Argentina concludes debt restructuring offer
BUENOS AIRES: Argentina has completed the biggest debt restructuring in history, bidding to end its status as an international financial pariah three years after the country's devastating economic crisis.
A deadline passed uneventfully on Friday for investors holding US$103bil (RM390bil) in defaulted Argentine debt who were asked to accept a government offer to pay back about a third of their original investment.
Those losses were among the worst for holders of government bonds anywhere in recent history.
“The six-week offering period has closed,” Economy Minister Roberto Lavagna said after markets closed on Friday.
He said the debt restructuring went off smoothly and the swap was made with “absolute normality” despite the complex number of bonds in at least four currencies spread among creditors worldwide.
Lavagna said he had no report on how many bondholders accepted the offer but private analysts predicted the rate could approach 70%.
A final report is expected on Thursday.
Investors – including banks and thousands of individuals worldwide – were infuriated at the proposal initially.
Argentina spent months exhorting them to accept the deal, which would end a legacy of the country's 2001-2002 financial upheaval. – AP
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