Argentina Reaches Understanding With Paris Club, Will Avoid Default On Debts - Minister

BUENOS AIRES (Pakistan Point News / Sputnik - 23rd June, 2021) Argentina has reached an understanding with the Paris Club, which will allow the country to avoid defaulting on debts to the organization, Economy Minister Martin Guzman told reporters.

"We have reached an understanding with the Paris Club that will allow us not to face a default on July 31 this year," Guzman said.

The sides agreed that Argentina will have a deadline until March 31, 2022 to resolve the issue of restructuring.

"Within eight months, instead of paying about $2.4 billion, under the plan, [the country] will have to pay about $430 million. This means financial relief for Argentina by $2 billion between today and March 31," the minister said.