It has tentatively elevated hopes that the crisis-prone South American country will be able to avoid its ninth sovereign debt default.
"We are of the view that there is a big chance that the deadline is extended so we can eventually make the amendments that are necessary in order to achieve a sustainable deal with our creditors," Guzman said during a webcast on Tuesday.
Argentinas Economy Minister Martin Guzman arrives for a press conference at Casa Rosada announcing measures during the outbreak of the new Coronavirus, COVID-19, in Buenos Aires, Argentina on March 17, 2020.Argentina's Economy Minister Martin Guzman has hinted that make-or-break talks with international creditors are likely to continue beyond the looming May 22 deadline.
Some bondholders were open to the offer, accepting that the country's debt had become unaffordable and that it should be given more time to pay, but many rejected the deal. Separately, a grace period for a $500 million group of interest payments on three foreign bonds is also set to end on May 22.Talks to restructure Argentina's debt come around five months into President Alberto Fernandez's administration.
In comparison, neighboring Brazil has recorded the third-highest number of confirmed Covid-19 infections in the world, with over 271,000 cases and 17,983 fatalities.
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