LatinNews Daily - 07 September 2020

*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.

End of preview - This article contains approximately 157 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial