July 22, 2014
Kicillof kicks off Paris Club negotiations
Economy Minister Axel Kicillof today met with members of the Paris Club group of creditors in a marathon summit, in which the restructuring of Argentine debt was discussed.
The meeting started minutes after 10 a.m (local time) at the French Economy Ministry, in Bercy neighbourhood, and lasted over 11 hours. Kicillof led the Argentine delegation that landed in France, along with Finances Secretary Pablo López and members of the Debt Restructuring Unit Hernán Lorenzino and Adrián Cosentino.
"Negotiations have been coming well", ambito.com heard, but with a consensus needed amongst all members of the group Kicillof's team could prolong talks into a second meeting tomorrow.
Before beginning his trip to Europe, the Economy Minister said the negotiations were “complex” but highlighted the government’s "progress towards an agreement,"
Talks resumed today after an initial meeting in January, when the Minister travelled to Paris with Argentina’s first offer. The proposal included an initial payment of 250 millions dollars with the rest of the debt –about 9,000 millon dollars- that creditors claim since the 2002 sovereign default to be paid in a schedule yet to be agreed upon.
“We will not accept conditioning, we will not discuss our economic plan,” Kicillof stressed in January and since then, he has repeatedly pointed out that the negotiations “could take months”, since the Club’s decisions require a consensus among its 19 members.
Argentina has pending debts with 15 of the 19 Paris Club members.