Argentina secures backing from creditors for debt restructuring
The agreement prevents the country's ninth sovereign debt default
01 September 2020 - 21:02
Buenos Aires — Argentina has defused fears of a messy default after it gained backing from creditors, allowing it to exchange 99% of the bonds involved in a $65bn restructuring, a deal that could set a precedent for future sovereign crises.
After months of winding and tense negotiations, framed by the coronavirus pandemic, bondholders tendered 93.55% of the eligible bonds in the exchange, which with collective action clauses (CACs) allowed a near-full deal to go ahead...
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