After months of negotiations, Argentina has reached a deal with its creditors, including the asset managers BlackRock and Greylock Capital Management, to restructure about $65 billion in foreign debt, the economy ministry said on Tuesday. The deal between Argentina and its largest creditors would grant “significant” debt relief to the country, the ministry said. In May, Argentina missed a bond payment and entered into its ninth default since the country’s independence and third in the last 20 years. Argentina would offer creditors new bonds in exchange for defaulted debt and unpaid interest. Investors who hold euro-denominated and Swiss franc-denominated bonds would also be able to swap these for new U.S. dollar-denominated bonds.

Source: International New York Times August 04, 2020 13:11 UTC