The Economic Emergency Law passed by Congress last week leads to primary surplus, and therefore leading to greater debt repayment capacity. Despite significant price hikes in recent weeks, domestic bonds are still pricing very pessimistic scenarios. Uncertainty surrounding the restructuring process would continue in the short term. On the fiscal side, expectations are based on the implementation of a comprehensive plan that makes restructuring sustainable in the long term and not just a relief in the short term due to their CACs.
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Fixed Income Weekly