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Argentina agrees to pay Italian holdout creditors
Source: BBC
Argentina agrees to pay Italian holdout creditors
3 February 2016 Latin America & Caribbean
Argentina has agreed for the first time to pay investors who have been holding out for full repayment of bonds which were defaulted on in 2002.
If the deal is approved by the Argentine Congress, the 50,000 Italian investors will receive 150% of the face value of the debt of $900m (£625m).
The deal comes as negotiations restart with hedge funds in a US court.
Argentina is trying to settle with all its creditors in order to be able to borrow again on international markets.
Finance Minister Alfonso Prat-Gay said the Italian investors' holdings accounted for around 15% of the country's defaulted debt that had not been restructured in 2005 and 2010.
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3 February 2016 Latin America & Caribbean
Argentina has agreed for the first time to pay investors who have been holding out for full repayment of bonds which were defaulted on in 2002.
If the deal is approved by the Argentine Congress, the 50,000 Italian investors will receive 150% of the face value of the debt of $900m (£625m).
The deal comes as negotiations restart with hedge funds in a US court.
Argentina is trying to settle with all its creditors in order to be able to borrow again on international markets.
Finance Minister Alfonso Prat-Gay said the Italian investors' holdings accounted for around 15% of the country's defaulted debt that had not been restructured in 2005 and 2010.
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Read more: http://www.bbc.com/news/world-latin-america-35479954