Off the wire
• Chinese shares tumble Wednesday  • Commentary: World to face messier Mideast in post-Obama era  • Spotlight: Death toll in Ecuador earthquake climbs to 499, economic losses huge  • China's Hainan sees robust tourism growth from foreign visitors  • Women to fly FBC-1 bombers for first time  • LeTV net profit jumps in Q1  • Roundup: UN General Assembly highlights impact of illegal drug use in world  • 1st LD: Bounnhang Vorachit elected Lao president  • Xinhua Insight: China pilots regulations on officials' family businesses  • UN celebrates Chinese Language Day with showcase of traditional Chinese craftsmanship  
You are here: 　 Home

Argentina receives offers for over 60 billion USD in return to markets

Xinhua, April 20, 2016 Adjust font size:

Argentina has received offers of over 60 billion U.S. dollars to buy up its debt, which will help pave the way for the country's return to the international financial markets, announced the Minister of Finance and Revenue, Alfonso de Prat-Gay, on Tuesday.

Prat-Gay said during a news conference that "the cut rate" will be announced later on Tuesday, which will formalize the accepted offers.

The minister said there was a demand exceeding 60 billion U.S. dollars for Argentine bonds, the largest amount in history for an emerging government.

President Mauricio Macri's government confirmed on Monday the bond issue with options for 3, 5, 10 and 30 years, as a title menu to place on the international market to be capitalized.

The head of Management and Fit (M&F) consultancy, Matias Carugati, said "the country's return to capital markets is good," since it was a key piece in the country's economic strategy.

"Macri's government counted on replacing the Central Bank as a source of funding to reduce inflationary pressures derived from printing more money every day," said Carugati.

The director for the Freedom and Progress Foundation's Political Science Investigation Center, Agustin Etchebarne, said the country stayed in moratorium for 14 years and for the first time it has come to an agreement with some creditors, even though there are still some that have been left out of the negotiations.

The economist said that despite having the backing of external financing, "there is still a lot of work to be done to moderate the fiscal deficit and reduce inflation to reasonable levels."

For Etchebarne, the South American country should implement structural reforms to obtain more trust in the international market and lower interest rates. Endi