GERMANY: Argentine President Cristina Fernandez de Kirchner meets German Chancellor Angela Merkel

Record ID: 572876

  • Title: GERMANY: Argentine President Cristina Fernandez de Kirchner meets German Chancellor Angela Merkel
  • Date: 7th October 2010
  • Summary: WIDE OF MILITARY HONOURS WITH GERMAN, ARGENTINE AND EUROPEAN UNION FLAGS FLYING GERMAN AND ARGENTINE FLAGS VARIOUS OF MERKEL AND KIRCHNER DURING MILITARY HONOURS
  • Embargoed: 22nd October 2010 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: International Relations
  • Reuters ID: LVA6QCI2YWOHA4REISZUKKVGZZJ2
  • Story Text: Tax benefits and loans enjoyed by foreign companies in Argentina should be taken into account in negotiations with its Paris Club creditors, Argentine President Cristina Fernandez de Kirchner said in Berlin on Wednesday (October 06).
    She told a joint news conference with Germany's Angela Merkel that "Argentina's intention has always been to pay its debts", and that its "position on the participation of the International Monetary Fund in the negotiations is well known".
    The government in Buenos Aires has refused an IMF review of its economy since 2006, arguing that IMF mismanagement helped to precipitate the 2001-2002 economic crisis that led to a default of about $100 billion of sovereign debt.
    Argentine officials have denied media reports that they are divided on whether to mend fences with the IMF to refinance its Paris Club debt and further improve access to financing after a $12.3 billion swap of defaulted debt earlier this year.
    Argentina is trying to restructure its debts of about $7 billion to the Paris Club, which includes Germany, other major European powers and the United States, but Fernandez said this should take into account foreign firms' activities in Argentina.
    "We believe the renegotiation of this debt with the Paris Club should also contemplate investments by Paris Club countries in Argentina, where companies get fiscal benefits and loans that allow these European companies to send profits home," she said.
  • Copyright Holder: REUTERS
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