Economy Minister Martín Guzmán held in New York what he called "strategic meetings" with bank executives and investment funds that hold Argentine bonds under foreign law. Despite the total official secrecy, it was reported that representatives of BlackRock, Templeton, Pimco, Gramercy, Greylock, Fidelity, Morgan Stanley, Bank of American, Citibank and JP Morgan attended the meeting. Alberto Fernández' government is planning to determine next week the final structure of the sovereign debt restructuring offer.
Argentina Minister of Economy Martín Guzmán, meets today in New York with representatives of banks and investment funds holding sovereign bonds regulated under foreign law. The meeting follows another held yesterday in Washington with the Deputy Director of the Western Hemisphere Department of the International Monetary Fund (IMF), Julie Kozack, and the head of the Argentine mission, the Venezuelan Luis Cubeddu, both members of the technical mission that visited Buenos Aires last week.
A technical mission of the International Monetary Fund (IMF) arrives on Wednesday whose report will be a vital tool for reprofiling payments of $44 billion stand-by credit. That same day, the minister of economy, Martín Guzmán, will address Congress on his plan for "sustainable debt" renegotiation which also involves $67 billion owed to private bondholders. On Thursday, about AR100 billion of the AF20 Dual Bond mature.
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.
Argentine Economy Minister Martín Guzmán arrived in New York to hold a series of meetings aimed at accelerating the renegotiation of external debt. His agenda for this week includes a presentation to the Council of Americas, and meetings with US Treasury officials, and with representatives of the International Monetary Fund.
President Alberto Fernández sent to Congress the draft of the so-called Law of Restoration of the Sovereign Debt Sustainability. The bill gives power to the Government for managing liabilities, swaps or restructuring of bonds maturities under foreign law. “Today we have an unsustainable debt burden. This bill will give us the conditions to structure and execute the operations needed with the aim of restoring public debt sustainability", said Economy Minister Martín Guzmán during a press conference.