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Money Despite a first agreement on debt, Argentina is not at the end of the tunnel

13:15  06 august  2020
13:15  06 august  2020 Source:   latribune.fr

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© Reuters/Agustin Marcarian FILE PHOTO: Argentina 's President Alberto Fernandez looks on durring the session of the 138th legislative term at the BUENOS AIRES (Reuters) - It took months of tough talks for Argentina to reach agreement on restructuring billion (49.65 billion pounds) in debt .

It took months of tough talks for Argentina to reach agreement on restructuring billion in debt . Argentina 's peso has been propped up by tight capital controls, which has seen the value of the currency in black market trades veer dangerously away from the official rate, with the gap currently

Argentina has reached an agreement with its creditors to restructure part of its debt, a relief for the government. But the latter must now renegotiate a loan contracted with the IMF and find a way out of the deep economic crisis that is hitting the country.

The agreement announced Tuesday , which allows the restructuring of 66 billion bonds issued under foreign legislation, was welcomed by the International Monetary Fund (IMF) and welcomed by the productive sectors.

It is "a big step forward" which will make it possible to "concentrate on the productive agenda", reacted Marcelo Fernandez, president of the General Confederation of Enterprises. "For small and medium-sized enterprises, this means that we can bet on policies that will promote the financing of production and consumption," he said.

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BUENOS AIRES (Reuters) - It took months of tough talks for Argentina to reach agreement on restructuring billion in debt . Argentina 's peso has been propped up by tight capital controls, which has seen the value of the currency in black market trades veer dangerously away from the

It took months of tough talks for Argentina to reach agreement on restructuring billion in debt . "This is an important step," Guzman said of the agreement . "But this does not solve all the problems of the Argentine economy." But despite a softer approach from the IMF, any deal would likely come

But analysts are more cautious: while welcoming the agreement, they believe that this is not the end of the tunnel for the South American country. "This releases the pressure, but it will not be enough," warns economist Mariana Dal Poggetto, director of the EcoGo cabinet.

After two years of recession, Argentina remains more than ever in a difficult situation: 40% of its 45 million inhabitants live in poverty and annual inflation remains very high, around 40%.

Read also: Inflation in Argentina reached a record level in 2019, unmatched since 1991

The Covid-19 pandemic and the long months of confinement have further worsened the situation, increasing unemployment (10.4%) and causing a fall in Gross Domestic Product (GDP) which is expected to contract by 9.9% in 2020, according to the latest IMF forecasts.

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The government’s agreement with the main holders of the debt has probably averted that danger. It is offering new bonds worth almost 55% of the face value of the ones they own, up from an original proposal of 38%. The official poverty rate, 35% at the end of last year, now probably exceeds 40%.

Argentina and its largest creditors struck a deal to restructure billion of debt , setting the stage , Argentina says creditor groups back latest restructuring plan. Sunday call between government The agreement is the product of months of talks between the government and big bondholders including

In this difficult context, Argentina, whose total debt stands at 324 billion dollars, must now negotiate a new program with the IMF, from which it borrowed 44 billion dollars - out of the 57 billion initially negotiated in 2018 by the former center-right president Mauricio Macri.

Read also: The IMF in Argentina to discuss a debt restructuring

And the country must normally start repaying next year. "The deadlines for the IMF start just in September next year, a month before the" mid-term legislative elections, "notes Mariana Dal Poggetto, who advocates that the negotiations be" quick ".

No access to credit

And "the burden of the IMF is much more" than the debt successfully renegotiated with private creditors, "this is the real problem, because [the IMF] does not accept discounts" on which is due, insists economist Emanuel Alvarez Agis.

Matias Carugati, of the Management & Fit firm, also predicts a difficult negotiation: "The Fund's technicians will demand a consistent economic plan, which has only been done in broad outline so far".

Argentina has reached an agreement on its debt with its creditors

 Argentina has reached an agreement on its debt with its creditors © 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.

(Benjamin Fulford) The fall of Babylonian debt slavery in the United States is fully underway. A critical mass of about 30% of Americans are not paying auto We are now starting to get photographs of the abused children from white hat sources in LA and New York. We cannot verify when these pictures

Argentina ’s debt talks have stumbled in recent weeks, with little progress and limited communication with some of the nation’s largest creditors. “We’ve done our part, based on our full commitment to put a final end to the debt crisis in a sustainable way,” said Economy Minister Martin Guzman in an

Another thorny issue for the government is the restructuring of the debt issued under domestic law of $ 41.7 billion, for which the government has promised treatment as fair as for obligations under foreign law.

The agreement with the creditors "clarifies the deadlines, eases the pressure on the demand for dollars and makes it possible to free up enormous fiscal resources to face the pandemic", estimates the Argentinian Center of Political Economy.

Resources welcome for a government which had to seek public expenditure to cope with the effects of a containment imposed on March 20 which kept Latin America's third largest economy paralyzed.

But, according to Mariana Dal Poggetto, the health crisis will however complicate tax revenues and the deficit in public accounts could end the year around 8% of GDP.

The deficit will grow "in the same way as in the rest of the world. The difference is that Argentina, which seeks to restructure its debt, does not have access to credit," she recalls.

G7 countries are making gradual economic recovery .
© Reuters / DADO RUVIC Picture illustration of a test tube labeled with the coronavirus placed on U.S. dollar banknotes Washington / Berlin (Reuters) - The seven leading industrialized countries (G7) are seeing a gradual improvement in the economy in the coronavirus crisis. The US Treasury Department announced on Monday that this was noticeable in all G7 countries. Answers to the pandemic would still have to be coordinated.

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