Friday, May 14, 2010

Webber: Argentina's debt swap

The first phase of Argentina’s debt swap, designed to close the chapter on its catastrophic 2001 default, closes today but Italian creditors owed more than a quarter of the unpaid debt may yet prove hard to sway.

The swap closes on June 7 but institutional investors have until today – a deadline which Argentina extended by two days this week – to sign up early without incurring penalties. The results of this first tranche will be announced in a week

reference: Argentina announces terms of new debt swap April 16

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