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B. G., Opalesque Geneva:

In early July, Martin Guzman, Argentina's economy minister, revised a bond restructuring proposal he made in April by offering to increase bondholder recoveries and won support from some of its creditors, including Gramercy Funds Management.

Then on 4th August, the Argentine Government announced a final agreement to restructure $65bn of debt had been reached that day between Argentina and an important subset of its creditors.

The country's $3 billion of bonds due 2048 climbed more than 3 cents to 47 cents on the dollar, after the government said in a statement that the deal with key creditors would provide "significant debt relief" and that interest and capital payment dates for some new exchange bonds were moved forward to reach the agreement, Bloomberg reported. Meanwhile, inflation hovers near 45%, the peso has lost more than half its value in just a few years and the gross domestic product is set to shrink for the third consecutive year.

Argentina will start talks with the International Monetary Fund in the coming weeks in order to determine a new program that would replace a defunct $57 billion standby lending deal from two years ago, a top IMF official ......................

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