Economics
Argentina to Pay $430 Million to Paris Club, Avert Default
- Country to pay part of the $2.4 billion owed to the creditors
- Group to spare Argentina from default after grace period ends
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Argentina will make a $430 million payment to the group of wealthy government creditors known as the Paris Club, avoiding a default after missing a $2.4 billion maturity last month.
Argentina’s Economy Minister Martin Guzman said that the country came to an understanding with the group and will have until March 31 to renegotiate the remainder of the debt. The country will pay part of the $430 million before the end of July and the rest sometime next year. Guzman didn’t specify the amount of each payment.