Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1

Abstract: The insertion of subnational States in the international financial market is a relatively recent and slight studied phenomenon. Between 2016 and 2018, fourteen Argentinean provinces issued debt securities in currency and under foreign Law. Two years later, most of them, immersed in a deep...

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Autores principales: Daghero, Victoria Lucía, Manzo, Alejandro Gabriel
Formato: Artículo revista
Lenguaje:Español
Publicado: Universidad Nacional de Rosario 2024
Materias:
deuda subnacional
acreedores privados
reestructuraciones
subnational debt
private creditors
restructuring
Acceso en línea:https://cupea.unr.edu.ar/index.php/revista/article/view/221
Aporte de:
Cuadernos de Política Exterior Argentina de Universidad Nacional de Rosario
id I15-R226-article-221
record_format ojs
spelling I15-R226-article-2212024-12-31T16:43:18Z Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1 Cualidades y articulación de los acreedores privados en la reestructuración argentina de bonos subnacionales internacionales 2020/1 Daghero, Victoria Lucía Manzo, Alejandro Gabriel deuda subnacional acreedores privados reestructuraciones subnational debt private creditors restructuring Abstract: The insertion of subnational States in the international financial market is a relatively recent and slight studied phenomenon. Between 2016 and 2018, fourteen Argentinean provinces issued debt securities in currency and under foreign Law. Two years later, most of them, immersed in a deep crisis, had to restructure them. The relief obtained in this process was far from what was originally expected, with negative consequences for the economy and human rights. This article seeks to provide elements that help understand the reason behinds this outcome, analyzing the characteristics and organizational dynamic of its international private creditors. The paper shows that this outcome was largely due to the marked imbalance of bargaining power–in terms of size, scale and mode of articulation– that existed in favor of creditors and in detriment of provinces. It is argued that, beyond the particularities of the specific case, this imbalance has its roots in the structural concentration of the international financial market and in a restructuring regime that tends to isolate debtor States in these processes and group their creditors. Resumen: la inserción de Estados subnacionales en el mercado financiero internacional es un fenómeno relativamente reciente y poco estudiado. Entre 2016-2018, catorce provincias argentinas emitieron títulos de deuda en moneda y bajo Ley extranjera. Dos años después, la mayoría de ellas, insertas en una profunda crisis, debieron reestructurarlas. El alivio que obtuvieron en este proceso estuvo lejos del originariamente previsto, con consecuencias negativas para su economía y los derechos humanos. Este artículo procura aportar elementos que ayuden a comprender el porqué de este desenlace, analizando las cualidades y la dinámica organizativa de sus acreedores privados internacionales. El trabajo muestra que dicho desenlace obedeció en buena medida al acentuado desbalance de poder de negociación que existió –por tamaño, escala y modo de articulación– a favor de estos últimos y en detrimento de las provincias. Se argumenta que, más allá de las particularidades del caso concreto, este desbalance hunde sus raíces en la concentración estructural del mercado financiero internacional y en un régimen de reestructuraciones que tiende a aislar en estos procesos a los Estados deudores y a agrupar a sus acreedores. Universidad Nacional de Rosario 2024-12-26 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf text/html https://cupea.unr.edu.ar/index.php/revista/article/view/221 10.35305/cc.140.221 CUPEA Cuadernos de Política Exterior Argentina; Núm. 140 (2024): Julio-Diciembre 1852-7213 0326-7806 spa https://cupea.unr.edu.ar/index.php/revista/article/view/221/246 https://cupea.unr.edu.ar/index.php/revista/article/view/221/247 Derechos de autor 2024 Victoria Lucía Daghero, Alejandro Gabriel Manzo https://creativecommons.org/licenses/by-nc-sa/4.0
institution Universidad Nacional de Rosario
institution_str I-15
repository_str R-226
container_title_str Cuadernos de Política Exterior Argentina
language Español
format Artículo revista
topic deuda subnacional
acreedores privados
reestructuraciones
subnational debt
private creditors
restructuring
spellingShingle deuda subnacional
acreedores privados
reestructuraciones
subnational debt
private creditors
restructuring
Daghero, Victoria Lucía
Manzo, Alejandro Gabriel
Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
topic_facet deuda subnacional
acreedores privados
reestructuraciones
subnational debt
private creditors
restructuring
author Daghero, Victoria Lucía
Manzo, Alejandro Gabriel
author_facet Daghero, Victoria Lucía
Manzo, Alejandro Gabriel
author_sort Daghero, Victoria Lucía
title Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
title_short Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
title_full Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
title_fullStr Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
title_full_unstemmed Attributes and articulation of private creditorson the Argentinian international subnational bonds restructuring 2020/1
title_sort attributes and articulation of private creditorson the argentinian international subnational bonds restructuring 2020/1
description Abstract: The insertion of subnational States in the international financial market is a relatively recent and slight studied phenomenon. Between 2016 and 2018, fourteen Argentinean provinces issued debt securities in currency and under foreign Law. Two years later, most of them, immersed in a deep crisis, had to restructure them. The relief obtained in this process was far from what was originally expected, with negative consequences for the economy and human rights. This article seeks to provide elements that help understand the reason behinds this outcome, analyzing the characteristics and organizational dynamic of its international private creditors. The paper shows that this outcome was largely due to the marked imbalance of bargaining power–in terms of size, scale and mode of articulation– that existed in favor of creditors and in detriment of provinces. It is argued that, beyond the particularities of the specific case, this imbalance has its roots in the structural concentration of the international financial market and in a restructuring regime that tends to isolate debtor States in these processes and group their creditors.
publisher Universidad Nacional de Rosario
publishDate 2024
url https://cupea.unr.edu.ar/index.php/revista/article/view/221
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AT dagherovictorialucia cualidadesyarticulaciondelosacreedoresprivadosenlareestructuracionargentinadebonossubnacionalesinternacionales20201
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first_indexed 2025-02-05T22:43:22Z
last_indexed 2025-02-05T22:43:22Z
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