Investors shunned Argentine bonds yesterday, pushing prices to their lowest level in two months after a plan by President Cristina Fernández to launch a voluntary debt swap dashed hopes of a quick settlement with some of its creditors.
A successful debt swap could theoretically allow the South American nation to exit its default and limit the impact from the debt crisis on the country’s economy.
However, analysts said the bond swap plan meant a resolution to the decade-long dispute with holdout creditors, largely consisting of hedge funds led by billionaire Paul Singer’s Elliott Management Corp, was unlikely during the rest of Ms Fernandez’s presidency.
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