BUENOS AIRES — Argentina's government laid out its most in-depth economic road map on Friday, a key step in debt talks after creditors clamored for more detailed information about the country's plans as both sides look to strike a restructuring deal. Economy Minister Martin Guzman said that under realistic fiscal and growth forecasts Argentina could not service its current debt load of over $110 billion in foreign-law bonds and credit facilities from global bodies. "I would characterize the debt situation of the country today as unfinanceable, unaffordable and unsustainable," Guzman said. "If nothing was done, if there wasn't a debt operation, the debt path would be explosive." Argentina President Alberto Fernandez said in a statement later on Friday that his government and the International Monetary Fund had agreed that Argentina would be unable to make payments in foreign currency on its debt for four years.

Source: International New York Times March 21, 2020 01:30 UTC