Argentina’s attempts to repair its standing internationally show the nation wants to tap overseas bond markets for the first time since a $95 billion default in 2001, according to former central bank governor Mario Blejer.
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.
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.
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.
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.
The Paris Club of creditor nations accepted Argentina’s request to hold talks on restructuring its estimated $6.7 billion of debt without the oversight of the International Monetary Fund, President Cristina Fernandez de Kirchner said.
Argentina won’t resolve about $6.7 billion outstanding debt with the Paris Club group of creditor nations if it is required to have an oversight program with the International Monetary Fund, Economy Minister Amado Boudou said.