Argentina New Deal with Paris Club Brings $248 Million in Debt Relief

Argentina's newly struck deal with the Paris Club lenders will bring some $248 million in debt relief for the embattled South American nation and push repayments back as far as 2028, according to a document shared with Reuters by officials. The country's government said earlier on Friday it had reached a deal to restructure the nearly $2 billion it owes the Paris Club of creditors, which counts the United States, Japan and Germany among its members. Repayments would start in December this year and continue until late 2028, the document showed. It said the new interest rate on the debt would step up slowly from 3.9%, with a weighted average of 4.5%. The interest rate previously had been 9%. Read more.