Paris Club News
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Egypt’s foreign reserves plunged to the lowest level in at least 15 years, adding new pressure on President Mohamed Mursi to secure an International Monetary Fund loan his government says is key to reviving the economy.
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Myanmar cleared about $1 billion in overdue debt with the Asian Development Bank and World Bank using a bridge loan from Japan, opening the door for increased lending as the country seeks to overhaul its infrastructure.
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To avoid the nation’s creditors, Argentine President Cristina Fernandez de Kirchner is spending $880,000 to fly to Indonesia.
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The Paris Club group of creditor nations accepted Argentina’s request to start talks on restructuring about $6.7 billion in debt without the oversight of the International Monetary Fund, President Cristina Fernandez de Kirchner said.
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Speculation Argentina may win a credit grade increase after reaching a defaulted debt accord with the Paris Club is helping cut borrowing costs by more than 50 percent against similarly rated countries.
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Argentina’s borrowing costs are dropping to the lowest level since March 2008 as the government pledges to restructure defaulted debt with creditor nations in talks that begin today.
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Argentina wants to restructure its defaulted debt with the Paris Club group of creditor nations, President Cristina Fernandez de Kirchner said.
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Argentine bond risk is falling the most in the world this week after President Cristina Fernandez de Kirchner pledged to open talks with the Paris Club on $6.7 billion in defaulted debt and redesign the consumer price index.
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The Paris Club of creditor nations plus Brazil cancelled $7.35 billion of Democratic Republic of Congo’s external debt, almost all its obligations with the group.
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Argentina wants to resolve negotiations with the Paris Club group over defaulted debt before April to help boost investment in South America’s second- biggest economy, Finance Secretary Hernan Lorenzino said.
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