News now Buenos Aires – Argentina (AFP)
Argentine President Alberto Fernandez announced that the government will present on Sunday a “new offer” to its creditors to reach an agreement allowing for a restructuring of $ 66 billion in debt and an extension of negotiations until the end of August.
“The new show will be announced today. It will be open until the end of August. We are making an enormous effort,” Fernandez told Millenium Radio.
The negotiations, which started on April 20, have been extended several times, and were scheduled to end on July 24, but the government extended them until August 28 to reach an agreement.
Three groups of creditors negotiating with Argentina regretted the rescheduling of $ 66 billion in debt at the end of June “in the absence of a serious commitment” by Buenos Aires “to avoid the repercussions of a long default.”
The negotiations deal with bonds dating back to 2005 and 2010 that resulted from a previous rescheduling, in addition to new financial bonds issued as of 2016. He made his first offer in May, but he declined, stipulated a three-year payment deadline and reduced 62 percent of interest and 5.4 percent of The origin of religion.
Argentina has been in default since 22 May, and on that date had had to pay interest of $ 500 million on three bond issues being negotiated. But the negotiation continues, though.
Alberto Fernandez confirmed that the negotiations are “in an advanced stage”. The Argentine government’s proposal must first be published in the Official Gazette and then presented to the New York Stock Exchange and Securities Commission.
But the government’s margin of maneuvering has narrowed, with the Argentine economy stagnating since 2018, poverty reaching 35 percent, recording inflation of 53 percent in 2019, as well as the repercussions of the Covid-19 epidemic.
Photo source: Reuters
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