absurdly fast timeframe. This is undoubtedly producing a cash-flow and liquidity crisis in Argentina."
Read the full article on the Financial Times (subscription required).
More information:
- Professor Olivares-Caminal is Professor of Banking and Finance Law and Co-Director of the Institute for Global Law, Economics and Finance (IGLEF).