The proposal made by Argentina's Ministry of Economy to the bondholders last Thursday provides a three-year grace period without any payments, with a reduced deduction on the capital and a 62% cut in interest, totaling US$ 41.5 billion.
This proposal is "the best opportunity to build a better country," Argentinian President Alberto Fernandez said after Guzman announced the details of the proposal.
However, the Committee of Creditors of the Argentine debt (ACC) considered on Sunday the proposal of the Ministry of Economy unviable.
The Group of Holders of Exchangeable Bonds announced on Monday that it also rejected the government's proposal.
Con el apoyo de todos los gobernadores y de referentes de otras fuerzas políticas, junto al ministro @Martin_M_Guzman presentamos hoy una oferta de buena fe a los bonistas privados que vuelve sustentable el pago de los compromisos de la deuda pública de la Argentina. pic.twitter.com/XGpyuYbcDW
"With the support of all the governors and other political forces, together with Minister Martin Guzman, we present today a good faith offer to the private bondholders, which makes the payment of Argentina's public debt sustainable."
In a statement issued Sunday, the ACC assessed the measure as unilateral, seeking "more reduction of interest than capital."
The rejection was predictable, said specialists, as this was the first proposal of the government.
"Reaching an agreement with the private bondholders will make the payment of Argentina's public debt sustainable." Alberto Fernandez said recently on his Twitter account.