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No debt end
New York Post
June 24, 2010

Ending months of talks, Argentina reported yesterday it had reached an agreement with creditors to swap $12 billion in defaulted bonds for new ones -- wrapping up exchanges on about 92 percent of its bad debt.

Or so it thought.

But now New York wants more.

State Sen. Brian Foley (D-Suffolk County) is trying to include in this month's state budget a measure that would impose a tax on sovereign nation debt exchanges that would cost Argentina $450 million over five years.

"People need to know there will be consequences when bad actors wreak havoc," Foley told The Post.

Other lawmakers and Foley are also irked that Argentina moved money to offshore accounts allegedly to avoid paying creditors on $81 billion it defaulted on in 2001.

For full text of the article, visit: http://bit.ly/a8JP2u

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