The president of Argentina says that talks to reach a fair agreement with holders of the country's unpaid bond debt may be slower than anticipated.

Mauricio Macri says that "there are no concrete results" so far in efforts since he took office last month. He says he'd expected more progress.

Macri spoke at a news conference Friday at the World Economic Forum in Davos, Switzerland.

He confirmed Argentina will make a proposal to the creditors involved in its 2001 default on Feb. 1. The state-run news agency Telam says the presentation was postponed from Jan. 25 at the request of the holdout creditors.

Argentina is renegotiating about $10 billion of unpaid debt owed to US hedge funds, which sued the country in New York court to receive payment in full.