As expected, the Fund's Board of Directors approved the review of Argentina's program, although it made it clear that Massa failed to meet all goals. The IMF applauds the fiscal effort promised by...
Debt Repurchase With an FX Goal
Weekly Reports |
Back to
Back to :
Debt Repurchase With an FX Goal
Third week
January 2023
The government announced last week that it would buy back USD 1 billion of dollar-denominated sovereign debt, potentially reducing the stock by about 3 billion given prevailing market prices. The measure was "sold" as a yield curve improvement, but that appears to be a questionable objective in the current circumstances. In our opinion, the true objective is the (market) exchange rate.