A pedestrian takes pictures of exchange rate displayed on a screen in Buenos Aires, Argentina, August 28, 2019. Photo: Xinhua

Argentina will present a new offer to restructure its debt on Monday and has extended its deadline for creditors to agree until August 4, the economy ministry announced on Sunday.

President Alberto Fernandez's administration "will extend the expiration of the invitation [offer] until 5:00 pm in New York City" on that day, the ministry said in a statement.

The president had earlier stated the deadline would be pushed back to the end of August, saying "it is an enormous effort we are making. It's the maximum effort we can make."

The date for concluding negotiations with bondholders had previously been set at July 24 but was moved back in an effort to reach an agreement to restructure $66 billion in bonds issued under foreign law. 

The bonds represent roughly a fifth of the country's $324 billion debt, which amounts to around 90 percent of its GDP.

A government source told AFP the new proposal would be for "close to $53" for every $100, compared to the original offer of $39 per $100, which was rejected by a majority of the bondholders.

The ministry said it would also send Congress a bill in the coming days to restructure local debt in dollars "on equitable terms" to the bond swap under foreign law. Argentina has yet to reach an understanding with creditors.
Newspaper headline: Argentina puts off debt talks until August 4