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Even for faraway Argentina, southern Europe was the centre of the action on sovereign debt on May 3rd. Amado Boudou, Argentina’s economy minister, kicked off in Rome the country’s offer to swap defaulted bonds worth nearly US$30bn, an effort that could bring to an end its exile from global financial markets since its default in 2001. This was the same day that markets reacted to the euro zone and IMF rescue of Greece, a crisis that threatened to drag a whole string of southern European countries into their own sovereign meltdowns.
Read more at Financial Services Briefing: “An offer on the table” (May 3rd)