Argentina‘s government may present on Wednesday a proposal to restructure its debt with private creditors issued under foreign legislation, according to Valor Econômico. Interviewed by Argentinian NetTV on Sunday, President Alberto Fernández said that the government will make an “offer” to pay the debt in dollars.

“I don’t want to commit to signing something that can’t be done”, said Fernández, adding that “there will be no restructuring” for debt issued in Argentinian pesos.

According to the Financial Times, Argentina is heading for its ninth sovereign debt default, which is frustrating investors. Because of this, analysts say that the government’s debt restructuring offer is likely to be rejected.