Un modelo de valuación del menú de opciones del Plan Brady: aplicación al caso argentino

Abstract

The brandy plan recognizes the need for debt reduction as a concerted action between the country debtor and the creditor banks. A typical deal negotiated with the creditor banks consists of alternative menu items for external debt reduction (cash buybacks, debt conversions partially guaranteed or debt equity swaps). Those banks who participate in none of these debt reduction alternatives, generally must commit to provide new money to the creditor country. The aim of this paper is to present a model of valuation of menu items for the Brady proposal that includes debt reducing and new money alternatives. We simulate the model for the Argentine case.