The Economic Emergency Law passed by Congress last week leads to primary surplus, and therefore 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 in the implementation of a comprehensive plan that makes restructuring sustainable in the long term and not just a short-term relief due to their CACs.
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Fixed Income Weekly