Argentina Reaches Debt Restructuring Deal With Creditors

Argentina's Economy Ministry Monday announced that its country reached an agreement with the three main groups of private creditors to close the restructuring of the Argentinean foreign debt.

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"The agreement includes the restructuring of bonds under foreign legislation. Argentina will have significant debt relief," the Ministry stated.

These new bonds' payment dates will be adjusted according to the swap proposal announced by Argentina's government in July.

The debt bonds that were issued in 2005 and 2010, and from 2016 onwards, will be exchanged for new bonds in dollars and euros expiring in 2029, 2030 and 2038.

"Argentina will comply with the capital and interest payments, and it is committed to improving the proposal's amount for the creditor community," the institution added.

Argentina's government reached an agreement with representatives of the Ad Hoc Group of Argentinean Bondholders, the Committee of Creditors of Argentina, and the Group of Bondholders of the Exchange.

The bondholders have until August 24 to formalize their adherence to the agreement, which proposes to exchange foreign-issued bonds for US$66.2 billion.

Argentina will adjust some clauses of the debt restructuring proposal to include proposals submitted by members of the creditor community.

The country is also seeking an agreement with the International Monetary Fund (IMF) to readjust the payment of the US$44 billion loans, which was given to the country in 2018.