Argentina Chamber of Deputies might approve today the so-called Debt Sustainability Bill that will grant powers to the Minister of Economy, Martín Guzmán, to negotiate the sovereign debt. Among those faculties is the determination of the final amount to renegotiate of a universe of $ 140 billion in the securities issued by Argentina under foreign law, which represent 44.9% of the total Argentine public debt.
Aerolíneas Argentina operating deficit has increased 60% in the last four years and its current negative balance is $ 530 million, said the president of the state company, Pablo Ceriani. The new administration plans to reverse the shrinking of the wide-body fleet, and has just announced the addition of three flights between Buenos Aires and Madrid, totalling 10 weekly frequencies as of June 29.
Despegar bought the Mexican travel agency Best Day, its main competitor, for $136 million, thus completing the largest acquisition in the Latin American travel industry. Despegar expects now to increase its revenues by 25% and reaffirm its leadership in the region, the Argentine company said in a statement.
An IMF technical team will travel to Buenos Aires in February, an important step in critical debt negotiations, after Argentine Economy Minister Martín Guzmán held talks in New York on Tuesday with the Deputy Director of the IMF's Western Hemisphere Department, Julie Kozack, and the chief of mission for Argentina, Luis Cubeddu, which both parties described as "very productive." Guzmán is scheduled to meet with the IMF managing director, Kristalina Georgieva, next week at the Vatican.