Argentina proposes $69 bln debt restructure plan

Argentina’s government announced Tuesday it plans to restructure some $69 billion of the country’s public debt, aiming to tackle poverty after nearly two years of economic crisis.
With the new plan, the government seeks to delay the maturity of some loans and reduce the amount it owes to private creditors.
Argentina’s inflation is higher than 50%. It also has a major plunge in the peso currency. It currently owes $311 billion, which is more than 90% of its GDP. More than $30 billion of its repayments are due before the end of the month.
The International Monetary Fund last month said the country was not sustainable and urged the government to work with private investors to try to resolve the crisis.
The government also said it wants to work with private creditors to reduce overall debt. Last week, it said it had recruited HSBC, Lazard and Bank of America to help with the restructuring.
In 2001, Argentina defaulted on payments on nearly US$100 billion of its external debt.