The government has extended its deadline to restructure this US$66 billion bond debt three times after creditors rejected an initial offer.
Argentina, one of the world leaders in food exports, has been involved in months of tough negotiations with creditors.
"The proposals are still a long way from an agreement, but the tone of the discussions has changed and the distance [between parties] is not irreconcilable," said analysts Grupo SBS on an article published in Ámbito Financiero.
Argentina has said a successful negotiation would "stabilise the economy, alleviating the medium and long-term restrictions" on the economy, thus "allowing the country's economic trajectory to be redirected towards long-term growth."
The country has been in recession for two years and currently owes US$324 billion in total, the equivalent of around 90 percent of its GDP.