First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

We need so many more of our readers to join them. The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country. We are inundated with tip-offs; we know where to look and what to do with the information when we have it – we just need the means to help us keep doing this work.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

Argentina set to rehabilitate itself after default

Defend Truth

Argentina set to rehabilitate itself after default

There may be a silver lining for debt-plagued Argentina. The country wants to sell up to $15 billion of debt instruments in the US so it can get back into international capital markets years after a default of nearly $100 billion. In a filing with the US securities and exchange commission, Argentina is encouraging holders of billions in defaulted debt to swap it so it can issue an international bond. It’s likely to be a complex deal, and the country’s debt obligations will still rise to $13 billion next year, so it has to do something fast. There may still be a funding gap of between $2 billion and $7 billion if the government can’t borrow money from its own lenders. But it’s not the first time Argentina has been out of pocket. It has long had default problems, the most memorable of which was in the 1970s during a protracted period of hyperinflation. Read more: Reuters

Gallery

Please peer review 3 community comments before your comment can be posted