Paris Club and the Argentine Republic agreed on arrears payment scheme
Finnvera’s representatives Vice President Ms. Raija Rissanen and Senior Adviser Ms. Outi Homanen participated in the Paris Club negotiations with the Argentine Republic on May 28th, 2014. Negotiations lasted for 20 hours and were held in constructive spirit.
The occasion was historic. Argentina has previously defaulted several times against Paris Club creditors. The country was Club’s first client in 1956. This settlement solves Argentina’s arrears to the Paris Club creditors for the last 12 years. Arrears amount in total to USD 9,7 billion, of which arrears to Finland are USD 8,7 million. Payments will be settled during the next 5 years. Realization of the agreement is an important step for Argentina’s normalization of financial and economic relationship with the international financial community. The initial reaction of markets has been positive.
Senior Budget Adviser Seija Kivinen and Ministerial Adviser Joanna Tikkanen from the Ministry of Finance participated in the negotiations.