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Inside the Frenetic Days That Changed Argentina’s Debt Talks

  • Pragmatism prevailed to meet creditors half way over weekend
  • Key breakthrough followed a call with a BlackRock official
Martin Guzman
Martin GuzmanPhotographer: Erica Canepa/Bloomberg
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On the evening of July 31, as Argentina’s Economy Minister Martin Guzman and President Alberto Fernandez discussed yet another extension of a deadline for creditors to accept a debt restructuring offer expiring in a few days, they decided they’d had enough.

Even before the coronavirus pandemic, Argentina said it was unable to pay its debt and Fernandez -- who took office in December -- had made clear he would put the needs of Argentines ahead of bondholders. That meant taking a hard line.