* The economy & finance ministry in Argentina’s province of Buenos Aires has presented its latest attempt to restructure provincial debt held by foreign bondholders. The provincial government is offering to exchange foreign currency bonds issued between 2006 and 2015 for new securities which would mature between 2032 and 2040. The new bonds would have a three-year grace period on debt repayment after which they would start paying interest, which would increase to a maximum 5.375% from 2026 for securities in US dollars, and 3.875% on options in euros, amounting to a 55% cut in interest payments due between 2020-2027 and a 7% reduction in capital. Buenos Aires province
narrowly avoided default last February, while the national government is in selective default, currently
in a 30-day grace period after missing a foreign debt payment due on 22 April.
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