Standard & Poor's announced Thursday it had slashed Argentina's long-term credit rating by three notches into the deepest area of junk debt.
It comes after embattled President Mauricio Macri pledged to "re-profile" roughly $100 billion in debt this week.
Thousands of people march from Obelisco monument to Casa Rosada to support President of Argentina Mauricio Macri in Buenos Aires, Argentina on August 24, 2019.An intensifying bout of volatility in South America's second-largest country has stoked fears of a full-blown financial crisis, with analysts warningIt comes after embattled President Mauricio Macri pledged to "re-profile" roughly $100 billion in debt this week.
The result was especially shocking because it showed Fernandez and de Kirchner could have enough support to avoid a potential run-off vote in November., with investors concerned a return of the left to power could represent a new era of interventionist policies.On Wednesday, Treasury Minister Hernan Lacunza announced the government wanted to extend maturities on short-term debt and planned to negotiate new time periods for loans to be paid back to the International Monetary Fund .
"This makes some sense, but this is looking more and more of a solvency rather than just a liquidity issue," Mackie said. "It would also revive the latent risk that this government simply cannot make it through to the end of its term as scheduled in December, and that the electoral and/or the handover needs to be brought forward," Watson said.
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