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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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