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Argentina Seeks to Restructure Its Paris Club Debt

Oct. 6 (Bloomberg) -- Argentina wants to restructure its defaulted debt with the Paris Club group of creditor nations, President Cristina Fernandez de Kirchner said.

“The idea is to make a broader restructuring of debt,” Fernandez told reporters today in Berlin after meeting German Chancellor Angela Merkel. “Argentina has always been willing to pay its debts.”

Argentina owes the Paris Club, an informal association of creditors that includes the U.S., Germany and Japan, about $6.7 billion in defaulted debt. In June, the government of South America’s second-biggest economy restructured $12.2 billion in bonds that were held out from a 2005 exchange. The country defaulted on $95 billion in bonds in late 2001.

Settling with the Paris Club will give foreign companies access to government credit to finance investments in Argentina, Economy Minister Amado Boudou said in an April 14 interview. Boudou said resolving the Paris Club debts would be the country’s next step after the June exchange.

Fernandez said any accord with the Paris Club should include a discussion about the investments that European companies make in Argentina and the fiscal benefits and loans that they get from the country. Foreign Minister Hector Timerman said July 30 that the country wants an accord with the club without oversight from the International Monetary Fund.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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