NEW YORK, June 18, 2020
NEW YORK, June 18, 2020 /PRNewswire/ -- The Ad Hoc Argentine Bondholder Group, which comprises 13 international asset managers and is by far the largest creditor group to Argentina, has made every effort to reach a workable agreement with the Argentine government. Despite our efforts, the authorities have chosen to deepen this period of economic deterioration unnecessarily by rejecting our sustainable and sensible solution.
This is despite us presenting a new proposal with significant improvements focused on adding to the up-front cashflow relief that President Fernández has said is a priority to navigate the immediate challenges his country faces, while also ensuring long-term debt sustainability. Our latest and improved proposal provides ample fiscal space for Argentina to implement responsible policies to address the immediate economic and social challenges facing Argentina, including in response to the COVID-19 crisis, while at the same time preserving value for international bondholders:
Despite our making further improvements to the proposal, the authorities have chosen to remain in a state of default, risking further immediate and long-term damage to an economy in desperate need of additional investment and access to international capital markets.
Argentina has been offered a comprehensive and sustainable debt restructuring offer by the very same investors that would support the country in the decades to come. The government has walked away from that solution.
Given the failure of the bondholder negotiations, our Group is now considering all available rights and remedies in our capacity as fiduciaries to the millions of savers we serve around the world.
For media enquiries:
Tel: +44 (0) 20 7952 2000