Investors rejected that deal, which was not surprising because most debt swaps involve incentives for the creditor, but in this case, Argentina demanded a premium. [Argentina ETF Sees Big Inflows]
The government is allowing the market to adjust prices after spending billions of U.S. dollars to buffer the economy. The country’s foreign reserves have declined at a $1.1 billion per month rate over the past year and now sits at an eight-year low. [Argentina ETF Plagued by Peso Plunge]
“The country is not doing particularly well from a balance of payments point of view either. Argentina’s terms-of-trade have barely improved in 2014 despite the fall in oil prices. Global food prices, including that of soybeans, the country’s main commodity export, have abated in the past 24 months,” Barron’s reports, citing Pavillion.
Global X MSCI Argentina ETF
