BUENOS AIRES/LONDON - Argentina’s three main creditor groups closed ranks on Monday, hardening their opposition to the government’s latest debt restructuring offer and making a new joint counterproposal of their own, the first time the trio have combined.
The two sides are racing to reach an agreement to revamp around $65 billion in foreign debt ahead of an Aug. 4 deadline, looking to avoid a messy and protracted legal standoff after recession-hit Argentina slipped into default in May. The three committees - the Ad Hoc group, Argentina Creditor Committee, and Exchange Bondholder Group - said their new proposal made “significant economic and legal concessions”, adding they had agreed to oppose the government offer.
The unified opposition from the groups, who together hold more than a third of both Argentina’s “global” bonds and its “Exchange” bonds, make it unlikely the government could get a comprehensive deal on its current offer.“We are confident that a consensual resolution is in sight and that such an agreement will provide a path towards a sustainable economic future for Argentina’s people,” they said.
Does anyone know how many millions of unpaid debt Argentina forgave Havana throughout the years? oppenheimera CADAL CarmeloMesaLago EliasAmor58 CarlosAMontaner reuterssarah WHAAsstSecty EFEnoticias BBCWorld ngameztorres havanatimes MaryAnastasiaOG TheEconomist AFP
Nice pic!
Economy Minister Martin Guzman said debt restructuring offer from three main creditors reflected ' lack of understanding '.