News Center

Argentina Releases Debt-Swap Details
Wall Street Journal
April 16, 2010

By MATTHEW MOFFETT And MATTHEW COWLEY

BUENOS AIRES Argentina, hoping to end years of exclusion from international financial markets, announced a plan Thursday to pay most institutional holders of defaulted bonds a package worth roughly 51 cents on the dollar.

The offer, to holders of about $20 billion in bonds who didn't accept an earlier restructuring deal, is designed to close the curtain on the massive $100 billion debt default that Argentina announced in 2001. Argentina was still awaiting regulatory approval for the swap in Japan and Europe, but Economy Minister Amado Boudou said he expects to launch it in 10 days.

Carola Sandy, an economist at Credit Suisse, said she thought the offer, though on the low side of market expectations, was sufficiently attractive that the government would easily persuade 60% to 70% of the holdout investors to participate. A high acceptance rate would neutralize the legal risk that Argentina has faced from creditors, who have gone to court in recent years and tried seizing everything from Argentina naval vessels to diplomatic residences.

To view the full article, visit: http://online.wsj.com/article/SB10001424052702303950104575185772669803524.html?mod=WSJ_hpp_sections_world

U.S. Government
Takes Action

Click here to view letters by the Administration and Members of Congress on Argentina's debt and economic policies.

The Debt and Europe

Click Here To Read More

ATFA Member Spotlight

National Taxpayer's Union

Open Letter to the U.S. House of Representatives: Protect Taxpayers from Judgment-Evading Nations

Click here to view other ATFA member activity

Join Us
Show your support for ATFA and our work regarding debt default by joining our growing list of supporters.

Tell Your Friends
Do you have friends or colleagues who would be interested in supporting ATFA? Send them an invitation to this site by clicking here.