Trump transmits his support to Argentina for debt renegotiation

The president of the United States, Donald Trump, transmitted Thursday to the new ambassador of Argentina in Washington, Jorge Argüello, that the government of the Peronist Alberto Fernández can count on him in the face of the renegotiation of the debt of the South American country, said the Argentine diplomat .

“Transmit to President Fernández that he has this president.” These were, according to Argüello, the words used by Trump to show his support for the southern country during the delicate economic crisis it is going through.

The diplomat explained to the TN channel that the US president received him at the White House during the presentation of the credentials he obtained as ambassador.

“I felt very willing to talk about the situation in Argentina. In fact, the first question he asked me is how is Argentina,” said Argüello.

“And I explained – he continued – that we are trying to generate the conditions for the economy to grow, for unemployment to fall, inflation to be lowered and all these issues that require an essential prior issue, which is the renegotiation in criticism situation we have inherited with the country’s debt. “

According to data from the Ministry of Finance, at the end of December 2019, Argentina’s gross debt amounted to 323,177 million dollars, 44% issued under foreign legislation.

The debt in medium and long-term public bonds amounts to about 194,000 million dollars, 80% in foreign currency.

The southern country agreed with the International Monetary Fund (IMF) a loan of 56,300 million dollars, of which 44,000 million have already been disbursed.

In this sense, Fernández embarked on a tour of Europe in which he met with some of the main leaders of the Old Continent and asked for their support in the face of the renegotiation that he has to face with the body headed by Kristalina Georgieva.

During his trip – which ends this Friday – the Argentine president met with Pope Francis; Italian Prime Minister Giuseppe Conte; German Chancellor Angela Merkel; the president of the Spanish Government, Pedro Sánchez, and the French president, Emmanuel Macron.

In addition, while Fernández was in Spain, Argentine Economy Minister Martín Guzmán had a “very productive” meeting in Rome with Georgieva.

The Government also took another step forward with the approval this Wednesday in the Argentine Senate of a law to enable the Executive to take the necessary formal steps to restructure the bulky sovereign debt of the country issued under foreign legislation.

The norm indicates that the Executive will determine the nominal amounts of the debt reached by the imminent restructuring and authorizes the Ministry of Economy to issue new public titles for an eventual exchange.

It also gives Guzmán freedom to determine the terms and procedures for issuing new bonds and to designate and hire financial institutions and advisors to act as process coordinators or as placement agents.


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