*Argentina’s economy ministry has announced that it achieved 98.8% acceptance of its proposed restructuring of some US$41.7bn of foreign currency debt issued under local law. Those who accepted will now receive replacement bonds. In a press briefing, Economy Minister
Martín Guzmán underscored that the average interest rate on new bonds has dropped from 7% to 3.07% and the total capital due has been reduced by 1.9% (some US$790m). The successful deal follows
last week’s 93.55% adhesion to Argentina’s restructuring proposal on some US$66bn of debt issued under international law, which reportedly saves the country US$38bn in debt servicing over a decade. With these deals behind them, Argentina’s
“unsustainable debt problem is now resolved”, declared Guzmán. The minister also revealed that on 15 September he will send a 2021 budget proposal to congress, which will include policies that will seek to end the country’s chronic balance of payments crises.
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