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16 February, 2016

The 'vultures' fly above Argentina ... again

Argentina's former Minister of Finance Axel Kicillof criticized the country's new President Mauricio Macri for making a bad deal for Argentina in negotiating with holdout creditors, known as the "vulture funds."

In a special op-ed published Sunday by Argentine daily Pagina 12, the economist criticized Macri for even entering into negotiations with creditors, but furthermore added that the current president is getting a bad deal.

According to the economist, official sources tried to tell the public earlier this month that Macri's government will propose to creditors that Argentina receive a 40 percent rebate on interest if the country pays back their debt in full. These sources also added that the president “aims to get more removed in exchange for paying in cash.”

However, according to Kicillof, the day after this announcement was made, Macri's true offer was revealed to be not as hard hitting as his administration promised, which was only a 25 rebate on the debt payment, if paid in cash.

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