Argentina, which has had an economy in recession for more than two years, has again extended the deadline for holding debt negotiations with its creditors until June 12, the country's Ministry of Economy has said
BUENOS AIRES (Pakistan Point News / Sputnik - 02nd June, 2020) Argentina, which has had an economy in recession for more than two years, has again extended the deadline for holding debt negotiations with its creditors until June 12, the country's Ministry of Economy has said.
"Argentina said it had offered debt holders an extension of the [debt negotiations] period ... from 05:00 p.m. on June 2, New York time [21:00 GMT], to 05:00 p.m. on June 12." the statement said.
According to Argentine Economy Minister Martin Guzman, the authorities require a few more days in reserve to make adjustments to the debt restructuring offer.
Argentina defaulted again after having missed an interest payment extension on May 22. The Latin American nation has always been a default-prone country, having suffered a major one in 2001 and a minor one in 2014, and in recent years, the country was rocked by a Currency crisis and economic depression. After failing to find common ground with private bondholders, on April 16 the Argentine government laid out a proposal to restructure its debt.
The offer includes the suspension of all debt payments for three years, a 62 percent cut in interest payments, valued at $38 billion, and almost a 5.5 percent reduction in principal payment, estimated at $3.6 billion.
