Six Sovereign Defaults in 13 Months Roil Latin American Markets
- Current malaise harkens back to ‘Lost Decade’ of the 1980s
- LatAm so weak ‘even the strongest countries are struggling’
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Sovereign bond defaults have piled up at a dizzying clip in Latin America since the pandemic began. First, it was Ecuador’s turn, then came Argentina, followed by Suriname, then Belize, then Suriname again and Suriname one more time.
In all, more than $80 billion of foreign bonds have been restructured. And there’s more pain to come.