Arab Today, arab today argentina to raise 117bn to finance holdout payoffs
Last Updated : GMT 12:02:44
Arab Today, arab today
Arab Today, arab today

Argentina to raise $11.7bn to finance holdout payoffs

Arab Today, arab today

Arab Today, arab today Argentina to raise $11.7bn to finance holdout payoffs

Argentina's Finance Minister Alfonso Prat-Gay (C)
Buenos Aires - AFP

Argentina's Finance Ministry said Friday it planned to issue $11.7 billion in new debt to finance payments to holdout bondholders who won their 15-year battle against the country.

"This is what we need to raise in order to end this problem definitively," Minister Alfonso Prat-Gay informed the Congress.

Prat-Gay was defending the government's deals to settle the claims of mainly a group of US hedge funds labeled "vultures" by Argentina which scooped up its bonds cheaply after its $100 billion default in 2001 and then sued for full payment.

Even after the funds won their case in a New York court in 2012, the government refused to pay, saying the so-called holdout bondholders should have joined the majority of the country's creditors in a debt restructuring.

But finding its access to global capital markets blocked by the court's decision, the new government of President Mauricio Macri has struck deals with the hedge fund holdouts and other bondholders.

Since beginning negotiations in January, the government has crafted deals to pay about $7.85 billion to holdouts, including $6.36 billion to those involved in the New York suits.

"If the agreements are extended to the rest of the bondholders, this would mean a new issue of $11.68 billion in bonds," Prat-Gay said.

Earlier the minister said that the country could raise up to $15 billion in new debt to cover all its current financing needs.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today argentina to raise 117bn to finance holdout payoffs Arab Today, arab today argentina to raise 117bn to finance holdout payoffs

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today argentina to raise 117bn to finance holdout payoffs Arab Today, arab today argentina to raise 117bn to finance holdout payoffs

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday