BUENOS AIRES — The International Monetary Fund warned Argentina's bondholders on Wednesday that they would likely need to take a hit to help resolve the country's "unsustainable" debt burden. The fund, wrapping up a week-long visit to Argentina, said rising public debts meant the country needs a definitive plan to restore debt sustainability, which would require a "meaningful contribution from private creditors." Argentina is battling to restructure its debts to avoid defaulting on around $100 billion in loans and bonds - including to the IMF - after a biting recession, high inflation and a market crash pummeled the country last year. The IMF stance lends support to Argentina's new Peronist government, which has maintained it cannot pay its debts unless given time to revive growth. Argentina is looking to wrap up debt negotiations with creditors by the end of March.

Source: International New York Times February 19, 2020 21:08 UTC