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Argentina's debt swap looks increasingly Messi
Financial Times Beyond Brics Blog
June 18, 2010

More to the point, Argentina could end up after the swap still owing a hefty $30bn in principal and interest to creditors, including the Paris Club of western creditor nations, according to Claudio Loser, a former IMF Western Hemisphere director. He says that is 8 per cent of Argentina's GDP.

Arturo Porzecanski, a former Wall Street economist who is now at the American University's School of International Service and who joined him on the call, says Argentina's stance in the debt swap has been "pennywise and pound foolish".

The economists were speaking in a conference call with media and analysts shortly after the soccer triumph. "I wish other things were working so well in Argentina," Mr Loser quipped.

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