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ECONOMY | 30-06-2020 15:10

Argentina's creditors urge officials to move ahead on debt talks

Creditors groups call for progress on talks, saying the "lack of serious engagement from the Argentine authorities is deeply concerning."

Two of Argentina’s largest creditor groups are pressing the government to move forward on debt talks after negotiations stalled earlier this month.

The Ad Hoc and Exchange bondholder groups, said they have had no meaningful discussions with Argentine authorities since June 17, according to a joint emailed statement. Reports indicating advances in the talks were “inaccurate,” it added, noting that the groups remain willing to engage constructively to reach a consensual agreement the country and its creditors can support.

Argentina’s debt talks have stalled since the country and its creditors were unable to come to terms on key differences over how to restructure $65 billion in overseas bonds. The country, which entered the ninth default of its history in May, extended the deadline for its talks for a fifth time until July 24.

“The lack of serious engagement from the Argentine authorities is deeply concerning, given that time is of the essence and all parties should be focused on avoiding the devastating legal and economic costs of a prolonged default,” according to the statement.

Last week, Economy Minister Martín Guzmán said the country had reached an understanding “on a number of important issues” with a third group of bondholders, called the Argentina Creditors Committee, but that there had been more differences with the Ad Hoc group.

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by Scott Squires, Bloomberg

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