BUENOS AIRES, Dec 11 (Reuters) - Argentina’s new government is negotiating with a group of Wall Street banks for a credit line worth up to $7 billion to bolster its low foreign reserves and help it lift capital controls, a banking source said on Friday.
Center-right President Mauricio Macri, who took office on Thursday, wants to move quickly to remove currency controls that restrict access to dollars but is stymied by the central bank’s precariously low hard currency stocks.
The commercial banking source said Argentina was in talks with HSBC, JPMorgan Chase & Co., Goldman Sachs , Deutsche Bank and Citigroup Inc.
But he said there remained obstacles to an agreement and that no immediate deal was likely.
“The banks are working on a deal. It would be difficult for anything to come about immediately. There are some key details needed to close this out that are missing,” said the source, without giving more details. (Reporting by Jorge Otoala and Nicolas Misculin Writing by Richard Lough; Editing by Chizu Nomiyama)