Fears are mounting that Argentina is heading for a financing crunch following its downgrade from B+ to B by Standard & Poor’s this week, despite news of a debt buy-back programme for the sovereign.
"Inflation and fiscal and financial strain have increased, while the likelihood of the government taking prompt corrective measures to staunch the loss of creditworthiness remains low," said S&P analyst Sebastian Briozzo on Monday.
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The EMEA and Latin American primary markets were in summer pause this week, although one Russian issuer is accessing the market ahead of a potential deterioration in EM spreads that it fears could cool the expected September rush.
The US subprime crisis bears many similarities to East Asia’s financial meltdown a decade ago. But the divergent response to both shows up the hypocrisy of rich countries and the Washington multilaterals alike, argue Homi Kharas and Johannes Linn
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