Argentine bondholder groups slammed the government over economic policies they said were undermining investor confidence in the country, which emerged from a sovereign default in September after a US$ 65 billion restructuring.
Ecuador will extend the deadline for creditors to vote on its US$ 17.4 billion debt restructuring plan to Monday following a lawsuit by a small group of bondholders, the finance ministry said on Thursday.
Argentine vice-president Cristina Fernandez de Kirchner praised Minister of Economy Martin Guzmán statements during a television program in Buenos Aires and described he was “clear as crystal water”, in his replies
Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of US$ 17.4 billion of its external bonds, with its largest group of creditors backing the proposal.
Ecuador’s government will likely have to sweeten its offer to creditors in order to reach an agreement to restructure US$ 17.4 billion in bonds, say analysts. The government’s proposal already has the backing of one group of creditors, holding around half of the bonds and including AllianceBernstein, Ashmore and BlackRock.
Argentina’s US$65 billion debt restructuring talks teetered on the edge after two key creditor groups knocked back the country’s latest “final” offer, while the government signaled that there was no room left to improve the terms.
Argentina’s government unveiled an amended debt restructuring proposal on Sunday and set a deadline of Aug. 4 for creditors to accept it, adding some key sweeteners as it looks to defuse recent tensions with bondholders and strike a deal.
Argentina extended a deadline for bondholders to accept a debt restructuring proposal for the fifth time as creditors blamed the government for “walking away” from talks.
Argentine bonds jumped on Tuesday as the country’s government and creditors sought to strike a deal to restructure US$ 65 billion in foreign debt by May 22 after an initial deadline passed last week without a pact.
Argentina will keep pushing for talks with creditors even as a deadline for its US$ 65 billion debt restructuring proposal passed on Friday with little sign it had the support needed from international bondholders to unlock a comprehensive deal. Apparently on averaged less than 20% of bondholders accepted Argentina's conditions