President Alberto Fernandez is seeking to restructure US$66 billion in the country's foreign debt. BUENOS AIRES: Argentina will make creditors an improved offer and extend negotiations on restructuring US$66 billion in debt through the end of August, President Alberto Fernandez said on Sunday .
The bonds represent roughly a fifth of the country's US$324 billion debt, which amounts to around 90 per cent of its GDP. A government source told AFP the new proposal would be for"close to US$53" for every US$100, compared to the original offer of US$39 per US$100, which was rejected by a majority of the bondholders.Fernandez said the conversations with creditors"are going well" and expressed hope"they end well."
In recession since 2018, the Argentine economy has been further punished by the coronavirus pandemic. The International Monetary Fund estimates the economy will contract by 9.9 per cent this year.
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