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Argentina: The latest offer from creditors has been rejected
Argentina rejects offer from creditors; Argentina is on the brink of the next major state bankruptcy. The government and private creditors have been
Yazar: Zack Smith
Yayınlanma: 27 Temmuz 2020 17:03
Güncellenme: 21 Eylül 2024 00:31
Argentina: The latest offer from creditors has been rejected
Argentina is on the brink of the next major state bankruptcy. The government and private creditors have been fighting over a possible haircut for months. The latest offer from investors has been rejected.
In a dispute over a huge debt relief that has been going on for months, the Argentine government has rejected the latest counteroffer by creditors. The new demands could not be met, said the Ministry of Economy in Buenos Aires. "That would not only be irresponsible but also unfair," said a statement. "While 50 percent of children in Argentina live in poverty, we cannot increase the short-term profits of our creditors."
It would be the ninth default in Argentine history
According to experts, the national debt of the second-largest economy in South America is no longer sustainable given 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. Lenders recently called for higher government bond interest rates and changes to some contractual clauses. However; the Argentine government is sticking to its last offer and is not prepared to make any further concessions. 'Very difficult' to reach agreement Argentina Creditor had seemed more disposed to accepting the government's offer, but in joining the other two groups, "they are practically in a position to block the whole deal," economist Sebastian Maril told AFP. "And if they work together; as one it's going to be very difficult for Argentina to reach an agreement." The groups did not divulge any details about their counter-offer, but sources close to the negotiation said it represents 56.6 cents on the dollar with the new bonds beginning to accrue interest from September this year.You might also be interested in:
Argentina facing bankruptcy
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