The omens are not encouraging for the leftist administration of, who has been battling global economic headwinds since taking office 3 months ago.
Economy Minister Martin Guzman has met investors to try to finalize the restructuring of $69 billion of the country's massive public debt before a March 31 deadline. The overall debt includes $44 billion outstanding from a deeply unpopular $57-billion IMF bailout negotiated by Fernandez's center-right predecessor Mauricio Macri in 2018.Setting the tone for tough negotiations with bondholders, Fernandez last month insisted the country will not be able to pay off its creditors if its recession-hit economy fails to resume growth.
Production Minister Matias Kulfas has insisted that"the oil companies' interest in Vaca Muerta is still intact, despite the crisis." With oil now hovering as low as $30 a barrel and shale remaining expensive to exploit, the market is currently unfavorable to development of Vaca Muerta."The industry is looking to the long term. The big investment decisions are not made based on whether the price is $30 a barrel now or whether it was $70 in January," he said.The global downturn, and the crisis caused by the coronavirus, could yet strangely benefit Argentina, according to economist Pablo Tigani.
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