MOSCOW (Pakistan Point News / Sputnik - 06th July, 2020) Argentina has come up with a new debt restructuring offer and has once again extended the deadline for creditors to agree, the country's Ministry of Economy has announced.
"The Republic will extend the expiration of the Invitation until 5:00 p.m., New York City time, [21:00 GMT] on August 4, 2020," a Sunday government statement says.
The previously agreed upon deadline for holding debt restructuring negotiations was set for July 24. Creditors who agree to restructuring sooner will get better compensation.
"The Republic encourages all investors to consider the revised terms of its Invitation and join the Republic in creating a sustainable path for the recovery of Argentina's economy," the government said.
Argentina's latest proposal to restructure $65 billion of foreign bonds comes amid stalled talks with creditors.
"Together with the US$1.9 billion of interest payments disbursed by the Republic between December 2019 and April 2020, the additional commitments proposed by Argentina under the revised terms of its Invitation evidence the Republic's good faith and willingness to remain engaged with the international financial community, which can play an important role in Argentina's economic recovery," the government said on Sunday.
Argentina defaulted for the ninth time in May and has repeatedly extended the deadline to reach a deal with creditors. Argentina is expected to formally present its new proposal to the US Securities and Exchange Commission (SEC) on Monday.
The government also said on Sunday that Argentina will submit a bill to Congress in the coming days to restructure its local-law, foreign Currency debt.
