El Salvador

El Salvador: Damage limitation exercise brings respite but downside risks remain

  • Bonds shaken after removal of top judges and the attorney general by Congress last weekend put IMF programme in doubt

  • Investor call and confirmation that IMF talks are continuing helped calm markets, but much depends on the US attitude

  • Without the IMF, restructuring fears will mount on high debt, high share of bonded debt and high financing needs; Hold

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