The president of Argentina rejects an offer to restructure the debt

Buenos Aires: Argentine creditors on Monday rejected the recent offer made by Buenos Aires to restructure $ 66 billion of debt and made an alternative offer quickly rejected by the Latin American head of state, stressing that the offer made by his government is not adjustable.

The creditors said in a statement that “Argentina’s offer is less than the group of creditors can accept,” declaring that it will not comply with the deadline set by the government to reach an agreement, which expires on August 4.

The creditors added in their statement that they had submitted a counter-offer to the government of President Alberto Fernandez, but they had not disclosed its terms.

The negotiations, which started on April 20, have been extended several times.

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.

Buenos Aires made its first offer in May, but most creditors rejected it, stipulating a three-year payment deadline and reducing 62 percent of interest and 5.4 percent of principal.

As soon as the statement of the creditors was issued, the Argentine President was quick to announce his refusal to make any changes to the offer made by his government.

Fernandez said on state television that “it is impossible to change” the latest Argentine show, which represents “a very big effort.”

“A proposal for a better offer would put the future in real danger. What I want is for Argentina to solve a problem in a way that allows it not to have to continue negotiations with creditors,” he added.

On Wednesday, Argentine Economy Minister Martin Guzman confirmed that his country wanted to settle its debt issue, but that the ball is now “in the court of creditors.”

He added, “In our presentation, we reached the maximum that Argentina can do in order to care for the Argentine economy and at the same time reach an agreement with our creditors.”

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