Argentina Prepares Next Steps to Tackle Debt Crisis

President Mauricio Macri’s administration is preparing to send plans to Congress on Monday to reschedule Argentina’s long-term debt, after rating agencies said the country had defaulted on its short-term obligations last week, the Financial Times reported. The measures are part of Mr Macri’s attempts to stave off a full-blown debt crisis by changing the repayments schedule for up to $50bn of obligations. Argentina’s central bank was also making preparations over the weekend to try to shore up foreign reserves, the country’s media reported, after the government last week failed to sell new short-term bonds, leaving it struggling to find the cash for hefty upcoming repayments. The peso fell by 26 per cent against the dollar during August. Read more

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