LatinNews Daily - 01 September 2020

* Argentina’s economy minister Martín Guzmán has announced that Argentina secured 93.55% adhesion to its US$66bn restructuring agreement with private bondholders on sovereign debt issued under international law. The deal all but confirms the resolution of Argentina's ninth sovereign default. In a press briefing, the minister, flanked by President Alberto Fernández and Vice President Cristina Fernández, explained that 99% of bonds can be exchanged, as the high adhesion rate enabled the triggering of collective action clauses (CAC). President Fernández lauded the government’s achievement in saving the country a reported US$38bn in debt repayments over ten years. Guzmán, meanwhile, added that on 15 September he will send a 2021 draft budget to congress with a “primary fiscal deficit of approximately 4.5% GDP,” a significant drop from the 8% of GDP with which the government expects to close 2020.

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