Posted 3/13/2024, 1:15:00 AM
Argentina's Debt Swap Sees Decent Participation, Buying Time for Milei's Austerity Program
- Argentina successfully swapped $50 billion of its peso debt to extend maturities and reduce need to print money
- Debt swap sees 77% participation overall; only 17.5% from private sector
- Results follow better-than-expected inflation data and surprise rate cut
- Operation was a test of confidence in President Milei's economic program
- Argentina heading into deep recession with austerity measures squeezing households
