Today the Frenchman Macron joined that support, who assured Alberto Fernández of his management to facilitate the agreement. Within the Paris Club, France is the one with the lowest percentage of debt from Argentina. Germany owns 37% of the debt held by Argentina. That explains Scholz’s interest in pushing a quick resolution to this conversation and in receiving a “equal treatment” that is to say, that every time Argentina cancels debt with other creditors, it can dispose of proportional resources to gradually cancel the one it maintains with the Club.
To have a complete picture of the creditors, the rest of the debt is held by Japan (22%), the Netherlands (8%), Spain (6.7%), the United States (6.3%), Italy (6 .3%), Switzerland (5.3%), France (3.6%) and some other countries for the remaining 4%. Needless to say, the Paris Club members make decisions together anyway.
Two elements give volume to management: On the one hand, the government has indicated that it is looking with concern at the possibility that the BCRA’s reserves will lack dollars this year. On the other hand, aside from the debt with the paris clubThere are already talks for the IMF to ask Argentina to sit down to renegotiate some quantitative clauses and conditionalities of the last signed agreement. It is within this framework that the Government also wants to improve the maturities scenario with the Club.
The fact is that President Alberto Fernández thinks that the Agreement closed in 2014 is bad for Argentina. For that reason he not only seeks an extension of the due dates, but also a strong reduction in the interest rate of the credit. Even today, the President believes that the effort must be put into clearing the coming years of debt maturities, so that the country can use the dollars to expand economic activity.
Source: Ambito
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