Argentina's Debt: Will the IMF Blink?

More than bondolders, the whole system will suffer if Buenos Aires gets the concessions it wants, says creditors' adviser Peter Allen

In the politically charged world of emerging-market debt restructurings, Peter Allen is no novice. As Bank of America's director of Latin America research, the 46-year old economist led talks with Argentina, Brazil, and Uruguay as those nations negotiated to restructure their debts under the so-called Brady Plan -- the system of rescheduled payments and economic reforms first laid out in 1989 under the auspices of then-U.S. Treasury Secretary Nicholas F. Brady. Now an independent consultant, Allen is the special adviser to the Argentina Bondholders Committee, which represents institutional investors holding $7.5 billion in defaulted bonds.

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