MOSCOW (Pakistan Point News / Sputnik - 10th August, 2020) Argentine Ambassador to Russia Ricardo Lagorio has told Sputnik in an interview that he is optimistic about Buenos Aires complying with a new deal restricting its bond debt amid an economic recession in the country.
Earlier in the week, the Argentine Economy Ministry said that it had reached an agreement with key private creditors on restructuring its $65 billion debt, which would help prevent a default.
"I am very optimistic because the president [Alberto Fernandez] and the government had a very good deal in spite of all what was going on in Argentina and the world. That, I think, makes the deal much more interesting and important because we are in the midst of the worst the crisis we all went through," Lagorio.
Argentina is willing to pay its debt in a manner most sustainable for its economy, the ambassador noted.
"The philosophy underlining this negotiation is not that we cannot pay, but we want to pay in a sustainable manner. There is a different paradigm. Not that we do not want to pay or we cannot pay. We want to pay, but when we can pay," Lagorio added.
Argentina has always been a default-prone country having suffered a major default in 2001 and a minor in 2014. Over recent years, Buenos Aires was also rocked by a Currency crisis and economic depression. After failing to find common ground with private bondholders, which include US investment management giant BlackRock, the Argentinian government in April laid out a proposal to restructure its debt. The talks were dragging on for months before the sides managed to reach an agreement.
