Argentina’s ultimatum

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After playing hardball for months, Argentina has finally thrown a bone from its bounteous economic recovery to investors holding some $100 billion in defaulted bonds. In light of a 10% growth spurt in the first quarter, on June 2 economy minister Roberto Lavagna offered to improve the terms of the government’s restructuring offer. Under the revamped plan, the government has consented to recognizing up to $23 billion in interest that has accrued since the December 2001 default. The result for inv

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