Argentina will offer a new proposal to creditors on Friday as it looks to restructure a $66 billion debt that contributed to the crisis-hit South American country defaulting last month for the ninth time in its history. “It’s clear that Argentina needs to reach an agreement with its creditors, obviously the creditors didn’t accept” the first offer, Fernandez said on Wednesday. Previously, Argentina muted the idea of offering a coupon tied to GDP, but that did not prove attractive. “It’s better than a coupon tied to GDP, given Argentina won’t grow by more than three percent for some time,” Sebastian Maril, director of consulting firm Fin. Despite being one of the world leaders in food exports, Argentina has been in recession for two years and the coronavirus pandemic has only worsened an already grim economic outlook.

Source: The Guardian June 12, 2020 09:33 UTC