Fernández And Conte Discuss The Coronavirus And The Argentine Debt

Argentine President Alberto Fernández had a telephone conversation with Italian Prime Minister Giuseppe Conte on Monday, in which both discussed the situation of the coronavirus pandemic and the process of restructuring Argentine debt.

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The Italian head of government congratulated Fernández “for his early approach to quarantine to control coronavirus infections in Argentina,” a country that imposed the so-called “preventive and compulsory social isolation” on March 20, when it accounted for 128 cases. and thirty deaths from COVID-19, according to a statement from the Argentine Presidency.

A month and a half after the start of the quarantine, the southern country records 4,783 cases and 249 deaths from this pathogen.

Likewise, Conte took advantage of the talk to offer Fernández “his experiences and knowledge at this stage in which Italy begins to make social isolation more flexible.”

Italy began Monday “phase 2” of the coronavirus emergency with the resumption of part of economic activity – industry, manufacturing, construction and wholesale trade – and the relief of some movement restrictions for people, after more eight weeks of confinement.

In their conversation, they assured that both Italy and Argentina will be able to “combine health care with economic and social recovery”, committing themselves to promoting a new global agenda based on caring for the environment “taking into account the lessons left by the pandemic”.

ITALY SUPPORTS ARGENTINA IN THE RENEGOTIATION OF ITS DEBT

They also discussed the situation of Argentina’s debt, in a key week since this Friday the offer presented by the Argentine government to its creditors to restructure bonds issued under foreign legislation worth $ 66,239 million expires.

According to the Presidency note, Conte indicated that Italy “trusts, expects and supports Argentina in its debt restructuring.”

The statement in turn valued the “important role” that Italy has had in advancing talks for the renegotiation of Argentina’s debt “both with the IMF, with the Paris Club and private funds.”

This same Monday, the Argentine government claimed to be “disappointed” with the statements of some groups of creditors who reject the proposal to exchange the debt of the South American country, although it assured that it is open to listening to bondholders to reach a “common denominator” .

Three groups of creditors led by large investment funds – the Ad Hoc Bondholder Group, the Argentina Creditor Commitee and the Ad Hoc Group of Argentina Exchange Bondholder – reiterated on Monday their emphatic rejection of the terms proposed by Argentina to restructure bonds issued under foreign law.

Through a joint statement, these Argentine bondholders indicated that they “cannot support” the offer, since they consider that the terms set by the South American country require that Argentine bond creditors suffer “disproportionate losses that are neither justified nor They are necessary”.

The debt negotiation process occurs in the midst of a deep economic crisis in Argentina, a country that has been in recession for two years and where all social indicators have worsened in recent months.

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