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A pedestrian takes pictures of exchange rate displayed on a screen in Buenos Aires, Argentina, Aug. 28, 2019. (Xinhua/Martin Zabala)
**"The proposal will let the state restore the sustainability of public debt issued in foreign-law bonds" and "allow it to service its debt in keeping with Argentina's payment capacity," the government said.
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BUENOS AIRES, April 22 (Xinhua) -- Argentina on Wednesday officially proposed to restructure its 68.8 billion U.S. dollars in foreign debts, calling on creditors to accept a debt swap deal.
The details of the plan -- which basically allows the South American country to issue foreign-law bonds in U.S. dollars and euros -- were published in the Government Gazette.
"The proposal will let the state restore the sustainability of public debt issued in foreign-law bonds" and "allow it to service its debt in keeping with Argentina's payment capacity," the government said.
According to a prospectus submitted to the U.S. Securities and Exchange Commission, the U.S. dollar-denominated bonds issued would amount to no more than 44.5 billion U.S. dollars, and euro-denominated bonds to no more than 17.6 billion euros.
The proposal calls for issuing 10 types of bonds that pay interest in U.S. dollars and euros at rates ranging from 0.50 to 4.875 percent, and expire in 2030, 2036, 2039, 2043 and 2047.
Initial interest payments would not begin until May 2023.
Argentina's debt restructuring plan includes a three-year grace period that allows the country to begin servicing the debt starting in 2023, shaves 5.4 percent off the capital payments, and cuts 62 percent off the interest payments.
The government has given creditors until May 8 to accept the offer, though the deadline could be extended if the parties enter into negotiation.
