La política de manejo de la deuda durante el canje de 2005: una estrategia novedosa para la reestructuración de pasivos soberanos

Abstract

The 2005 debt swap was the first stage of a long restructuring process of public defaulted liabilities that culminated in 2016. In addition to laying the foundations for the subsequent stages, the debt management strategy implemented by the Kirchner government inaugurated an orientation continued until 2015 and set forth a singular precedent for sovereign debt restructuring policies in the current stage of financial globalization. In this paper we present the case, analyze the strategy implemented by the Argentine government and the main outcomes of its debt management policy at this stage, to finally present its particularities and ponder on the possibilities opened by it for debt crisis resolution in developing countries within the current international financial architecture.