Argentina Postpones Debt Restructuring Deadline

Argentina’s debt restructuring talks with creditors will continue for at least two more weeks after the centre-left government failed to meet its deadline of March 31 to cut a deal, the Financial Times reported. The deadline had been considered to be ambitious by investors and economy minister Martin Guzmán admitted on Tuesday that the outbreak of the coronavirus pandemic, which has now claimed 27 lives in Argentina, had further delayed progress in negotiations. “We are trying to fix the debt crisis in an orderly way,” the 37-year-old economist told reporters, clarifying that no decisions had been made on the contentious issue of whether to impose a “haircut” on the $83bn of foreign debt that he says is eligible for restructuring. Mr Guzmán, an academic who previously worked with Nobel laureate Joseph Stiglitz at Columbia University, said that “multiple combinations” were still being considered for the debt offer, including lower interest rates, longer maturities and a grace period without payment. Read more

Location