Argentina Says It Reached Debt Deal to End Creditor Wrangle
- Argentina says creditor groups back latest restructuring plan
- Sunday call between government, BlackRock led to breakthrough
A statue stands over the Plaza de Mayo in Buenos Aires, Argentina.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Argentina and its largest creditors struck a deal to restructure $65 billion of debt, setting the stage for the South American nation to emerge from its third default since the turn of the century.
The government said its deal with key creditors would grant the country significant debt relief after changes in the payment dates and legal clauses for the new bonds. Under terms of the accord, Argentina moves coupon payments to January and July from March and September, and shortens the maturity of a bond offered to compensate for unpaid interest, according to a statement from the Economy Minister on its website Tuesday.