Argentine province Buenos Aires says debt restructuring guideline includes capital reduction and coupons: document

By Eliana Raszewski and Cassandra Garrison

BUENOS AIRES, Apr 6 (Reuters) – The Argentine province of Buenos Aires said on Monday it will seek to reduce capital and long-term coupons on its debt to be restructured, totaling $ 7.148 billion, according to a guideline for the “sustainability of public debt “uploaded to the website of the district Ministry of Finance.

The governed province Axel Kicillof, who was Minister of Economy for part of the second term of former President Cristina Fernández, also stressed the need to “agree on a grace period of sufficient magnitude,” according to the statement.

“Our fiscal position is extremely fragile and it is necessary to prioritize the allocation of our resources to attend to the most critical situations at a social level,” said the province, referring to the economic effects of the coronavirus pandemic.

(Report by Eliana Raszewski and Cassandra Garrison; Edited by Maximilian Heath)