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Subcustody market profiles: Americas
05 January 2010
The North American markets are hotly contested by the biggest players but further south the focus is on the developing markets where local players also get a look in.
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Subcustody market profiles: Americas
ARGENTINA
Argentina’s robust growth of recent years was halted abruptly by the global economic downturn and financial crisis. Monthly growth was flat during the latter part of 2009. But there are more deep-rooted issues to resolve, including the country’s inability to solve its highly charged political differences, which reduces its ability to deal with the impact of economic shocks.Indeed, politics – not economics – weighs heavy on Argentina’s sovereign ratings. Moody’s, for instance, currently rates Argentine sovereign debt B3, one of the lowest among emerging-market countries. A lasting resolution to the defaulted debt problem, including dealing with the so-called holdouts – holders of some $20 billion in untendered bonds who did not participate in a government’s exchange in 2005 – could pave the way for a revision though this may be some way off. The government hopes to reach an agreement with the holdouts and clear the way to issue...
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