Bielsa: G7 Supports Argentina

Argentina’s Foreign Minister Rafael Bielsa said a majority of the Group of Seven industrialized nations backs the country’s debt exchange plan. This comes as the IMF is pushing Argentina to start talks with creditors who rejected the swap offer. Bielsa said the restructuring plan is backed by Germany, the US, France and Canada, while the UK and Japan have given “mixed” signals. Italy opposes the offer. Argentina persuaded 76 percent of its bondholders to exchange their holdings for new securities, while holders of about $20 billion in bonds rejected the offer.