AMLO Called BlackRock’s Fink to Help Broker Argentina Debt Deal

AMLO Called BlackRock’s Fink to Help Broker Argentina Debt Deal

13:36 - Lopez Obrador told Argentine President Fernandez to make pact. Fernandez sought AMLO’s aid after standoff with fund manager.

Mexican President Andres Manuel Lopez Obrador said he spoke with BlackRock Inc’s Larry Fink on behalf of Argentina as the South American nation seeks to reach a deal with top creditors in debt restructuring talks.

Lopez Obrador, who is known as AMLO, said Friday he called Fink at the behest of Argentina’s President Alberto Fernandez , without saying when the call took place. He said he later called back Fernandez to explain where BlackRock stood.

Argentina “at the moment” was willing to pay 41% of its debt while Fink was proposing “50% to 55%,” AMLO said.

“I told the president of Argentina: this is where it is,” Lopez Obrador said during his daily press conference in Mexico City, adding that “a deal is better for everyone.”

Fernandez’s government is working to close an agreement to restructure $65 billion in foreign debt since defaulting on May 22, but a series of standoffs between Economy Minister Martin Guzman and creditors, including BlackRock, have delayed a deal from its initial May 8 deadline.

Lopez Obrador said Fernandez had asked for his intervention because of his “good relationship” with Fink. A person at Fernandez’s office in Buenos Aires said the Mexican president spoke to the financier earlier this week. A spokesperson for BlackRock declined to comment.

Argentina faces a new deadline to reach a deal on Friday, but talks on the government’s latest offer are expected to stretch into next week. Given that the nation is already in default, there are no major implications for an additional extension in the negotiations.

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