Three groups of creditors have announced on Monday 21 that they have rejected Argentina’s proposal to restructure $65 billion of debt and delivered a counter offer to government – which President Alberto Fernández promptly dismisses out of hand. “We have made a possible offer and it is impossible for us to move from this last effort, which is a very, very big effort,” said President Fermandez in a statement delivered on TV Pública.

Argentina’s last offer was worth 53.5 cents per dollar, a significant improvement on its original starting position of 39 cents. Having originally proposed a 3 year grace period, the offer reduced that to 1 year, with repayments beginning in September 2021.

Creditors’ groups, however, dismissed the idea that there wasn’t more room for negotiation. “Argentina’s offer is short of what the creditor groups can accept,” they said in a statement, adding that they would not meet the government’s August 4 deadline to find an agreement. To be continued …