LatinNews Daily - 12 January 2021

In brief: Argentina's Córdoba province avoids default

* Juan Schiaretti, the governor of Argentina’s Córdoba province, has announced that an agreement has been reached with foreign bondholders to restructure some US$1.7bn of the province's debt, following long-running negotiations in which several previous proposals had been rejected. Schiaretti noted that this agreement will provide the province with around US$700m in debt relief over the next four years, by lowering interest repayment rates from 7.23% to 6.08%, and by deferring liabilities on bonds due to mature between 2023 and 2029. He added that Córdoba is “the first province in Argentina to be able to restructure its debt without entering into default”, and expressed optimism that this agreement will allow the province to push ahead with “the largest public works plan in its history”, providing Córdoba with a “better financial horizon” in the face of the economic crisis caused by the coronavirus (Covid-19) pandemic. Schiaretti concluded his statement by emphasising that his administration is “very satisfied with the arrangement”.

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