Lawmaking in Argentina on hold in lieu of debt restructuring

Author: John Crabb | Published: 13 Mar 2020

Little progress has been made in the rebuilding of the fractured economy as Argentinian rulemakers and the rest of society await details of its latest debt restructuring. The government of newly elected president Alberto Fernández promised that an updated deal of the country's $100 billion debt would be on the table by the end of this month, but given the magnitude of the task and the country's economic woes this timetable seems nigh on impossible.

Matters have worsened with the Covid-19 virus causing a slowdown in oil prices, the global stock market panic, and the country's Merval index falling 14% on Monday 9 February, despite a relative low number of cases in the country.

As the country awaits news of the deal, regular law making and regulatory change is on hold. The possibility of a default is all too real.

"The whole country is affected by the future restructuring of...