Argentina to Reopen Debt Swap After Adverse U.S. Court Ruling
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Argentina will send a bill to Congress tomorrow to reopen a debt restructuring for those creditors who haven’t accepted previous swaps after the nation’s 2001 default, said President Cristina Fernandez de Kirchner.
The new swap, if approved by Congress, will offer holders of defaulted debt the same securities issued in previous restructurings in 2005 and 2010, Fernandez said in a nationally televised speech. She also said that holders of restructured bonds, who accepted discounts of as much as 70 percent, will be able to swap them into securities governed by Argentine law in a bid to prevent payment disruptions from a U.S. court ruling in favor of the holdouts.