BUENOS AIRES (Reuters) – Argentine Economy Minister Martin Guzman laid out the framework of the country’s proposal to international bondholders on Thursday to restructure close to $70 billion in foreign debts, as the South American nation races to push back an unsustainable debt burden that it cannot currently pay.
Guzman, speaking in a televised news conference, said government officials had still not reached an “understanding” with bondholders but that the offer would be formally shared on Friday.
The average interest the country would pay under its proposal is 2.33%, Guzman said.
Argentina’s proposal, which was initially expected to be
made in mid-March, has been delayed by the global coronavirus
pandemic, which has buffeted the country’s already fragile
economy and led to a nationwide lockdown.
(Reporting by Cassandra Garrison, Adam Jourdan and Maximilian Heath; Editing by Peter Cooney)
