(Adds bond prices, Citi Research note)
BUENOS AIRES, Aug 3 (Reuters) – Argentina’s sovereign bonds dipped almost 1% on Monday as a deadline for restructuring talks neared, with the South American country and its creditors at an impasse over proposals to revamp around $65 billion in foreign debt.
The government is weighing a decision on whether to extend its negotiations, which have hit a roadblock ahead of an Aug. 4 deadline after creditors rejected the country’s “final” offer and rallied behind a counterproposal.
Reuters reported last week, citing a source close to the talks, that the national government was discussing a delay until mid-to-late August.
Argentina’s largest province, Buenos Aires, did extend the deadline on its own smaller $7 billion debt talks until Aug. 14 on Monday after a previous date of July 31 passed without a deal, a potential sign that the sovereign would follow suit.
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Argentine President Alberto Fernandez and Economy Minister Martin Guzman have been adamant that the amended offer made in early July, following months of talks, is the maximum effort the recession-hit country can make.
“We can’t offer creditors more,” Guzman told local outlet Pagina12 on Sunday.
“If there’s no deal we will advance with the IMF on a new program and come back to talk with the private sector in six or eight months, but with a deeper restructuring proposal.”
Citi Research said in a note that given the small gap between the two sides – seen at around 3 cents on the dollar – talks should continue, though there was growing “uncertainty” given that both sides were digging in their heels.
Argentina, a major grains producer that has been in default since May, struck a $57 billion deal with the International Monetary Fund in 2018.
Guzman has said Argentina is assessing all options ahead of the Tuesday deadline, though the government has hinted at a delay.
Reporting by Adam Jourdan; Additional reporting by Rodrigo
Campos; Editing by Steve Orlofsky