Argentina needs substantial debt relief from private creditors -IMF

The International Monetary Fund said on Friday that Argentina needs substantial debt relief from private creditors to restore debt sustainability with a high degree of probability to the economically challenged South American country.

"We look forward to a collaborative process of engagement between Argentina and its private creditors with a view to reaching an agreement that commands high creditor participation," IMF managing director Kristalina Georgieva said in a statement accompanying a technical analysis of Argentina's public debt sustainability.