US Drops Opposition to Multilateral Argentine Loans
BUENOS AIRES, Argentina – The United States says it will no longer oppose lending to Argentina from multilateral banks.
The U.S. Treasury statement follows a meeting between U.S. Treasury Secretary Jacob J. Lew and Argentina Finance Minister Alfonso Prat-Gay at the World Economic Forum in Davos, Switzerland, on Thursday.
It says the policy change was prompted by the Argentine government’s “progress on key issues and positive economic policy trajectory.”
Argentina is in the process of renegotiating about $10 billion of unpaid debt to US hedge funds that refused to give it debt relief at restructurings in 2005 and 2010.
Market-friendly Mauricio Macri took office as Argentine president in January, replacing Cristina Fernandez, who frequently clashed with Washington.