Argentina's Lower House Passes Debt Bill to Settle With Holdouts
- Lower house voted 165 for with 86 against in favor of bill
- Argentina needs to resolve dispute to return to credit markets
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Lawmakers in Argentina’s lower house of Congress voted Wednesday to approve a bill that seeks to end a 15-year legal battle with disgruntled creditors from the 2001 default which would pave the way for the nation to return to international capital markets.
Lawmakers voted 165 for and 86 against to support a package of measures that calls for the repealing of two laws that prevent the government from paying some creditors, the approval of the accord which calls for settling at a discount of about 25 percent and permission to issue about $12 billion of debt to pay holdouts. The bill now goes to the senate for final approval.