Argentinean Crisis

Politics • American • South America
Argentina Government claims 99% of $65 billion debt to be restructured
Martín Guzmán
Martín Guzmán Credit: Ministerio de Economía (Creative Commons Attribution ShareAlike 4.0)

Argentina’s Economy Minister Martin Guzman announced Monday the country reached a deal with the majority of creditors, and that 99% of the $65 billion debt could be restructured.

The deal would allow Argentina to exit default, and start debt talks with the International Monetary Fund.

Politics • American • South America
Argentina strikes deal with major creditors to restructure $65 billion in debt
Martín Guzmán, Minister of Economy of Argentina
Martín Guzmán, Minister of Economy of Argentina Credit: Ministerio de Economía (Creative Commons Attribution ShareAlike 4.0)

Argentina reached a deal with its major creditors to restructure roughly $65 billion in sovereign debt, a hopeful sign for a country that now faces a brutal Covid-19 related recession on top of longstanding economic problems.

The official statement of the Argentinean Economy Ministry read: "Argentina will adjust some of the payment dates contemplated for the new bonds established in its July 6 Invitation, without increasing the total amount of principal payments or interest payments that Argentina undertakes to make and at the same time improving the value of the proposal for the creditor community ".