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Creditors irked by Argentine proposal
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Wed, Nov 03, 2004
Source UPI
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BUENOS AIRES -- Some international creditors are calling Argentina's latest debt payment proposal unacceptable, La Nacion reported Wednesday.
Argentine officials Monday said they would restructure part of the gigantic public debt the nation defaulted on in 2001, in effect paying 25 cents on every dollar creditors are owed. Economic Minister Roberto Lavagna told the U.S. Securities and Exchange Commission last week that the payment would also include more than $2 billion in arrears. Argentina defaulted more than $100 billion in debt following days of deadly riots prompted by the country's complete economic collapse. Then-President Fernando de la Rua -- who later resigned -- decided to freeze bank accounts and devalue the Argentine peso. In the last year Argentina has posted a healthy rate of recovery, with the economy expected to show 7 percent growth in 2004 and unemployment on the decline, though still hovering around 19 percent. Copyright 2004 by United Press International
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