Argentina to repay billions in debt
Argentina clinched a landmark deal on Thursday to repay billions of dollars in outstanding debt, a critical step toward normalizing relations with creditor nations and clearing the way for much-needed international financing.
Argentina, which has been blocked from capital markets since its whopping $95 billion default in 2001, agreed to settle $9.7 billion in arrears with the Paris Club of creditors over a five-year period.
"Paris Club creditors welcomed progress made by the Argentine Republic towards the normalization of its relations with creditors, the international financial community and institutions," the group said in a statement.
Analysts believed Argentina walked away from the deal favorably as Paris Club members, which include Germany, Japan and the US, among others, agreed to let Buenos Aires send a first installment of at least $1.15 billion by May 2015.
http://www.dw.de/argentina-to-repay-billions-in-debt/a-17670891