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Argentina facing bankruptcy
Argentina facing bankruptcy;Argentina's economy is the second-largest in South America and has been in crisis for years.!!
Yazar: Zack Smith
Yayınlanma: 21 Temmuz 2020 13:56
Güncellenme: 7 Kasım 2024 10:51
Argentina facing bankruptcy
Argentina's economy is the second-largest in South America and has been in crisis for years. The coronavirus pandemic is exacerbating the situation and the government is calling for a haircut. But creditors like Blackrock don't want to know about it.
In the dispute over a debt relief that has been going on for months, several important creditors have rejected the offer of the Argentine government and made a counteroffer. "Our joint offer contains large economic and legal concessions," said a joint statement by three large groups of creditors. "The improved offer relieves Argentina in the short term and secures Argentina long-term access to the international capital market."
According to media reports, lenders are demanding higher interest rates on government bonds and changes to some contractual clauses. The three groups of creditors hold around a third of the debt rescheduled securities. The creditors include the investment groups Blackrock, Fidelity, Greylock Capital and Ashmore.
State bankruptcy threatens
The debt of the second-largest economy in South America is no longer sustainable under the current conditions. Argentina is, therefore, demanding that its private creditors waive some of their claims of around $ 66 billion. If no agreement is reached, the country threatens to go bankrupt again. It would be the ninth default in Argentine history. The Argentine government was unwilling to negotiate. "We can no longer move," President Alberto Fernández said on television. Economics Minister Martín Guzmán also made it clear that the current offer is the last word from Buenos Aires. "We see that this group of creditors lacks understanding of Argentina's limited opportunities," said the department head. Argentina is in a serious financial and economic crisis. The inflation rate was more than 50 percent recently. For the current year, experts expect the economic power to decline by around ten percent. At the end of May, Argentina had failed to pay $ 503 million in interest claims, causing it to default in payments. You might also be in interested:GNC Holdings Filed For Bankruptcy!
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