Argentina appointed a government team to kick off talks with creditors to renegotiate about US$100 billion in sovereign debt as the new center-left administration of President Alberto Fernandez postponed payments on some of its short-term debt.
Argentine presidential candidate Alberto Fernandez indicated he would tackle the country's debt problem by adopting a strategy similar to that of Uruguay, which successfully extended its bond maturities in 2003.
The credit rating agency Fitch lowered the prospects for Argentine sovereign debt to negative, arguing the overall weakness of the economy and an uncertain scenario for fiscal consolidation in coming years.