Prat-Gay: Argentine creditors must take losses

Argentina's central bank governor Alfonso Prat-Gay told investors at the World Economic Forum on Wednesday 21 January that his country's creditors will have to take large losses on their defaulted debt.

He did not discuss how much Argentina might repay on its $88 billion in defaulted debt, but he downplayed any expectations for big concessions, noting that economic recovery in the Latin American nation remains tentative.

"It has to be a large hair-cut," Prat-Gay said.

Prat-Gay said the governmen

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