Argentine president hails debt deal with creditors

A woman passes by the building of Argentina's Economy Ministry in Buenos Aires, Argentina, Aug. 4, 2020. The Argentine government confirmed on Tuesday that it has reached an agreement with its three main groups of private creditors and other minority bondholders to restructure a part of the country's foreign debt, valued at 66.2 billion U.S. dollars. (Photo by Martin Zabala/Xinhua)

 

A man passes by the Central Bank of Argentina in Buenos Aires, Argentina, Aug. 4, 2020. The Argentine government confirmed on Tuesday that it has reached an agreement with its three main groups of private creditors and other minority bondholders to restructure a part of the country's foreign debt, valued at 66.2 billion U.S. dollars. (Photo by Martin Zabala/Xinhua)

 
Argentine President Alberto Fernandez on Tuesday celebrated reaching a deal with private creditors to restructure some 66 billion U.S. dollars in foreign debt, saying the agreement allowed the country to see the future more clearly.

"We resolved an impossible debt in the greatest economic crisis on record and amid a pandemic," Fernandez told news website Cenital.

"In these seven months (of negotiations) we were told that we did not understand anything and that we were on the road to failure because we did not accept the (counter) offers of creditors," he said.

The agreement frees Argentina from paying "33 billion U.S. dollars of the debt that was taken on over the next 10 years. Now our horizon is clear to where we want to go," said Fernandez.