Argentina Says 99% of Sovereign Debt Restructured in Swap
- $65 billion deal buys time for Argentina to grow its economy
- Settlement date Sept. 4; new bonds begin trading after holiday
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Argentina received widespread bondholder support to restructure its overseas debt, paving the way for the nation to emerge from the ninth default in its history.
Investors holding 99% of the country’s $65 billion in international bonds will swap their securities for new notes, Economy Minister Martin Guzman announced Monday in Buenos Aires. The “massive” support from bondholders will generate $38 billion of debt relief over the next decade, he said.