As the G7 summit comes to an end, the next big agenda on Biden's platter is US debt crisis issue. According to US Treasury department if US fails to clear all the impending debts within two weeks, it faces the risk of defaulting, which could lead to massive chaos in the financial market and hike inflation.

US President Joe Biden at G7 as US battles debt crisis issue

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy.

Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December&nbsp;10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso.

"The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly".

Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details.

A media representative for Fernandez did not immediately respond to a request for comment on Friday.

A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings.

A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward.

A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said.

Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009.

Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice.

The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage.

Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said.

One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down.

"The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said.

The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place.

"In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York.

"Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added.

The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015.

Argentine bonds, almost 80 per cent&nbsp;of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value.

And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said.

Several factions of Argentina's bondholders are jostling for influence ahead of restructuring talks with incoming president Alberto Fernandez as Latin America's third-largest economy tries to avert a default, more than a dozen sources familiar with the process said. Argentina is once again buckling under the weight of its sovereign debts, which total around $100 billion, and Fernandez needs to urgently agree a deal with creditors to ease the burden and give his government space to try to revive the economy. Several investors told Reuters they are growing increasingly annoyed by a lack of clarity on the plans of the new government, which is set to take over on December 10. Fernandez has not yet named his economic team or said how he will deal with the debts, which have become painfully costly after the collapse of the peso. "The general frustration is how slow the incoming administration has been to name people and get the ball rolling," a source at a large fixed-income investor that holds Argentine debt said, adding that with more clarity things could change "fairly quickly". Fernandez this week told the International Monetary Fund's (IMF) head Kristalina Georgieva he has a "sustainable" plan to meet creditor obligations as well as maintain growth, without giving details. A media representative for Fernandez did not immediately respond to a request for comment on Friday. A creditor committee of at least 20 members was formed last month as bondholders look for ways to avoid losses, which could reach tens of billions of dollars, on their holdings. A second group is now being assembled, led by US-based emerging markets-focused investment manager Gramercy, three sources said, amid differences over the way forward. A third group of mostly hedge funds holding bonds restructured after a prior Argentine default was also being brought together, sources said. Gramercy has previous experience in Argentina, where its distressed debt chief investment officer Robert Koenigsberger was involved in debt talks in 2009. Several bondholders said a range of proposals for bundling creditors were circulating, although some said they would rather stick to a larger single group controlling a bigger debt slice. The process of organising creditors is still in the early stages and it is not clear how much of Argentina's debt each grouping represents at this stage. Gramercy's proposal, which also involves emerging markets investment manager Macrosynergy Partners, has put together a number of possible scenarios, three sources familiar with the plans said. One of these includes an extension of maturities to ease the pressure on Argentina's struggling finances, but no write-down. "The group's preferred scenario is to get a five-year extension, but there is no haircut," one of the sources said. The IMF says that until the new government sets an economic path it cannot decide if private creditor haircuts are needed to keep its $57 billion bailout programme in place. "In the absence of the whole macroeconomic strategy it is very hard to judge how their operation would lead to a sustainable debt position," Alejandro Werner, head of the Western Hemisphere Department at the IMF, said on Wednesday at an event in New York. "Once you have the policy proposals you can judge what kind of debt operation is consistent with those policies," he added. The last major default by Argentina in 2001 tipped the country of 44 million people into years of recession and economic crisis from which it only emerged in 2015. Argentine bonds, almost 80 per cent of which are denominated in foreign currency, were given a small lift by Fernandez's comments this week, but they are still trading at less than half their face value. And the peso is the world's worst-performing currency this year, despite being propped up by capital controls put in place in September, weeks after Fernandez's shock victory in a primary election sparked financial market panic.

Argentina creditors jockey for lead ahead of $100 billion debt talks

Barack Obama arrived in Greece on Tuesday on his last European tour as US&nbsp;president, and Athens said it held out hope that he will use his clout to help persuade the country&#39;s creditors to forgive some of its monumental debt.

Obama, who will be replaced in January by Donald Trump, was welcomed by Greek Defence Minister Panos Kammenos at Athens airport at the start of his two-day visit, the first by a US&nbsp;president to Greece since Bill Clinton in 1999.

&quot;Greece has gone through very challenging and dramatic times over the last several years. It has been the policy of my administration to do everything we can to work with the Greek government and the Greek people to restore growth, optimism, to alleviate hardship,&quot;&nbsp;Obama told Greek President Prokopis Pavlopoulos in Athens.

&quot;We are glad to see that progress is being made although we recognize that there are significant challenges ahead, and we intend to stand shoulder to shoulder with the Greek people throughout this process,&quot;&nbsp;Obama&nbsp;said.

He is expected to discuss the debt issue as well as the migrant crisis with Prime Minister Alexis Tsipras and President Prokopis Pavlopoulos and deliver a speech on Wednesday.

&quot;We consider this visit will contribute to the effort to reduce Greece&#39;s debt,&quot; government spokesman Dimitris Tzanakopoulos told Reuters.

&quot;The US&nbsp;president has repeatedly stated he wants to solve this huge issue before he leaves office.&quot;

Greece signed up to a third economic bailout package of up to 86 billion euros ($93 billion)in mid-2015 but says that it needs a long-term debt restructuring to emerge from the worst economic downturn for generations.

The country of 11 million people has also been caught in the crosshairs of the migrant and refugee crisis. Thousands are stranded in Greece after their onwards journey into Europe was sealed off this year as borders were shut in the Balkans.

&quot;President Obama must use his visit to shine the spotlight not only on abysmal conditions for the tens of thousands of refugees stranded in Greece, but also on the failure of world leaders to adequately address the wider global refugee crisis,&quot; Amnesty&#39;s Europe Director, John Dalhuisen, said in a statement.

Obama, who is in Athens until Wednesday afternoon, was staying at a luxury seaside resort on a peninsula south of Athens, less than 15 km (9 miles) away from a&nbsp;disused airport that is temporarily housing hundreds of migrants and refugees.

Children played outside the abandoned terminal through washing lines strung with laundry.

&quot;We want Obama to come and see us here, how we are living like prisoners,&quot; said Hatzi Naser, 42, from Afghanistan.

&quot;He is the reason we are here, because of his army&#39;s war. We want him to come and see the filth we are living in.&quot;

He is expected to discuss the debt issue as well as the migrant crisis with Prime Minister Alexis Tsipras and President Prokopis Pavlopoulos

Barack Obama arrived in Greece on Tuesday on his last European tour as US president, and Athens said it held out hope that he will use his clout to help persuade the country's creditors to forgive some of its monumental debt. Obama, who will be replaced in January by Donald Trump, was welcomed by Greek Defence Minister Panos Kammenos at Athens airport at the start of his two-day visit, the first by a US president to Greece since Bill Clinton in 1999. "Greece has gone through very challenging and dramatic times over the last several years. It has been the policy of my administration to do everything we can to work with the Greek government and the Greek people to restore growth, optimism, to alleviate hardship," Obama told Greek President Prokopis Pavlopoulos in Athens. "We are glad to see that progress is being made although we recognize that there are significant challenges ahead, and we intend to stand shoulder to shoulder with the Greek people throughout this process," Obama said. He is expected to discuss the debt issue as well as the migrant crisis with Prime Minister Alexis Tsipras and President Prokopis Pavlopoulos and deliver a speech on Wednesday. "We consider this visit will contribute to the effort to reduce Greece's debt," government spokesman Dimitris Tzanakopoulos told Reuters. "The US president has repeatedly stated he wants to solve this huge issue before he leaves office." Greece signed up to a third economic bailout package of up to 86 billion euros ($93 billion)in mid-2015 but says that it needs a long-term debt restructuring to emerge from the worst economic downturn for generations. The country of 11 million people has also been caught in the crosshairs of the migrant and refugee crisis. Thousands are stranded in Greece after their onwards journey into Europe was sealed off this year as borders were shut in the Balkans. "President Obama must use his visit to shine the spotlight not only on abysmal conditions for the tens of thousands of refugees stranded in Greece, but also on the failure of world leaders to adequately address the wider global refugee crisis," Amnesty's Europe Director, John Dalhuisen, said in a statement. Obama, who is in Athens until Wednesday afternoon, was staying at a luxury seaside resort on a peninsula south of Athens, less than 15 km (9 miles) away from a disused airport that is temporarily housing hundreds of migrants and refugees. Children played outside the abandoned terminal through washing lines strung with laundry. "We want Obama to come and see us here, how we are living like prisoners," said Hatzi Naser, 42, from Afghanistan. "He is the reason we are here, because of his army's war. We want him to come and see the filth we are living in."

Obama says US stands 'shoulder to shoulder' with Greece

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