BUENOS AIRES, Argentina-Telecom Argentina announced on Monday it cannot pay even the interest on its debt of US$2.4 billion, further extending the default declared 2 April on its capital debt. In addition, it presented its first-quarter results for this year, listing net losses of US$645 million to the Buenos Aires stock market.
According to the company, the reason for the default is the “continuing devaluation and volatility of the national currency, the reduced net cash flows generated in the current macro economic scene in Argentina and the uncertain schedule for the resolution of negotiations with the government in regards to the adjustment of regulated tariffs.”
The majority shareholders of Telecom Argentina are France T
