This report examines the question of whether Argentina´s responses during its sovereign debt crisis, and its subsequent restructuring, are comparable to the behavior of other countries in similar situations. In order to assess whether the Argentine debt restructuring differed from historical norms and whether it is valid to compare Argentina’s situation and responses with other default/restructuring situations, including that of Uruguay, in this report we compare haircuts of historical restructurings since 1970 and conduct a cluster analysis as well as an event study on the basis of macro-economic and fiscal variables for restructurings since 1992. Furthermore, this report contains an in-depth comparison of the pre-crisis and crisis situations, as well as the debt restructuring characteristics, of Argentina to Uruguay and Ecuador. Section 4.5 of this report examines the Greek debt crisis to assess whether the situation in Greece is comparable to that of Argentina around the year 2001. Finally, we apply an index of coerciveness to determine whether the unilateral exchange offer made by Argentina was more coercive than those made by other countries.
27.05.2013 - 31.10.2013
White & Case LLP, Washington D.C., US