Argentina’s proposal for a new debt swap as a way to resolve its holdout debt battle will, of course, never fly with the hardline holdout funds themselves.
But as the Second Circuit Court of Appeals deliberates how to resolve this thorny, market-spooking case, what about the other holdouts out there, the ones not involved in this New York litigation?
The Bank of England on Friday threw its weight behind efforts to develop London as an offshore renminbi centre with a declaration that it’s ready to enter into a foreign exchange swap agreement with China’s central bank.
The UK would join a growing number of countries with swap arrangements, including Russia, India, Brazil and Japan. Britain would be the first developed western nation on the list – but others won’t be far behind.