Shale-rich Argentina is advancing its return to international capital markets, but political risks to the government’s economic reform package has surfaced with the re-emergence of former president Cristina Fernandez de Kirchner. The five-month-old government of President Mauricio Macri is close to ending a long legal battle with a group of so-called holdout creditors, which stemmed from the country’s 2001 default on almost $100bn in debt. A US appeals court on 13 April ruled that Argentina can again service its restructured debt, in effect lifting a restriction that pushed the country into technical default in 2014. The ruling is “one more step toward normalcy and development”, finance minister Alfonso Prat-Gay says.
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