Argentina’s president elect, Alberto Fernandez, has stated that once he takes office the country will attempt to solve its sovereign debt issues quickly and without seeking a haircut for creditors. A difficult task taking in account the different challenges of a country with a persistent fiscal deficits and recession. According to the latest government statistics, Argentina’s total outstanding debt totals $337 billion, or 80.7 percent of GDP.
The Central Bank of Argentina (BCRA) injected an additional of nearly ARG$300 billion ($5 billion) in the market in November, this is 20% more than the previous month. This was as a result of the relaxation of the monetary base goal, plus the issuance of money to add dollars to reserves and to help the Treasury meet its expenses.
Scandinavian giant Norwegian is about to exit the low-cost flights market in Argentina and sell its South American arm to its local rival JetSMART. Last year, Norwegian took advantage of the deregulation of the Argentina aviation market by opening its own airline in the country. JetSmart also began operating last year after buying Alas del Sur, which already had routes granted by the Government.