Argentine policymakers endured two setbacks this week, after the province of Buenos Aires failed to reprofile a $250mn capital payment and only 10% of investors accepted a sovereign debt swap worth $1.6bn. This has weakened the government’s hand in negotiations over a sovereign debt restructuring, and suggests a swift deal before April is increasingly unlikely. In Chile, the release of stronger-than-expected activity figures for December have banished fears of a technical recession.
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