Argentinian envoy stresses on debt restructuring

The ambassador says that any debt crisis is a very harrowing experience

ISLAMABAD: Argentine’s Ambassador Ivan Ivanissvich has stated that whenever a country suffers from a debt crisis it has to face capital flight, fall in investments and a vicious cycle of poverty.

He said this while giving a talk on “Debt restructuring in developing countries- The case of Argentina 2001-2016” organised by the Institute of Strategic Studies, an Islamabad-based think-tank under its ‘ambassadors platform’ series on Wednesday.

The ambassador said that any debt crisis is a very harrowing experience. Though Argentina has faced a number of debt crises in the past, the crisis in 2001 took fifteen years of negotiations, and finally came to an end after lengthy negotiations and huge forfeitures, in March 2016. He said that up till now, Pakistan has managed to avoid a similar situation and it should continue to do so. “Had it not been for China and some emerging economies, the world would have already seen a major crisis in 2011.”

Published in The Express Tribune, September 8^th, 2016.

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