Argentina

    Economy Minister Amado Boudou said the government is still working on the details of its planned swap of about USD 20 billion in defaulted bonds. The exchange will bolster investment and economic growth in the country, Boudou said in a speech at Congress, where he spoke about the government's plan to suspend a law preventing the restructuring of defaulted debt not tendered in a 2005 swap. "We aren't doing this for fiscal reasons but because it will help the real economy, will create jobs and help private investment," Boudou said. The exchange would involve debt tied to the country's 2001 default on USD 95 billion in bonds. Boudou said Oct. 22 that the offer to holders of defaulted bonds who rejected the 2005 restructuring will be "a little bit" worse than the original swap. (Bloomberg)

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