BUENOS AIRES - Argentine bond prices fell 1.3% on Thursday after the International Monetary Fund essentially gave the government a green light to restructure its bonds, the latest chapter in the once-wealthy country’s long history of financial crises.
The question is how much of a haircut private creditors will be asked to take in the upcoming bond revamp. Spreads have blown out from 1,770 basis points, where they ended 2019, as Argentina struggles to revamp about $100 billion in bonds and loans, including $44 billion owed to the IMF. One of the richest countries in the world a century ago, Argentina has suffered from decades of financial mismanagement. It has defaulted eight times in its history, with bondholders dragging the country through long court battles seeking payment.
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