Argentina Says Proposed Debt Swap Aims To Protect Investors

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Argentina Says Proposed Debt Swap Aims To Protect Investors

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Argentina Says Proposed Debt Swap Aims To Protect Investors

by Wochit 0:47 mins

Argentina Says Proposed Debt Swap Aims To Protect Investors

by Wochit 0:47 mins

Cabinet chief Jorge Capitanich said on Wednesday, Argentina's plan for making payments on its sovereign bonds via a local bank aims to protect the vast majority of creditors who participated in two debt restructurings. The government is sending a bill to Congress replacing its New York intermediary bank with state-run Banco Nacion, the latest move in a years-old legal chess game between Argentina and holders of defaulted bonds who have sued for full repayment. The deadlock has kept the economically ailing country from being able to issue international bonds at a time of falling central bank reserves.

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