Argentina has offered to swap bonds, which it defaulted on in 2001, at one-third their value, AFP reports. The planned offer includes $20 billion worth of debt and $9 billion in interest accumulated since 2005.
The deal also includes a warrant linked to Argentina’s gross domestic product and the interest accumulated since 2005 will be paid with an 8.75 percent bond, which matures in 2017. Institutional creditors will receive a 66.3 percent discount.
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