Exclusive: Argentina says new debt revamp proposal in right direction, still falls short

© Reuters. Pedestrians walk past the facade of the Buenos Aires Stock Exchange, in Buenos Aires

BUENOS AIRES (Reuters) – Argentina’s economy minister said on Friday that a newly received debt restructuring proposal from two creditor groups was a step in the right direction, but still fell short of what the country needed to strike a deal.

The Ad Hoc Bondholder Group, a major creditor committee involved in $65 billion restructuring talks with Argentina, earlier said in a made a new “more favorable” proposal alongside a second group of bondholders.

In a statement shared with Reuters, the minister said that the two sides had gotten closer together with recent negotiations but that there was still an important distance to cover.

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