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The COVID-19 pandemic will undoubtedly be remembered as one of the most difficult episodes in the history of modern capitalism. But it is difficult for different countries in different ways, which is reflected in the policies their governments have adopted. And nowhere are the difficulties greater than in highly indebted countries.

In Argentina, the pandemic hit at a time when the country had no access to credit. In that context, we initiated and finalized a sovereign-debt restructuring that has — for the first time — tested the collective-action clauses (CACs) that became the new market standard in 2014.

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