PARIS Feb 5 The Paris Club is open to talks
with Argentina on repaying its debt, the group of creditor
nations said on Wednesday, moving closer towards launching
formal negotiations with Buenos Aires.
Eager to settle disputes with its creditors, Argentina
outlined its conditions for repaying the roughly $9.5 billion in
debt it owes Paris Club members last month.
Paris Club Secretary General Clotilde L'Angevin said that
its members had had "preliminary discussions" on the offer from
Buenos Aires, which was their first official contact in years.
"They are open to continue the dialogue with Argentina,"
L'Angevin told Reuters, adding that Paris Club members wanted
clarification from Buenos Aires on questions which she declined
With dollar funding scarce and international reserves
dwindling, Argentina devalued its currency last month <ARSB=.
, putting Latin America's third-largest economy at the
centre of a global sell-off in emerging market assets.
The revival of long-stalled talks between Argentina and the
Paris Club marks a small step towards opening formal
negotiations to decide how to handle the country's outstanding
debt with the group, a remnant of its massive 2002 default.
Argentina wants a breakthrough deal because it needs to open
up new sources of international funding after being shut out of
capital markets since its default.