BUENOS AIRES — Argentina plans to postpone payments on up to $10 billion of dollar debt that was issued under local law until the end of the year, the government said in a decree late on Sunday, in a bid to relieve pressure over looming foreign currency payments. The decree of necessity and urgency (DNU), sent to Reuters, would not affect the just under $70 billion in foreign currency debt issued under international law that Argentina is currently in talks to restructure with creditors. Argentina's government has previously said it is looking to restructure $83 billion in foreign currency debt under both international and local law as it looks to avert a sovereign default that would hit its access to global markets. The move to delay payments on the local-law debt could give Argentina breathing room and may enable it more easily to make payments on foreign-law bonds. As the debt was issued under local law, any creditors wanting to take legal action would need to do so in local courts.

Source: International New York Times April 06, 2020 03:11 UTC