Blejer says debt-swap acceptance rate to reach 85%
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"Amid the current global financial environment, it is better to have new Argentine bonds -with a low default risk- than holding overdue bonds," according to Blejer.
The former Central Bank governor considered Argentina's debt swap will be "successful, especially considering the strategy implemented by the government, which aims at re-entering international capital markets as its final objective." "However, re-entering the international global markets will have a higher cost for Argentine," Blejer explained.
"Now, in view of the measures already implemented by the government, and if the risk perception decreases, Argentine would likely re-enter international capital markets. Once this is achieved, the main issue will be whether Argentina is to pay a single-digit interest rate or not," he added.