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Argentina Creditors Clash With Top Officials on Debt Plan

  • The country’s debt-exchange offer is set to expire on Friday
  • Creditor groups say deal results in ‘disproportionate losses’
Martin Guzman
Martin GuzmanPhotographer: Juan Mabromata/AFP via Getty Images
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The clash between Argentina’s largest creditors and the nation’s Ivy League-educated economy minister is going down to the wire.

With an initial deadline for an accord looming Friday, both sides are digging in. On Monday, the country’s three biggest bondholder groups said in a statement that they can’t support the initial $65 billion debt-exchange proposal because it forces them to “bear disproportionate losses that are neither justified nor necessary.” A day earlier, Economy Minister Martin Guzman wrote in an op-ed for the Financial Times that Argentina can’t afford to pay creditors more.