Argentina announces it has reached an agreement on its debt and the country is out of default.
Argentina, under Alberto Fernández, has reached an agreement to restructure $65 billion in unpaid sovereign debt. This will lift the country out of default – it has been in default since it stopped paying interest on its debt in the first half of the year.
247 Argentina has emerged from default. The country announced an agreement that restructured $65 billion. The Ministry of Economy stated: “Today, we reached an agreement that will allow members of creditor groups and other holders to support Argentina’s debt restructuring proposal and grant Argentina significant debt relief.”
The report from the G1 portal The Ministry of Economy highlighted that "the agreement with the Ad Hoc Group of Argentine Bondholders, the Argentina Creditor Committee, the Exchange Bondholder Group, and other major bondholders will allow these groups to support a restructuring and provide the country with significant debt relief."
The article further emphasizes that "Argentina has defaulted by failing to pay interest on its bonds. Five of the bonds subject to the exchange are in default, as Argentina failed to pay US$500 million in interest in May and another US$600 million last week. Argentina's public debt totals US$324 billion, almost 90% of its Gross Domestic Product."