Cool response to Argentina debt plan



Almost two years after Argentina defaulted on its debt repayments in December 2001, the country has announced initial plans to restructure its $94 billion worth of bonds. However it looks unlikely that these first proposals will be accepted unchanged.

The proposals recommend a 75% reduction in the value of the bonds and accumulated interest payments would be canceled. Since this interest amounts to approximately $5 billion each year, the plan means bondholders would lose an additional $10 billion

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