December 20, 2019 / 12:37 PM / 2 months ago

Argentina postpones payments on short-term debt 'Letes'

BUENOS AIRES, Dec 20 (Reuters) - The Argentine government said in an official decree published on Friday that it will postpone the payments on short-term debt known as “Letes” until Aug. 31, 2020.

The decree implies a postponement of about $9 billion in maturities, according to local newspaper Clarin, as Argentina struggles with a mounting economic crisis as the new administration of President Alberto Fernandez prepares to renegotiate about $100 billion in debt.

Letes held by people or provinces would be exempt from the decree, Clarin said.

“A significant percentage of this indebtedness has been contracted in foreign currency,” the decree said.

“Argentina faces difficulties that are public knowledge in facing the expiration of such obligations.”

Reporting by Eliana Raszewski; writing by Cassandra Garrison; Editing by Alison Williams

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