(Bloomberg) -- It took more than half a dozen extensions, multiple government offers and umpteen hours of virtual conference calls for Argentina to reach a pact with its main creditors on how to restructure $65 billion of international bonds. The government has now set an Aug. 24 deadline for all creditors to accept it, with a settlement date of Sept. 4.
Next up: A new accord with the International Monetary Fund -- and a realistic plan to pull the nation out of economic crisis.
Here's a timeline of how the agreement, struck on Tuesday, came to fruition:
Aug. 4
- The government says it struck a deal with key creditors that will provide “significant debt relief” and that interest and capital payment dates for some new exchange bonds were moved earlier to reach the agreement. Bonds rally.
Aug. 2
- Breakthrough comes during a call between Argentine Economy Minister Martin Guzman and BlackRock Inc. Managing Director Jennifer O'Neil. They discuss a deal where bondholders would receive an average of about 54.8 cents on the dollar, close to midpoint of the most recent offers from creditors and the government.
July 27-28
- Guzman says nation will seek a new program with the International Monetary Fund regardless of the outcome of debt talks. Main bondholder groups say they represent more than 50% of the country's overseas debt.
July 20
- Argentina's three largest creditor groups join forces to submit a new bond proposal, while the government says bondholders “misunderstand” the country's restructuring. Greylock Capital Management decides to support the government's offer.
July 17
- The government submits a bill that would provide owners of dollar-denominated and dollar-linked bonds issued under domestic law with the same restructuring conditions that holders of overseas bonds are being offered.
July 8
- Argentina's bondholders shouldn't expect any more improvements or changes to the country's debt restructuring proposal, Economy Minister Martin Guzman says.
July 6
- Argentina presents an offer that would reduce creditor losses on the bonds' principal, increase coupons and shorten bond maturities, a deal that Guzman says won't be improved further. The Ad Hoc and Exchange bondholder groups says the offer falls short. The government extends deadline for talks until Aug. 4.
July 3
- A group of top bondholders considers rejecting a government offer with a lock-up agreement, which would bind their members to also dismiss that offer.
July 2
- The Argentina Creditor Committee submits a revised debt proposal to government officials that would provide $40 billion in debt relief over the next 10 years.
June 24
- Argentina rejects the legal debt terms proposed by the Ad Hoc bondholder group, which included large funds such as BlackRock Inc and Ashmore Group Plc.
June 19
- The nation extends a deadline for a fifth time to July 24 as talks stall.
June 16
- The Ad Hoc Bondholder Group and Exchange Bondholder Group submit an offer in which they agree to accept losses on a net-present value basis of about 44% to 46%. Argentina rejects the offer.
June 12
- Argentina extends a deadline for creditors to accept a debt restructuring proposal for fourth time, until June 19.
June 1
- Argentina extends the deadline to June 12 after the IMF says there's little scope for the nation to increase payments to creditors.
May 28
- Argentina submits a new proposal, with a two-year moratorium instead of three. Bonds rally.
May 26
- Government extends deadline for a second time to June 2 and says it's preparing to improve its offer.
May 22
- Argentina enters its ninth default after a 30-day grace period expires for coupon payments on dollar bonds maturing in 2021, 2026 and 2046.
May 15
- The Ad Hoc Bondholder Group, the Exchange Bondholder Group and the Argentina Creditor Committee submit separate counteroffers to the government.
May 10
- Argentina extends its debt deadline for bondholders to consider the restructuring offer to May 22. The government doesn't disclose what percentage of investors accepted the original proposal.
May 7
- Argentina's government says it's open to new proposals from creditors to restructure $65 billion of debt, signaling a greater willingness to negotiate.
April 29
- Some bondholders refuse to attend video calls with Minister Guzman as tension rises on a take-it-or-leave-it offer from the government.
April 27
- Argentina starts setting up virtual meetings with institutional investors as they continue the restructuring process.
April 21
- The government presents its first debt proposal to the U.S. Securities and Exchange Commission. Nation sets May 8 deadline for creditors to accept an exchange.
April 1
- Argentina and bondholders hit a wall over the grace period in the debt proposal. Argentina wants to start paying in 2024, while creditors want payments to start as early as 2021.
March 10
- Argentina includes as much as the equivalent of $69 billion in nominal foreign-law bonds as part of debt talks with private creditors. The country weighs canceling a debt roadshow trip over rising coronavirus infections.
March 4
- Some of Argentina's largest creditors fly to Buenos Aires for talks with Alberto Fernandez's government, even as the outbreak of the pandemic forces counterparties to cancel trips. The day before, Argentina had confirmed its first Covid-19 case.
March 2
- Argentina hires Bank of America Corp. and HSBC Holdings Plc as underwriters in its debt restructuring and contract Lazard as its financial adviser.
Feb. 19
- IMF staff concludes that Argentine debt is unsustainable after a team visits Buenos Aires.
Feb. 2
- Argentine bondholders continue joining forces in different creditor groups seeking to represent interests in common. Argentine economy chief Martin Guzman warns creditors the nation will need a “deep debt restructuring.”
Jan. 29
- Argentine officials tell investors that they will present a debt sustainability program.
Dec. 10, 2019
- Alberto Fernandez takes office
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