The country risk registered a slight decline, but remains above 2,500 basis points

The country risk of Argentina recorded this Tuesday a slight drop of 12 points compared to the close of the previous day. However, it remained above 2,500 basis points, its highest level since June 2005, when the country faced a debt swap with private creditors, 14 years ago.

The JP Morgan indicator, which measures the rate differential of US Treasuries with other emerging countries, touched for Argentina the 2,594 basis points in the early hours of the morning, before the opening of the markets. But then he began to show a fall and reached 2,520 points, below Friday's close.

The indicator remains at the highest levels since June 10, 2005, when the government of Néstor Kirchner, with Roberto Lavagna as Minister of Economy, completed the restructuring of the debt that was in default since December 2001. At that time, the JP Morgan indicator registered a steep decline from 6,606 points to 794 points.

The current country risk, exceeding 2,500 basis points, is similar to of November 13, 2001, when he registered 2,542 basic points, in the final section of the government of Fernando de la Rúa, with Domingo Cavallo as Minister of Economy.

The current rise in country risk responds to the consideration that investment funds have on Argentine sovereign bonds and the State's ability to pay after the Government announced the "reperfilation" of the maturities of short-term securities.

The index had already had a significant rise on Thursday of last week, when the Standard & Poor's (S&P) agency indicated that Argentina's decision to extend the maturities of its debt constitutes a default of payments and warned that the country's credit rating was in "selective default."