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Argentina unveiled its debt restructuring proposal Thursday, saying it is willing to pay back less than 40 cents for every dollar invested by private creditors in foreign debt securities and that payments would begin in 2023. Economy Minister Martin Guzman laid out the framework to restructure roughly $70 billion in debt as the South American country grapples with a biting recession and the coronavirus pandemic. The plan consists of a 62% reduction in interest payments equivalent to $37.9 billion and a 5.4% capital reduction worth $3.6 billion.
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