BUENOS AIRES, 11 December. /Corr. Elena Kondratieva/. The government of the new President of Argentina Mauricio Macri intends to receive loans from foreign banks totaling up to $8 billion. this was announced on Thursday, the newspaper Nacion.
Mauricio Macri took office as President of Argentina
According to her sources, the Treasury Secretary Luis Caputo met with representatives of several banks this week in new York. Under the agreement, banks HSBC, JP Morgan, Goldman Sachs, Deutsche Bank and Citibank will provide under a pledge of securities from $6 to $7 billion. in addition, the government Makri is negotiating with Santander and BBVA about another $1 billion As noted, the funds can be transferred to the account of the Central Bank of Argentina next week.
Urgent replenishment of reserves of the Central Bank is required for the government Makri in order as soon as possible to remove the currency restrictions imposed in Argentina in 2011. Now the right to buy the dollars and euros are the only persons that send overseas trip. Access to foreign currency for companies is also limited.
During his visit to new York Caputo also met with Daniel Pollack, the mediator in the negotiations between Buenos Aires and refused the restructuring of debt by lenders. As noted earlier, the new Finance Minister Alfonso Prat-gay, Makri gave instructions to resume the negotiations as soon as possible.
In 2005 and 2010, Argentina restructured 93% of its debt, left a legacy after the largest default in history in 2001. The owners of the bonds was offered to exchange for new papers with discount about 70% of the original cost. However, the owners of about 7% of debt securities, comprised mainly of speculative investment funds, the cancellation is not agreed. In 2014 the district court of new York came to the defense of the interests of these creditors and ordered Argentina to pay $1.33 billion to the Negotiations ended without result and formally, Argentina was in technical default. Us judge ruled that Buenos Aires must not make payments until you pay with foreign hedge funds who have bought up for a pittance defaulted Argentine bonds.
Argentina offered the holders of restructured securities to receive their interest in Argentine banks, thus avoiding intervention by the court of the United States. With refused the restructuring creditors the government of former President of Argentina Cristina fernández de Kirchner (2007-2015) refused to conduct further negotiations.