{"id":88166,"date":"2020-08-18T13:09:02","date_gmt":"2020-08-18T05:09:02","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=88166"},"modified":"2020-08-18T13:09:03","modified_gmt":"2020-08-18T05:09:03","slug":"argentina-officially-presents-debt-restructure-offer-to-sec","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=88166","title":{"rendered":"Argentina officially presents debt restructure offer to SEC"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><a href=\"http:\/\/www.bssnews.net\/wp-content\/uploads\/2020\/08\/Argentina-officially-presents-debt-restructure-offer-to-SEC.jpg\"><img src=\"http:\/\/www.bssnews.net\/wp-content\/uploads\/2020\/08\/Argentina-officially-presents-debt-restructure-offer-to-SEC.jpg\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p style=\"text-align:center\"> Argentina&#8217;s Economy Minster Martin Guzman has led the tough negotiations with creditors to restructure the $66 billion debt <\/p>\n\n\n\n<p>BUENOS AIRES, Aug 18, 2020 (BSS\/AFP) \u2013 Recession-hit Argentina on Monday officially presented its offer to the US Securities and Exchange Commission (SEC) to restructure a $66 billion debt under foreign legislation, the government said.<\/p>\n\n\n\n<p>It follows the passing of a law on Sunday officially approving the deal reached two weeks ago with three major creditor groups following months of strained negotiations and several missed deadlines.<\/p>\n\n\n\n<p>The deal reached on August 4 is worth 54.8 cents on the dollar, a significant increase on Argentina\u2019s original offer of 39 cents.<\/p>\n\n\n\n<p>According to the documents presented to the SEC, Argentina has \u201cextended the invitation deadline\u201d for the accession agreement to August 28 from August 24.<\/p>\n\n\n\n<p>\u201cThe Republic encourages all investors to consider the revised terms and conditions of the Invitation and join the Republic to create a sustainable path for the recovery of the Argentine economy,\u201d said the economy ministry in a statement.<\/p>\n\n\n\n<p>Argentina has already secured the support of the Ad Hoc, Argentina Creditor Committee and Exchange Bondholder groups, as well as other significant bond holders.<\/p>\n\n\n\n<p>Last month those three main creditor groups claimed to represent \u201c60 percent of the exchange bonds and 51 percent of the global bonds in circulation.\u201d<\/p>\n\n\n\n<p>The bonds represent roughly a fifth of the country\u2019s $324 billion debt, which amounts to around 90 percent of its GDP.<\/p>\n\n\n\n<p>Argentina is in the midst of an economic crisis and has been in recession since 2018.<\/p>\n\n\n\n<p>It has been in default \u2014 for the ninth time in its history \u2014 since May 22 when the country missed a deadline to pay $500 million in interest on the debt that is subject to the current negotiation.<\/p>\n\n\n\n<p>It missed another deadline three weeks ago to pay $600 million more.<\/p>\n\n\n\n<p>Its troubles have been exacerbated by the coronavirus pandemic and more than a third of the 44 million population live in poverty.<\/p>\n\n\n\n<p>Inflation stands at 40 percent and the International Monetary Fund expects Latin America\u2019s third largest economy to shrink by 10 percent this year.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Argentina&#8217;s Economy Minster Martin Guzman has led the tough negotiations with creditors to restructure the $66 billion debt BUENOS AIRES, Aug 18, 2020 (BSS\/AFP) \u2013 Recession-hit Argentina on Monday officially presented its offer to the US Securities and Exchange Commission (SEC) to restructure a $66 billion debt under foreign legislation, the government said. It follows [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":88169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[208],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/88166"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=88166"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/88166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/88169"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=88166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=88166"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=88166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}