President Alberto Fernandez said on Twitter that the measure "gives confidence and protects Argentine savings. It strengthens the position of the state and gives us the peace of mind to think of Argentina with a certain and sustainable debt program." It also puts an end to "the myths of an exploding debt bomb," said Fernandez. (Reporting by Jorge Otaola; Editing by Anthony Esposito)
(Adds details, quote from President Alberto Fernandez)
By Jorge Otaola
BUENOS AIRES, March 6 (Reuters) - Argentina is launching
a voluntary swap program of domestic debt in a bid to give the
market predictability and improve the credit market, Economy
Minister Sergio Massa said on Monday after a meeting with
banking and insurance company executives.
Buenos Aires is seeking "certainty and credibility for the
Argentine economy," said Massa, adding that the program's goal
is to improve the debt maturity curve for 2024 and 2025.
This will "give predictability" to the market with "allied
banks" to improve the credit market, he said.
Argentina, which has presidential elections scheduled for
the end of the year, faces a slowing economy, along with falling
central bank reserves and an expected annual inflation rate
topping 100%.
The opposition led by the "Juntos por el Cambio" coalition
have criticized the latest measure since the new maturities will
need to be handled by the incoming government.
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