Argentina on Thursday said it would extend a deadline for talks with creditors to restructure around $65 billion in foreign debt to June 2, as the two sides edge closer to a deal needed to avert a messy default that would drag the country deeper into crisis.
A man wearing a face mask as a preventive measure against the coronavirus disease , walks in front Argentina's Banco Nacion , in Buenos Aires, Argentina May 21, 2020. REUTERS/Agustin Marcarian
The recession-hit South American nation and its creditors have been signaling progress in the talks but need to close a still sizeable gap between the debt relief the government is seeking and what creditors are willing to give up. Creditors and analysts expect Argentina to default on around $500 million in bond payments due on Friday, but say the impact of that would depend on the success of the restructuring deal and how fast one can be struck.
“But it’s very different if you can come up with some way to cure the default in short order ... I would hate to see something disorderly as a hard default.”
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