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Argentina's economy minister says the government is optimist about new offer to pay Paris Club

Associated Press
Published | Updated
  • Argentina Economy
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    Economy Minister Axel Kicillof talks during a press conference in Buenos Aires, Argentina, Tuesday, Jan. 21, 2014. Kicillof informed about his meeting with Paris Club executives to discuss procedures regarding Argentina’s debt which has not has not been payed since 2002. A Paris Club deal might reopen Argentina's access to credit insurance, loan guarantees and financing provided by the export credit agencies of Paris Club members. (AP Photo/Natacha Pisarenko) (The Associated Press)

  • 697590b2-Argentina Economy
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    Economy Minister Axel Kicillof enters to address a press conference in Buenos Aires, Argentina, Tuesday, Jan. 21, 2014. Kicillof informed about his meeting with Paris Club executives to discuss procedures regarding Argentina’s debt which has not has not been payed since 2002. (AP Photo/Natacha Pisarenko) (The Associated Press)

  • d899c223-Argentina Economy
    Image 3 of 3

    Economy Minister Axel Kicillof talks during a press conference in Buenos Aires, Argentina, Tuesday, Jan. 21, 2014. Kicillof informed about his meeting with Paris Club executives to discuss procedures regarding Argentina’s debt which has not has not been payed since 2002. (AP Photo/Natacha Pisarenko) (The Associated Press)

BUENOS AIRES, Argentina – Argentina has presented a formal offer to members of the Paris Club on paying some $10 billion of debt it still owes to the group of creditor nations.

Economy Minister Axel Kicillof said Tuesday that the government is "very optimistic" that the negotiations will lead to much-needed sources of international funding.

Kicillof recently met with officials from the group during a trip to Paris. He says Argentina's government has taken the first step in renegotiating terms of the payment. But he declines to provide details, saying that could affect the negotiations.

He says only that the offer to the Paris Club is within Argentina's payment possibilities. Argentina has been kept from global capital markets since defaulting on some $100 billion in debts during the country's 2001-2002 economic collapse.