People spend time on a beach, widened as a consequence of a severe drought, in the Argentine city of Rosario, Santa Fe Province, on Monday. – AFPPIXRecession-hit Argentina announced today it has reached an agreement with three major creditors over the restructuring of a US$66 billion debt as it seeks to solve its latest sovereign default crisis.
Argentina's economy ministry said in a statement that the deal"will allow members of the creditor groups and such other holders to support Argentina's debt restructuring proposal and grant Argentina significant debt relief." The deal involves the Ad Hoc, Argentina Creditor Committee and Exchange Bondholder groups, as well as"certain other significant holders," the economy ministry said.
The payment dates on new bonds have been brought forward by a couple of months"without increasing the aggregate amount of principal payments or interest payments that Argentina commits to make," the economy ministry said."The economic issue is resolved, we just need to see the legal aspects in detail," analyst Sebastian Maril told AFP.
"This agreement should help to bolster investor, business and possibly consumer confidence in Argentina in the near term," said Sanghani."Moreover, the deal is likely to pave the way for a renewed agreement between the IMF and Argentina's government."
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