Argentina's President Alberto Fernandez greets economy minister Martin Guzman at a press conference to give details about the agreement with major private creditors to restructure Argentina's sovereign debt, in Buenos Aires, Argentina. Picture: JUAN MABROMATA/REUTERS
“In recent days we have worked on the conditions of an offer that gained huge acceptance by our creditors as a result of the dialogue process in past months,” economy minister Martin Guzman told a news conference. The government said the deal and a separate restructuring of local law dollar debt would together bring financial relief of $37.7bn over the 2020/2030 period, and help cut average interest payments on foreign law bonds to 3% from 7%.
The 1% of bonds that did not meet collective action clause thresholds of support for a restructuring highlighted pockets of holdouts on individual bonds, though Guzman told reporters it was not a major issue and would be resolved. The strong support and few holdouts stands in contrast to Argentina's 2005 debt restructuring, which saw creditors holding about a quarter of bonds reject a deal, leading to over a decade of legal battles.
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