USD140bn: Other Debt

USD54bn: Bonds under foreign law on which

USD35bn from 2005 and 2010 restructurings under US law

USD6.2bn: Arrears owed to the Paris ClubAn agreement was found in May 2014 to settle this debt:

Argentina will pay a total of USD9.7bn (including interest)

over a five-year period

USD11bn: holdoutsBonds defaulted in 2001 that were not included in the 2005 and

2010 restructurings

Official debt : USD200bn = 42% of GDP

2

-1.8%

0.1%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

2010 2011 2012 2013 2014 2015

Private Consumption Gov. Consumption

Investment Net exports

Change in inventories GDP

20.0

0

5

10

15

20

25

30

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

6.04

8.02

8.27

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

2013 2014

Temporary ease in FX controls

3

Mainly

dependent

on foreign

supply

Mainly

dependent

on domestic

supply

Mainly domestic

demand oriented

Mainly foreign

demand oriented

Basic manuf. goods

Electronics

Machinery&equipment

Vehicle components & engines

Vehicles Chemicals

Energy

Agriculture

Construction

Food

More vulnerable

Lessvulnerable

75

100

125

150

175

200

225

250

09 10 11 12 13 14

Home-ElectronicsClothes, Shoes and TextilesPharmacy and PerfumeryFood

10

15

20

25

30

05 06 07 08 09 10 11 12 13 14

Industrial Manufactured Products

Agricultural Products

4

GDP growth (y/y, 4 qtrs cumulated %)

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

00 01 02 03 04 05 06 07 08 09 10 11

Venezuela

World

Latin America

Sources: IHS Global Insight, Euler Hermes

-4.0 -3.0 -2.0 -1.0 0.0

Brazil (1.6%)

China (0.1%)

U.S. (0.1%)

Germany (0.1%)

Mexico (0.1%)

Bolivia (4%)

France (0.1%)

Italy (0.1%)

Spain (0.1%)

Japan (0%)

Chile (0.3%)

Paraguay (1.7%)

Uruguay (1%)

Colombia (0.1%)Basic manuf. goods

Electronics, machinery &equipment

Vehicle components &engines

Vehicles

Chemicals

Energy

Raw materials

Other