{{Argentina has reached an agreement with the Paris Club group of international creditor governments to repay its overdue debts over a five-year period.}}<\/p>\n
The deal covers Argentine arrears of some $9.7bn (\u00a35.8bn).<\/p>\n
The government of President Cristina Kirchner said in 2008 that it wanted to pay back the debt inherited from the country’s 2001-02 default crisis.<\/p>\n
During the last weeks of 2001 the Argentine government defaulted on public debt totalling $132bn.<\/p>\n
In a statement, the Paris Club said a first instalment of at least $1.15bn was due by May 2015. The next payment will then be due by May 2016.<\/p>\n
“Realisation of initial payment under a formal commitment of Argentina to fully clear its arrears is a necessary and important step for the normalisation of financial relationships between Paris Club creditors and Argentina,” the Paris Club said.<\/p>\n
“During the meeting, the delegation of the Argentine Republic provided a description of the economic and financial situation of its country and presented the measures implemented by the Argentine Government aimed at enhancing inclusive growth and strengthening resilience to external shocks.”<\/p>\n
The Paris Group also said the agreement allowed for credit agencies to resume doing business with Argentina.<\/p>\n
Argentina was represented in the negotiations by Finance Minister Axel Kicillof.<\/p>\n
The Paris Club was formed in 1956. It is an informal group of creditor governments from major industrialised countries. <\/p>\n
Germany is Argentina’s biggest Paris Club creditor with about 30% of the debt, followed by Japan with about 25%. Other debt holders include the Netherlands, Spain, Italy. Switzerland and the US.<\/p>\n
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