Good news for Argentina (again)
yes, i like this plucky not-so-little country and i'm delighted to see how they've been able to move forward following the devastating economic crisis of 2001 that left over 25% of the country unemployed...
Argentina has completed its $100 billion debt exchange after months of wrangling with investors over the terms of the agreement. The government announced Thursday the last payments had finally been made, La Nacion reported. Economic Minister Roberto Lavagna had spent months trying to persuade bondholders to accept about 34 cents on the dollar.
While three-quarters of investors accepted the deal, the remainder argued in a New York court they were entitled to more. The argument, however, was rejected earlier this year.
what's particularly interesting is why argentina took this route, defying the terms of its repayment agreement with the imf (international monetary fund)... it's very simple... argentina decided that the interests of its citizens take precedence over the interests of foreign bondholders... now THERE'S a concept...! Submit To Propeller
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Argentina has completed its $100 billion debt exchange after months of wrangling with investors over the terms of the agreement. The government announced Thursday the last payments had finally been made, La Nacion reported. Economic Minister Roberto Lavagna had spent months trying to persuade bondholders to accept about 34 cents on the dollar.
While three-quarters of investors accepted the deal, the remainder argued in a New York court they were entitled to more. The argument, however, was rejected earlier this year.
what's particularly interesting is why argentina took this route, defying the terms of its repayment agreement with the imf (international monetary fund)... it's very simple... argentina decided that the interests of its citizens take precedence over the interests of foreign bondholders... now THERE'S a concept...! Submit To Propeller
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posted by profmarcus at
6/03/2005
