NEW YORK Reuters - On Friday the Finance Minister with private investors in New York met and according to sources inside the meeting his attention focused on laying out a roadmap for the embattled country's economic outlook.
The meeting, which also touched on Argentine politics, was attended by the International Monetary Fund IMF and came after a crunch meeting with the Argentine Cabinet chief to discuss a new deal to overhaul some $45 billion in payments.
Friday's meeting focused on Argentina's political outlook, including the most recent negotiations with IMF and an update on the economic landscape. The country defaulted to major creditors last year before a private debt restructuring.
Guzman gave what one attendee called a roadmap for making Argentina's economic growth stable and combat volatility. Investors, left stung by the inflation, debt and currency crises in the country in recent years, have long complained of a lack of a clear economic plan.
The meeting came days after Guzman met with IMF - Head Kristalina Georgieva, and they agreed to continue working on developing a credible loan program.
Argentina and the IMF have been negotiating a program for months to replace one that failed and left the South American country with a debt close to $45 billion as the largest money-holder. Last year Argentina restructured some $65 billion with private international creditors, but the restructured bonds are trading at distressed levels as investors worry about the soy exporter's economic outlook.
The Argentine dollar rate was very low on Friday, with the U.S. exchange rate trading between 32 and 39 cents on the dollar in the curve to the dollar.
The peso currency in Argentina has devalued some 15% this year amid strong capital controls that hold the popular rate in check, though these controls have created a wide gap with prices in official alternative exchange markets.
The South American country is also struggling with high inflation running above 52% annually.