Argentina’s US$65 billion debt restructuring talks teetered on the edge after two key creditor groups knocked back the country’s latest “final” offer, while the government signaled that there was no room left to improve the terms.Add your comment!
Argentina is still working with its creditors to reach a debt restructuring deal after talks stalled, though there is still a distance to cover in economic and legal terms, Economy Minister Martin Guzman said on Thursday.
Argentina has extended confidentiality agreements with creditors by one day to allow further negotiations as the two sides seek a last-ditch agreement to restructure around US$ 65 billion in debt.
Argentine bonds rose on Friday as the government said that negotiations with creditors to restructure around US$ 65 billion in sovereign debt would continue into next week and that a deadline for reaching a deal would be pushed back to at least June 19.
Argentina extended the deadline to negotiate with its creditors to June 12 and may sweeten its most recent restructuring offer, the country said on Monday, after a previous proposal was deemed insufficient by some investors.
Argentina received a debt restructuring proposal from two creditor groups a step in the right direction, Economy Minister said on Friday. Nevertheless, it still fell short of what the country needed to strike a deal.
The Argentine Ministry of Economy extended until June 2 the term to renegotiate the US$ 67 billion of debt securities issued under foreign law, with the aim of continuing negotiations with creditors.
Argentina’s Economy Minister Martin Guzman has hinted that make-or-break talks with international creditors are likely to continue beyond the looming May 22 deadline. It has tentatively elevated hopes that the crisis-prone country will be able to avoid its ninth sovereign debt default.
Argentina will extend negotiations over a US$ 65bn debt restructuring proposal until May 22, the government said in the official gazette on Monday. The extension sets the stage for tense last-ditch talks as Argentina races to avoid default.
Argentina is preparing to extend the deadline to its debt offer to May 22. The government will publish an extension to its debt offer in the official Gazette this Monday, part of President Alberto Fernandez’s next steps in its debt restructuring after extending a deadline over the weekend for creditors to accept an initial offer to exchange $65 billion in overseas bonds.