To the Editor: “BlackRock Faces Test of Principles” (Business, Aug. 1) questioned whether our firm’s role in Argentina’s debt restructuring was consistent with our commitment to stakeholder capitalism.
The answer is a resounding yes. Argentina announced early Tuesday that it had reached agreement with its major creditors. The breakthrough in negotiations, led by BlackRock, will provide Argentina with $23 billion in upfront cash relief, virtually eliminating contractual payments during the next four years.
This will give Argentina significant space to develop a credible plan to stabilize its economy and create an environment where investment and employment can thrive.