Argentina in new bid to pay off 2001 debt default

[Judi Lynn]

Friday, December 24, 2010
Argentina in new bid to pay off 2001 debt default

Afp, Buenos AiresArgentina on Wednesday launched a new bid to pay off the remainder of its debt from a disastrous 2001 default, calling it the "last chance" for creditors holding out for higher returns.

The country has paid off 93 percent of its debt from the 2001 economic debacle, when it defaulted on bonds worth around 100 billion dollars.

The latest offer is aimed at investors -- mostly hedge funds known locally as "vulture funds" -- who hold the remaining bonds worth an estimated 6.1 billion dollars (4.6 billion euros) and have rejected previous proposals believing they could win more in court.

Finance Secretary Hernan Lorenzino said the latest offer was a "gesture" towards the holdouts but warned it would be their "last chance," with the window closing December 30.

More:
http://www.thedailystar.net/newDesign/news-details.php?nid=167125