2005 -2006
In the June 2005 report by the Ministry of Economy, the total acknowledged debt of the Argentine state amounted to 126.466 billion USD, down by 63.464 billion USD from the first semester as a result of the restructuring process; of this, 46% was denominated in dollars, 36% in pesos, and 11% in euros and other currencies. Due to the full payment of the IMF's debt and several other adjustments, as of January 2006 the total figure decreased to USD 124,300 million USD.
Debt bonds not exchanged in 2005 accounted for 23,381 million USD, of which 12,688 million were already overdue. Because of the lack of payment to these creditors, Argentina is the only member of the G-20 that is unable to raise capital in the international financial markets.
Individual creditors worldwide, who represent about one third of this group, have mobilized to seek repayment from the Argentine state. Among the most prominent are 'Task Force Argentina', an Italian retail bondholder association, and Mark Botsford, a private U.S. citizen retail bondholder.
The American 'Task Force Argentina', sponsored by a New York sovereign debt fund, states their ultimate aim is to bolster the stability of global credit markets; work towards an equitable outcome for remaining creditors; ensure the integrity of U.S. law; and strengthen crucial bilateral relations between the United States and Argentina.
Read more about this topic: Argentine Debt Restructuring