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Argentina & IMF Reach Understanding, Fernandez Due To Speak

ARGENTINA
  • As speculated yesterday, Argentina and the IMF have reached an understanding on when the nation will achieve a balanced primary budget, marking a first key step to renegotiating more than $40 billion of debt, according to people familiar with the talks. (BBG)
  • The nation’s Economy Ministry and IMF staff are expected to continue discussing details of the program, the people said.
  • President Fernandez will make a speech to the country from the Olivos residence about the understandings with the International Monetary Fund, president’s press office says in statement sent by message. This is scheduled for 1000Local/1300GMT.
  • Economy Minister Martin Guzman and Cabinet Chief Juan Manzur will then give a press conference at 10:15am local time.
  • Following the agreement, Argentina are due to make an interest payment to the IMF for more than $700 million due today.

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