Argentina has decided to postpone a $1.47 billion principal payment on the count...
BUENOS AIRES - Argentina has decided to postpone a $1.47 billion principal payment on the country’s AF20 bond until Sept. 30, the economy ministry said on Tuesday, potentially complicating a wider debt restructuring program.
“It is a unilateral decision by the debtor, and not a move that creates goodwill in the market,” said Goldman Sachs emerging markets analyst Alberto Ramos. It was originally issued for an amount equivalent to $1.64 billion. On Feb. 4 the government swapped $164 million of the bond for three instruments due in 2021.
Tuesday’s announcement also came on the eve of talks with Argentina’s biggest creditor, the International Monetary Fund, over the government’s strategy for getting out of recession. That strategy starts with re-negotiating IMF loans and sovereign bonds.
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