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European Financial Regulators Clear the Way for Argentina's Bonds Swap Offer
Mercopress
April 28, 2010

European financial regulators approved the outlines of the Argentine swap offer on up to 20 billion US dollars in defaulted bonds, putting Argentina a step closer to launching the exchange. The country aims to return to international debt markets by striking a deal with "holdout" creditors who rejected a tough 2005 restructuring of nearly 100 billion US dollars in defaulted debt.

Officials unveiled the terms of the proposed swap on April 15. But they needed a final regulatory approval before they can launch it simultaneously in Japan, Italy, Luxembourg and the United States. Luxembourg's stock exchange said it had approved the operation, and sources in Rome said Italy's Consob securities regulator had also given its approval and that the swap would launch there on Monday.

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