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Argentina secures deal on 'impossible' debt

Published by Yahoo on Wed, 05 Aug 2020


Recession-hit Argentina announced on Tuesday it has reached an agreement with three major creditors over the restructuring of a $66 billion debt, which the IMF described as a "very significant step" to solving its latest sovereign default crisis. The government of President Alberto Fernandez had set an August 4 deadline to complete a deal but it has now pushed the date to August 24 "to give effect to the agreement," which came after months of wrangling and extensions. "We resolved an impossible debt in the biggest economic crisis in memory and in the midst of the pandemic," said a delighted Fernandez.
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