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Buenos Aires renews creditor talks in ‘final spherical’ push for $7 billion debt deal By Reuters

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© Reuters. FILE PHOTO: A person reads a newspaper as he walks in Buenos Aires’ monetary district, Argentina, April 18, 2016. REUTERS/Marcos Brindicci/File Picture

By Walter Bianchi

BUENOS AIRES (Reuters) – Argentina’s Buenos Aires province has prolonged the deadline for a $7 billion debt restructuring deal and agreed to resume a “final spherical” of talks with collectors after greater than a yr of fraught negotiations.

The province, the South American nation’s wealthiest, mentioned it could push the much-delayed deadline till July 23 for its overseas collectors to reply to its proposals after the earlier cut-off handed final week and not using a deal.

The native authorities added in a press release that a few of its bondholders, together with members of the vital Advert Hoc creditor committee, had agreed to enter as soon as extra into non-disclosure agreements (NDAs) to pursue talks.

“The province has prolonged the deadline of the invitation to have interaction in conversations with such bondholders,” it mentioned.

A authorities supply near the talks mentioned the province had opened a “final spherical” of negotiations with collectors to achieve an “settlement that grants sustainability to the debt within the quick, medium and long run, earlier than formally amending the invitation”.

The particular person added the formal talks got here after a interval of “tense conversations” between the 2 sides and cited actions by the provincial finance minister Pablo López in latest days serving to to get the 2 sides again to the desk formally.

“This is able to enable a definitive resolution to be reached,” the particular person mentioned.

The winding talks, whereas the nationwide authorities and different provinces have struck offers, have sparked tensions with collectors, who earlier this yr filed a lawsuit in opposition to what they referred to as a “continued default” by the provincial authorities.

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