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Money Argentina has reached an agreement on its debt with its creditors

17:05  04 august  2020
17:05  04 august  2020 Source:   france24.com

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© Juan Mabromate, AFP "No to the payment of the debt", claims this tag in the streets of Buenos Aires.

The Argentine government of Alberto Fernandez announced, Tuesday, to hold an agreement with its creditors for the restructuring of 66 billion dollars of its sovereign debt. The country's total debt stands at $ 324 billion, or 90% of GDP.

Towards an end to the crisis in Argentina? The government announced Tuesday, August 4, that it had reached an agreement with its creditors for the restructuring of $ 66 billion in debt.

Argentina has reached an agreement with the three groups of

creditors who have so far refused its offer, which constitutes "a significant relief" for the country, the Argentine Ministry of Economy said in a statement, so that the deadline for negotiations was set for Tuesday 9 p.m. GMT.

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"Argentina will adjust certain payment dates" from the government's original offer, which involves payments in January and not March of each year as originally planned, the statement said.

A discussion underway since April 20

The three groups of creditors - Exchange Bondholders, Ad Hoc and Argentina Creditor Committee - had refused at the end of July the last proposal of the government of President Alberto Fernandez for this restructuring.

Discussions, underway since April 20, concerned bonds dating from 2005 and 2010, products of a previous restructuring, as well as new securities issued from 2016.

Buenos Aires proposed in particular to pay 53.5 dollars of recovery for every $ 100 of the face value of the bonds. Creditors demand $ 56.5.

The new agreement provides for the collection by creditors of more than $ 54 per 100, and improves payment times, an official source told AFP.

Argentina's total debt is $ 324 billion, or 90% of GDP.

Argentina's economy has been in recession since 2018 and will suffer even more this year due to the Covid-19 pandemic, with an announced contraction of 9.9% of gross domestic product, according to the latest forecasts from the International Monetary Fund.

With AFP

Alcantara rushes towards Liverpool .
© Supplied by Sports.fr THIAGO Thiago Alcantara's transfer to Liverpool took a little more consistency this Sunday. A report from RMC Sport claims that the Bayern midfielder has come to an agreement with the England champions. On the verge, perhaps, of winning the Champions League with Bayern Munich in the heart of an Final 8 of madness , Thiago Alcantara has obviously found time to look into his future.

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