Minister confirms Paris Club debt talks

Argentina owes the Paris Club countries in the region of $10bn

Cabinet Chief Jorge Capitanich has confirmed that Argentina is to begin negotiations with the Paris Club about settling its long-standing debts.

Mr Capitanich told reporters at his weekly press conference that the government would start talks with the organisation of creditor states on 26 May.

He said: “Argentina has recieved a formal invitation to begin conversations.

“When the initial process begins it will be necessary to reach agreement on the amount of debt, the terms of cancelation, the forms and conditions of payment and also what the initial payment will be.”

Argentina has debts toataling about $10bn with 15 of the 19 countries which form the Paris Club.

The debt is the result of the 2001-2002 economic crisis in Argentina, which led to the country defaulting on about $100bn.