Argentina Economy Chief Warns of ‘Deep Debt Restructuring’

Argentina’s economy minister confirmed bondholders’ worst fears, telling them to brace for significant losses as the country restructures its debt amid an economic crisis, Bloomberg News reported. Martin Guzman warned Wednesday that holders of Argentine debt will probably be disappointed by the restructuring, without providing specifics on how steep losses could be. “It’s necessary to have a deep debt restructuring,” he said at a congressional hearing where he provided his most detailed comments about debt strategy since taking office in December. “It’s clear that there’s going to be frustration on the part of bondholders.” He later added: “We’re not going to allow foreign investment funds to set the guidelines on macroeconomic policy.” Read more