Argentina earned plaudits last year when it sold $2.75 billion of century bonds, a sign that Mauricio Macri’s administration had ushered in a new phase of financial dependability.
Fast-forward to today: The bonds have tumbled to a record low of 86.79 cents on the dollar as investors question the credibility of Argentina’s central bank and global emerging-market assets slide. The bank raised interest rates today for the second time in less than a week to stem the peso’s precipitous decline, a tactic that investors say will bring only temporary relief.
