The provincial government of Argentina's capital Buenos Aires will propose a three-year grace period and a 7% capital drawdown to creditors as part of a $7.148 billion debt restructuring, a local government source told Reuters on Tuesday.
FILE PHOTO: General view of the 9 de Julio avenue deserted, one of the main avenues of the city, while Argentines stay at home during the mandatory quarantine due to coronavirus disease , in Buenos Aires, Argentina March 23, 2020. REUTERS/Matias Baglietto/File Photo
BUENOS AIRES - The provincial government of Argentina’s capital Buenos Aires will propose a three-year grace period and a 7% capital drawdown to creditors as part of a $7.148 billion debt restructuring, a local government source told Reuters on Tuesday. The proposal, to be presented in the coming days, is roughly in line with one put by Argentina`s federal government to its own creditors as the country struggles with an economic crisis exacerbated by the novel coronavirus pandemic.
The details of the offer by Buenos Aires province, the largest in the country, were agreed after meetings the governor, Axel Kicillof, held with various mayors of the district. The proposal includes low interest payments starting in 2023, a 55% reduction in overall interest payments between 2020 and 2027, with administrators hoping to achieve total debt relief of $5 billion between 2020 and 2030 if it is accepted, the source said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kate Beckinsale Fires Back at Troll After They Bring Up Her Age Difference with Goody GracKate Beckinsale Fires Back at Troll After They Bring Up Her Age Difference with Goody Grace
Read more »
Alibaba says to invest $28 billion in cloud computing servicesChina's Alibaba Group Holding Ltd will invest 200 billion yuan ($28.27 billion) in cloud infrastructure over a three year period, the e-commerce company said on Monday.
Read more »
Discovery Channel to Launch Virtual Late Night Talk Show With Josh Gates (Exclusive)Discovery's 'Josh Gates Tonight' will premiere at 8 p.m. Wednesday, April 22, with a special EarthDay episode
Read more »
Exclusive: Venezuela Socialists, opposition leaders begin secret talks amid pandemic, sources sayAllies of both Venezuelan President Nicolas Maduro and his bitter foe, opposition leader Juan Guaido, have secretly begun exploratory talks as concerns grow about the possible impact of the spread of the coronavirus, according to sources on both sides.
Read more »
Kate Beckinsale Clapped Back at a Troll Who Tried to Drag Her Relationship With 22-Year-Old Goody GraceKate Beckinsale clapped back at an Instagram troll who tried to drag her relationship with 22-year-old musician Goody Grace.
Read more »
Snap's ad business defied coronavirus fears in Q1 and its stock is popping - Business InsiderSnapchat's parent company grew its revenue 44% in the first three months of the year.
Read more »