Argentina Holdouts Note Swift Reserve Accumulation

According to American Task Force Argentina (ATFA), which is trying to recoup losses from the sovereign’s 2001 default, Argentine reserves are growing more than $61m a day, or $700 a second. AFTA says it has more than $40bn in international reserves, twice the total amount owed to international and Argentine creditors. “Along with 9% GDP growth, the reserves clock serves as a constant reminder of Argentina’s economic windfall after repudiating more than $20bn in international debt obligations and suggests that Argentina can more than afford to pay its debts to international creditors and, in doing so, allow a much-needed return to the international capital markets,” says AFTA.