{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Argentina unveils new debt restructuring offer' data-url='/boclips/videos/5c54bdfdd8eafeecae13836b' data-video-url='/boclips/videos/5c54bdfdd8eafeecae13836b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nArgentina unveils new debt restructuring offer\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various exteriors of Ministry of Economy building2. Economy Minister Roberto Lavagna entering press conference room3. SOUNDBITE: (Spanish) Roberto Lavagna, Argentinian Economy Minister:\"The total amount of debt in default we agreed in...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various exteriors of Ministry of Economy building\u003cbr/\u003e2. Economy Minister Roberto Lavagna entering press conference room\u003cbr/\u003e3. SOUNDBITE: (Spanish) Roberto Lavagna, Argentinian Economy Minister:\u003cbr/\u003e\"The total amount of debt in default we agreed in the Dubai meeting is 81.2 billion dollars, the nominal reduction is 75 percent, that is 69.2 billion dollars.\"\u003cbr/\u003e4. Close up screen displaying data graphics\u003cbr/\u003e5. Mid shot of press conference\u003cbr/\u003e6. SOUNDBITE: (Spanish) Roberto Lavagna, Argentinian Economy Minister:\u003cbr/\u003e\"When GDP grows three percent yearly, five percent of that surplus will be paid as bonds linked to G-D-P growth. This will be paid around October each year when the final figures are known.\"\u003cbr/\u003e7. Cutaway journalists\u003cbr/\u003e8. SOUNDBITE: (Spanish) Roberto Lavagna, Argentinian Economy Minister:\u003cbr/\u003e\"None of the 15 countries (other countries who had to renegotiate debt) had a 100 percent approval of their offer. Those creditors who don't agree with this proposal may pursue legal action. This proposal does not differ from those of other countries in the past.\"\u003cbr/\u003e9. Mid shot press room\u003cbr/\u003e10. Close up cameraman\u003cbr/\u003e11. Mid shot of press \u003cbr/\u003eArgentina's government on Tuesday announced a new offer to restructure some 100 (b) billion US dollars of the country's debt, hoping to regain access to international credit markets and restore investor confidence.\u003cbr/\u003eEconomy Minister Roberto Lavagna unveiled the new proposal several days before Argentine officials were expected to hold a series of meetings with its creditors beginning on June 7.\u003cbr/\u003eThe new proposal comes amid protracted talks with private creditors, who have balked at initial government offers for resolving the largest government debt default in history.\u003cbr/\u003eThe new proposal includes an offer to consider billions of dollars in interest that has gone unpaid since the country stopped payment on the debts more than two years ago.\u003cbr/\u003eArgentine officials for months have proposed a 75 percent \"haircut\" on the nominal value of the defaulted bonds, a proposal angry bond holders have called too extreme.\u003cbr/\u003eMany of the bondholders contend the loss would be much greater than other deals offered by Ecuador and Russia after those countries restructured their debt in the 1990s.\u003cbr/\u003eEven before the government formally announced its latest offer, the deal was met with criticism by some foreign investors who said they had not been advised a new proposal was in the works.\u003cbr/\u003eForeign investors range from individual investors to investment banks, and Argentines account for the largest single group of bond holders, with 38.4 percent of the total. \u003cbr/\u003eItalians hold 15.6 percent, while investors based in Switzerland hold 10.3 percent and U.S. investors hold 9.1 percent.\u003cbr/\u003eArgentina's economy collapsed in December 2001 amid street riots and looting that caused a succession of four presidents in a matter of weeks.\u003cbr/\u003eAt the time, Argentina defaulted on some 82 (b) billion US dollars in bonds and other obligations. \u003cbr/\u003eInterest payments coming due on the defaulted bonds since have added about 18 (m) million US dollars.\u003cbr/\u003eThe economy, South America's second-largest after Brazil, has since begun growing again, expanding by 8.7 percent from last year. \u003cbr/\u003eBut the default has kept many Argentine companies shut out of credit markets and some economists have warned that growth could slow if the issue isn't resolved soon.\u003cbr/\u003eIn March, Argentina signed a pledge with the International Monetary Fund to embark on serious negotiations with creditors as a condition for continuing disbursements of a 13.3 billion US dollar loan programme the country received from the IMF last autumn.\u003cbr/\u003eWith the economy showing increasing signs of life, creditors have stepped up calls for Argentina to improve its offer. \u003cbr/\u003eSome have said they would like to see an offer that repays as much as 50 cents for every dollar of debt issued.\u003cbr/\u003eBut President Nestor Kirchner has insisted that Argentina cannot fully repay the billions of dollars in defaulted debt, saying high payments would lead to more hunger and poverty at home.\u003cbr/\u003eKirchner has argued that funds are needed for government spending on education, health care and job creation as Argentina seeks an exit from its worst economic crisis in history.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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