Argentine President Javier Milei is proposing a local debt swap that could top US$71 billion, aiming to stabilise the country’s finances by pushing off maturities and reducing the deficit to zero.
Economy Minister Luis Caputo and Finance Secretary Pablo Quirno told representatives of local and foreign banks operating in Argentina that they plan to issue new peso bonds in February to swap for the 2024 maturities, according to four people with direct knowledge of the meeting that took place Thursday afternoon.
It would be the largest domestic debt rollover in Argentina’s history, surpassing a similar maneuver last year by Caputo’s predecessor, Sergio Massa, who pushed out US$28.5 billion in maturities during his tenure.
An Economy Ministry spokesperson didn’t immediately respond to a request for comment. The talks are ongoing and terms of the proposal could change.
Argentina’s parallel exchange rate weakened Friday for…
