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Argentina still waiting Paris Club move on IMF deal

Mon Mar 19, 2007 7:34pm EDT

Reporter's Notebook

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By Greg Brosnan

GUATEMALA CITY (Reuters) - Argentina is awaiting word from the Paris Club of creditor nations on whether it would need an accord with the International Monetary Fund to restructure its $6.3 billion debt, the Argentine government said on Monday.

Argentina wants to renegotiate the Paris Club debt, which is a remnant from the country's 2001-02 financial meltdown, and has been holding talks in recent months with individual members of the 19-member group.

"We are discussing ... whether an IMF deal is necessary or not, a condition that Argentina would not be able to meet," Argentine Economy Minister Felisa Miceli told Reuters at an Inter-American Development Bank meeting.

"We are waiting to hear their answer to resolve this issue," she added.

Argentine officials have repeatedly said they have made a proposal to the Paris Club with terms to start repaying the defaulted debt. But seven diplomatic and other sources familiar with the situation told Reuters in February that no offer has been made.

Analysts say the talks have been protracted because of President Nestor Kirchner's attempts to persuade Paris Club members that Argentina does not need oversight from the IMF.

Kirchner, a fierce IMF critic, blames the fund's policies in part for Argentina's economic crisis five years ago, when the country defaulted on its debt and devalued the peso.

The Paris Club is an informal group of official creditors that includes the United States and other members of the Group of Seven rich nations. Nearly 70 percent of Argentina's Paris Club debt is with Germany, Japan and Spain.

(Additional reporting by Fiona Ortiz in Buenos Aires)

 
 
 
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