The offer will also adapt certain legal aspects of the Collective Action Clauses (CCCs) that will determine how future changes to borrowing contracts can be made. These had become a central point of disagreement in the discussions. In a statement, the Economy Ministry said www.argentina.gob.ar/sites/default/files/press_release_roa_2.pdf it would adjust certain payment dates and legal clauses to soften the proposal announced at the beginning of July as a “definitive” proposal, without increasing the overall distribution of capital or interest rates. LONDON/BUENOS AIRES (Reuters) – Argentina has agreed with its creditors on a restructuring of about $65 billion in public debt, which will break a deadlock in talks that will help the country emerge from insolvency and allay fears of a damaging and protracted legal impasse. Argentina`s Economy Ministry announced on Tuesday that it had reached an agreement with creditors to restructure its $66 billion (56.2 billion euro) debt and guarantee debt relief. Negotiations stalled after creditors such as AdHocGroup Limited, Argentina`s creditors` committee and the group of bondholders agreed last month on Argentina`s previous proposal. “This morning we finally reached an agreement and reached a decisive milestone,” Economy Minister Martin Guzman said at an evening press conference, adding that the agreement was crucial to getting the public sector out of a “situation of asphyxiation.” Argentina said it had reached an agreement with three groups of creditors to restructure $65 billion in public debt READ ALSO: Argentina is proposing a plan to give Congress control of external debt and IMF agreements There was no immediate confirmation of an agreement from major creditor groups, but investors were applauded. At the end of May, Argentina missed a $503 million interest payment on its public debt, which made it insolvent. Now experts say Argentina`s economy could contract by up to 12% by 2020. Although there was no immediate confirmation of the creditors` agreement, the news of the deal pushed the government`s Eurobonds up three cents on Tuesday, after being lifted on Monday pending a deal. BUENOS AIRES (Reuters) – Argentina`s Chubut province said on Saturday it had struck a debt deal with a majority of its creditors after a successful debt restructuring earlier this year opened the door for local governments to resolve their regional crises. Argentina has reached an agreement to restructure $65 billion in external debt after defaulting for the ninth time last May.
The three groups of creditors – the ad hoc group, Argentina`s creditors` committee and the Exchange Bondholder group – said they were pleased to have reached an “agreement in principle” that would ease debt and boost Argentine issuers` access to international capital markets. Chubut succeeded after a successful restructuring of the public debt earlier this year opened the door to local governments to resolve their regional crises The agreement, which has not yet been concluded, contains obligations supported by provincial oil and gas licences from operations throughout the southern province of Patagonia. “It should now be immediately to obtain the qualified majorities necessary for a successful debt swap,” he said. Read also: Argentina`s debt restructuring agreement told Argentina`s chubut province on Saturday that it had in principle reached a debt deal with a majority of its creditors after a successful debt restructuring earlier this year opened the door for local governments to resolve their regional crises, Reuters reported.