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But once the dust has cleared, José M. Barrionuevo, director of emerging markets strategy and economics at BNP Paribas, said, there is a chance that countries like Mexico and Brazil will decouple from the crisis.
"If you do an exercise that massive on favorable terms, the chances that you will be successful with a voluntary restructuring is not very high," said Jose M. Barrionuevo, director of emerging markets strategy and economics at BNP Paribas.
Jose M. Barrionuevo, director for emerging markets strategy and economics at BNP Paribas, said Argentina needed much more financial assistance and that it would be difficult to avoid write-offs, or reductions in what Argentina owed investors.
Simon Aspinall is the chief of vertical markets, strategy and marketing at Virtustream Get more articles like this sent direct to your inbox by signing up for free membership to the Guardian Media Network – this content is brought to you by Guardian Professional.
But with the economic problems in Argentina becoming worse, José M. Barrionuevo, director of emerging markets strategy and economics at BNP Paribas, said that Brazil will have a tough time stabilizing its currency "until you get Argentina out of the way".
Previously, he served as Vice Chairman and the Markets, Strategy and Stakeholders Leader at PwC, having responsibility for the firm's strategy function and stakeholder relationships including investor relations, regulatory affairs, public policy, corporate responsibility and human capital.
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