I. OVERVIEW OF RECENT RESTRUCTURING AND INSOLVENCY
ACTIVITY
i. Liquidity and state of the financial markets
The international financial markets have not been accessible to
either the private or public sector of Argentina since the second
half of 2007. During this period Argentina faced its own financial
restrictions, to which it later added the international financial
turmoil that resulted from the subprime crisis and the fall of
leading financial institutions such as Bear Stearns and Lehman
Brothers, among others, and more recently the European crisis.
Despite the difficulty of accessing the international financial
markets, Argentina has almost completely restructured its defaulted
sovereign debt. In June 2010 the Argentine government closed a
successful second debt restructuring exchange of its bonds in
default. The first exchange offer had been made in 2005, and had
been accepted by approximately 76 per cent of the holders of the
bonds in default at that time.
