Odd: Argentina to amend $65 billion debt offer, talks on ‘certain’ course

BUENOS AIRES (Reuters) – Argentina is planning to amend its offer to collectors to restructure $65 billion in foreign debt, with talks on a undeniable course despite there being an “main distance” left to conceal, Financial system Minister Martin Guzman told Reuters. FILE PHOTO: Argentine Financial system Minister Martin Guzman reacts all over an interview with Reuters, in Buenos Aires, Argentina March 11, 2020. REUTERS/Agustin MarcarianThe negotiations, which would possibly perhaps be at a pivotal stage, are key to Argentina warding off a tough default that would possibly perhaps well threat locking the grains producer out of global capital markets as its already fragile economic system suffers from the coronavirus pandemic. The South American country’s government on Thursday extended a closing date for talks except June 2 after an initial restructuring offer did not compose sufficient enhance. The country is moreover expected to miss bond payments due on Friday. Guzman told Reuters in messages leisurely on Thursday that the closing date extension would give the federal government time to revise its deal on the premise of discussions with collectors that he expected to gain spot in coming days. “We are planning to construct amendments with the aim of attaining a sustainable care for our collectors,” he said. “We extended the offer so we are in a position to compose some time to construct these amendments, and these will make certain in the midst of of negotiations over the next days.” The government and collectors had exchanged proposals over the closing month, with all aspects currently signaling a willingness to gain center ground and steer definite of a messy standoff. Argentina is alive to to flip the page on a history of defaults, with a vital one in 2001 ensuing in over a decade of acrimony with collectors that was utterly fully resolved in 2016. The country would possibly perhaps well enter a ninth sovereign default on Friday, when it faces the end of a 30-day grace length for spherical $500 million in bond payments. Guzman declined to observation on whether or not the federal government would construct the fee. Guzman said there was an “rising mutual view” with collectors, although there remained work to be finished. “There is composed a in point of fact main distance to conceal but all aspects are on the desk hunting for a resolution,” he said. Reporting by Hugh Bronstein; Editing by Adam Jourdan and Raju Gopalakrishnan

Leave a Reply

Your email address will not be published. Required fields are marked *