January 20, 2014 / 1:00 PM / 4 years ago

UPDATE 1-Argentina to make debt offer to Paris Club - source

PARIS, Jan 20 (Reuters) - Argentina will make an offer to members of the Paris Club on Monday to renegotiate the terms of its outstanding debt owed to the group of creditor nations, an Argentine source said.

Argentina is trying to revive long-stalled talks with the Paris Club on renegotiating the terms of the some $9.5 billion debt it still owes club members. Paris Club members Germany and Japan between them hold 60 percent of the debt.

With Buenos Ares showing signs it is willing to cooperate, Paris Club members have been eager to get a concrete proposal for the debt to be repaid over a reasonable period of time, which would have to be determined in negotiations.

“We will make an offer,” the Argentine source told Reuters ahead a meeting between the delegation led by Economy Minister Axel Kicillof with Paris Club officials in the French capital.

The Paris Club wants to be reimbursed in full in order to avoid creating a precedent for other countries that owe its members money.

Argentina wants a breakthrough with the Paris Club because it has been shut out of capital markets since its massive 2002 default and needs to open up new sources of international funding.

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