Argentina’s President Alberto Fernandez said the government would make public a new offer to creditors on Sunday after talks with some top bondholders broke down.
“The offer will be revealed today,” Fernandez said in aninterview with local radio. “We have made a huge effort to keep our word. This is the maximum effort that we can make.” He said the new offer would be open until the end of August.
Argentina’s debt talks have stumbled in recent weeks, with little progress in agreeing how to restructure some $65 billion in bonds. The South American country, which entered the ninthdefault of its history in May, has repeatedlyextended the deadline to reach a deal and until Sunday, had set July 24 as the next key date.
Last week, one group of bondholders, the Argentina Creditor Committee, presented a proposal to the government. But two other groups of creditors arediscussing an agreement to reject a new government offer based on that proposal, people familiar with the discussions told Bloomberg News.
Those two groups, which include major firms such asBlackRock Inc.,Ashmore Group Plc. andMonarch Alternative Capital LP, said last week they hadn’t had meaningful discussions with the government since June 17.
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