Report: Mitsubishi-Tokyo UFJ Bank on Argentine Debt Saga
Abstract
The abridged version of the report, “Argentina’s Long Lasting Debt Saga” by Mr. Felix Arias, Chief Risk Officer(CRO) of the Mitsubishi-Tokyo UFJ Bank, the Argentine Office, was initially published in Japanese in the JALAC’ quarterly journal, Latin America jihou, Autumn 2014 (Number 1408). This report, limited only to JALAC members, caught attention of many readers. The JALAC wishes to share this article with its non-Japanese audience. Despite that six months have passed since its publication, Mr. Arias’ detailed analysis on Argentine debt problems remains valid and quite relevant for readers to understand what is expected in the forthcoming presidential election in Argentina. At the English website, the JALAC presents the full, unabridged version in its original language, English, without formal editing.
This report summarizes the steps taken by Argentine Government for restructuring its debt and the constraints faced by the country for normalizing the relationship with its creditors over the last 15 years, named the “Debt Saga”. The report also describes the unique characteristics of Argentina’s legal battle with the “holdouts”, the group of hedge funds that forced the country to default a coupon payment in July 2014.
*This report represents views of the author and does not necessarily coincide with those of the organization to which he belongs.
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Argentina Debt Saga