Banker to the World Bill Rhodes Counting on Argentina Turnaround
- Currency devaluation was step in right direction, Rhodes says
- Settling with holdout creditors needs to be top Macri priority
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William Rhodes, the former Citigroup Inc. executive who helped restructure hundreds of billions of dollars in debt over three decades, says Argentine President Mauricio Macri is making him optimistic about the country’s future.
Rhodes, 80, who described leading Argentina’s debt restructurings in the 1980s and 1990s in his book “Banker to the World,” said that despite the nation’s history of false starts, Macri will follow through on his plans to normalize the economy and lure investment. After devaluing the currency by the most in 14 years Thursday, Macri will have to move swiftly to settle with leftover creditors from its 2001 default and improve Argentina’s fiscal accounts, Rhodes said in an interview from New York.