The Senate approved an agreement with vulture funds that includes a haircut close to 30% and closes litigation in New York.
Economist Maximiliano Ramírez considered that the agreement allows Argentina to buy legal certainties at a relatively low cost. He highlighted that the deal deactivates risks on sovereign assets and helps the country seek new debt in international markets. Ramírez warned that the pact sends a complex signal. He noted that it consolidates the idea that litigating against Argentina can be profitable, since holdouts obtained better conditions than those who accepted previous swaps. The amount involved is limited in relation to the country's total debt. Ramírez also referred to the dollar and ruled out a sharp rise, attributing recent volatility to retail demand.
