Arab Today, arab today macri urges opposition to approve debt deal
Last Updated : GMT 20:30:12
Arab Today, arab today
Arab Today, arab today

Macri urges opposition to approve debt deal

Arab Today, arab today

Arab Today, arab today Macri urges opposition to approve debt deal

Argentinian President Mauricio Macri
Buenos Aires - AFP

Argentina's new pro-business President Mauricio Macri urged Congress on Tuesday to approve a deal ending a 15-year default nightmare and lambasted what he called the shambles left by his leftist predecessor.

In a combative speech to a legislature dominated by opponents, Macri said it was now up to them to repair the damage he said was done by the refusal to negotiate with international creditors before.

"I trust responsibility will prevail," he said.

A deal was announced Monday to settle the conflict, which dates back to 2001, when Argentina defaulted on almost $100 billion in debt. Nearly all the country's creditors at the time accepted to write off 70 percent of their bonds, but a handful of holdouts demanded full payment in a row that crippled Argentina's access to financial markets.

Finance Minister Alfonso Prat-Gay said that Buenos Aires would pay an estimated $6.5 billion in total to holdout creditors, including four hedge funds named in the $4.65-billion settlement announced Monday.

"Not resolving this conflict cost Argentinians dearly," Macri told Congress, urging lawmakers to "achieve the necessary consensus."

However, in addition to getting congressional approval, Macri still needs US federal Judge Thomas Griesa to lift an injunction that effectively has blocked Argentina from accessing international credit markets while the dispute lingered.

After a two-hour hearing in New York Tuesday, Griesa said he was postponing his decision.

For Macri, the debt deal is part of an overall bid to reverse his predecessor Cristina Kirchner's legacy in Latin America's third-biggest economy.

"The first thing to recognize is that we are not doing well, even if that hurts," he told Congress.

He said he had inherited "a state plagued by cronyism, waste, and corruption."

Describing a bloated public sector, which he said was used to mask true unemployment, and inflation forecast to hit around 20 percent this year, Macri said Kirchner left Argentina "in a mess and badly run."

A US-educated businessman, Macri, 57, took the helm in Argentina in December, following an election in which he won 51 percent of the vote.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today macri urges opposition to approve debt deal Arab Today, arab today macri urges opposition to approve debt deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today macri urges opposition to approve debt deal Arab Today, arab today macri urges opposition to approve debt deal

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday