Argentina self imposed deadline to renegotiate nearly a fifth of its foreign debt is likely to pass this upcoming Friday with no deal while an interest payment of 500 million USD comes due. Argentine despot Fernandez has publicly proposed creditors discount the balance on 66 billion USD of debt by 62% of the outstanding interest and 5% of the principal with a three year grace period where Argentina makes no payments. According to Fernandez:
"No hay pagos de la deuda que se puedan sostener sin que el país crezca. No queremos que los acreedores no ganen, queremos que acepten ganar menos"
The creditors, represented by three different creditor's committees, have allegedly made counter offers which have not yet been made public.