Argentina has presented a formal offer to members of the Paris Club on paying some $10 billion of debt it still owes to the group of creditor nations.

Economy Minister Axel Kicillof said Tuesday that the government is "very optimistic" that the negotiations will lead to much-needed sources of international funding.

Kicillof recently met with officials from the group during a trip to Paris. He says Argentina's government has taken the first step in renegotiating terms of the payment. But he declines to provide details, saying that could affect the negotiations.

He says only that the offer to the Paris Club is within Argentina's payment possibilities. Argentina has been kept from global capital markets since defaulting on some $100 billion in debts during the country's 2001-2002 economic collapse.