Argentina strikes Paris Club deal, default risk still looms

Argentina strikes Paris Club deal, default risk still looms

Economy & Policy Corporate & Sovereign Strategy

Argentina has reached an agreement with the Paris Club of creditor countries over its $9.7bn of arrears, it said on Thursday. Under the deal the sovereign will clear the arrears over the next five years, beginning with a $650m payment in July, plus interest, followed by a further $500m in May next year. The payment period could be extended by two more years. The deal cuts Argentina’s costs of borrowing from the club to 3%, from an average of 7%, the Argentine finance ministry said. The news was

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