Argentina Debt to Be Restructured

    March 4, 2005

Creditors in Argentina accepted an offer from the government to restructure $81 billion of the country’s debt.

This deal makes the largest debt swap in history.

According to a Miami Herald article:

“Economy Minister Roberto Lavagna announced that 76 percent of all bondholders participated in the restructuring offer launched three years after Argentina’s record default — the largest by any sovereign nation.

The offer called for investors to be repaid around a third of their original investment, leaving them with some of the biggest losses by any bondholders in recent history. Argentina halted payment on the debt in December 2001 as the country descended into financial chaos.”

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