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Argentina's president-elect Fernández unveils cabinet

Argentina's president-elect Alberto Fernández announced Dec. 6 the completion of cabinet positions, just four days ahead of his inauguration on Dec. 10.

The Peronist leader of the Frente Todos coalition appointed Columbia University professor Martín Guzmán as his finance minister. Guzmán, who is part of the research team led by economics Nobel prize winner Joseph Stiglitz, is expected to lead debt restructuring negotiations with both the IMF and private bondholders.

According to Clarin, Stiglitz himself has discussed the Argentine proposal with representatives of the IMF and private creditors. The negotiation proposal reportedly includes an extension of all capital and interest payments for two years, while the country converges toward primary fiscal surplus and trade balance equilibrium. In a document published Nov. 19 by Guzmán, he proposed March 2020 as a deadline for achieving the so-called reprofiling of the debt.

During a press conference following the presentation, Fernández ratified Miguel Pesce as the new president of Banco Central de la República Argentina. Pesce was vice president of the institution between 2004 and 2015, during the governments of Nestor and Cristina Kirchner.

Economist Matías Kulfas, a close aide of Fernández and former central bank manager in 2012 and 2013, was appointed to head the Ministry of Production.

Fernández also confirmed economist Guillermo Nielsen to preside over mixed capital national oil company YPF Sociedad Anónima.