BUENOS AIRES/LONDON - Argentina’s $65 billion debt restructuring talks teetered on the edge on Wednesday after two key creditor groups knocked back the country’s latest “final” offer, while the government signaled that there was no room left to improve the terms.
“While we do not accept Argentina’s latest proposal, encouragingly it does provide a basis for constructive engagement,” the groups, which combined hold around $21 billion of the eligible debt, said in a statement. “Without their 35% share then Argentina would not cure the default. The rejection of the offer may discourage bondholder participation and this last launch could fail.”A government source who asked not to be named, however, said that the opposition to the proposal from the two groups was not unexpected and pointed to the nuance in the statement.Hopes over a deal and initial positive signals from some quarters had pushed Argentina bonds up 1.4% on Wednesday and 6.
Carlos Abadi, managing director at DecisionBoundaries, a New York-based financial advisory firm, said that the creditor groups were “playing in very dangerous territory” with the rejection of a deal many had seen as reasonable.
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