MercoPress. South Atlantic News Agency

More pressure on Argentina to include all bond holders

The world's major financial references called on the Argentine government to reach an agreement with those bond holders who did not adhere to last February's restructuring and swap plan accepted by 76% of creditors.

IMF Managing Director Rodrigo Rato requested a quick understanding with the remaining private creditors and United States Deputy Treasury Secretary John Taylor said it was important to work out a plan that would include all holders of Argentine defaulted sovereign bonds.

World Bank president James Wolfensohn said new credits are conditioned to a renewed agreement with the IMF.

According to Mr. Rato from IMF a "solution" must be found for the remaining bondholders in a framework of "sustainability" to ensure its compliance.

Before the defaulted bond operation was concluded, IMF warned that a 75% adherence was essential for the swap to be considered "successful". Argentina finally managed a 76% acceptance of its offer that included a 75% face value cut.

In a press conference in Washington during the spring IMF-World Bank meeting, Mr. Wolfensohn who will be replaced next June 1 by Paul Wolfowitz current US Deputy Secretary of Defence, indicated that the bank currently has "no agenda" for Argentina, which he leaves for his successor "to develop".

However, Mr. Wolfensohn said he hoped "Argentina will be willing to become an active member of the current international financial system", underlining that it's the IMF that is in negotiations with Argentina, and not the bank.

US Deputy Secretary of the Treasury John Taylor described the participation in the Argentine bond swap operation as a "success", but insisted it was important "to implement a plan to deal with all bond holders".

Mr. Taylor added that there are several other issues to which Argentina must commit if finally a new program is reached with the IMF such as "structural reform in the banking and taxing systems".