Argentina has signed an agreement with Germany to advance the refinancing of its debt within the framework of the pact between the country and the Paris Club of creditor nations, according to official sources.

Economy Minister Axel Kicillof signed the agreement with German Ambassador Bernhard Graf in Buenos Aires on Thursday, according to a statement issued by the finance minister.

In the meeting, “the minister and the German representative agreed on the importance of having signed the agreement, as well as the possibility of new investments in our country by German firms,” the statement said. The note added that officials from the German embassy and the ministry “will continue holding meetings to analyze possible future investments.”

Argentina defaulted on roughly $100 billion in debt in December 2001 - at the time the largest sovereign default in world history - amid a financial meltdown and economic depression. The country renegotiated much of what it owed to private creditors in 2005 and 2010 debt swaps.

In 2014, Argentina’s government signed a landmark agreement with the 19-nation Paris Club of creditor nations governing the repayment of $9.7 billion in debt.

“The joint declaration signed with the Paris Club member countries established the general conditions of debt refinancing and serves as the basis for bilateral agreements with each creditor country,” the ministry said.

Date: January 30, 2105

Source: http://www.laht.com/article.asp?ArticleId=2371904&CategoryId=14093