Finland and Argentina to an agreement on repayment of Argentina's arrears to State Guarantee Fund of Finland
Finland and Argentina signed a Bilateral Agreement on repayment of Argentina’s USD 8,7 mill. arrears to State Guarantee Fund of Finland. According to the Agreement Argentina will repay the debt in five years the last payment falling due in May 2019.
Argentine economy faced serious challenges at the end of 1990 as a result of the financial crisis. Argentine debt increased rapidly to unsustainable levels. As a consequence the Argentine government ceased to service its public debt. After several years of discussions the creditors to Argentine have reached an Agreement of an arrears clearance scheme. Argentina will repay the arrears including interest fully. The conditions of the scheme were negotiated in the framework of Paris Club. Finland is a member of Paris Club. The Agreement was signed in Buenos Aires January 23, 2015.