Argentinian supremo tactically persuaded lawmakers to approve debt deal

Giving hopes to the ailing Argentinian economy, the newly elected Argentinian supremo Macri has tactically persuaded the lawmakers to clear the debt deal in the parliament Reports say that eighty six law makers have voted in favour of the motion while seventy nine others, who mostly belong to the opposite faction, voted against the motion. It is learned that the new development will put an end to the fifteen-year-long tug of war between Argentinian government and the foreign creditors, mostly US creditors. Experts say that if this South American nation repays the amount, the creditors may withdraw the restrictions imposed on the country in the international credit scenario. And, the move would help the country to strengthen the distorted economy of the nation, they added. Currently, this national has only limited access to the international credit markets as the country is facing a law suit in the US court regarding credit-repayment default. It is said that since 2001 the Argentinian authorities were wilfully defaulting the repayment of credits. Notably, the former government had not shown any enthusiasm to articulate a solution in the credit repayment issue. Interestingly, President Macri, during the poll campaign, promised his voters that he will formulate an effective formula for the repayment of credits. It is admirable to read that he has not backed from his promises. As per reports, President Macri had adequately explained his colleges about the consequences of failing the motion. So, he had not had to face any opposition from his party members, report added. It took nearly twenty hours to deliberate the motion in the house. It is learned that the country will make its first payment on or before coming April fourteen.


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