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FILE PHOTO: Pedestrians walk past the facade of the Buenos Aires Stock Exchange, in Buenos Aires, Argentina February 26, 2020. REUTERS/Agustin Marcarian

Exclusive: Argentina says new debt revamp proposal in right direction, still falls short

Argentina's economy minister said on Friday that a newly received debt restructuring proposal from two creditor groups was a step in the right direction, but still fell short of what the country needed to strike a deal.

BUENOS AIRES: Argentina's economy minister said on Friday that a newly received debt restructuring proposal from two creditor groups was a step in the right direction, but still fell short of what the country needed to strike a deal.

The Ad Hoc Bondholder Group, a major creditor committee involved in US$65 billion restructuring talks with Argentina, earlier said in a made a new "more favorable" proposal alongside a second group of bondholders.

In a statement shared with Reuters, the minister said that the two sides had gotten closer together with recent negotiations but that there was still an important distance to cover.

(Reporting by Nicolas Misculin; Writing by Adam Jourdan; Editing by Sandra Maler)