07/28/2020 - 11:51
- Clarín.com
- Economy
- Economy
In statements to the Bloomberg TV channel, the economy minister, Martín Guzmán , insisted after the bondholders rejected the Argentine proposal last night, that the current offer to exchange the debt (US $ 53.3) is the maximum that Argentina can pay. And he admitted that even after closing this negotiation, the country will be out of international markets for a short period. "We do not expect to return to the markets for a long time," said the minister.
Guzmán repeated the same concepts that he has been pointing out to argue why this offer is the last: it is a commitment that Argentina will be able to fulfill in the coming years and not as it has happened in the past when the debt defaulted.
On the perspectives of the Argentine economy and how he plans to finance the fiscal deficit that will be left by expenses due to the recovery of the economy after the impact of the quarantine, the minister indicated two lines of work. "We must achieve fiscal consolidation," he said in relation to reducing the deficit, which, according to private estimates, this year would be around 7 to 8% of GDP. Second, Guzmán admitted that Argentina will not soon return to the credit markets. "We do not expect to return to the markets for a long time," said the minister. "We are working to restore the local debt market . "
The three groups of bondholders nucleated in Ad Hoc, Exchange Bond Holders and the Creditors Committee sent a letter last night to the Minister of Economy, Martín Guzmán, in which they ratify the counter-proposal presented on Monday of last week and claim to have, at less, half of the bonds that enter the foreign debt exchange. If so, Argentina would not yet reach the minimum acceptance thresholds for the swap .