Argentina has reached a deal to pay $1.35 billion in cash to a group of Italian creditors who hold unpaid sovereign debt stemming from the South American country's payment default in 2002, the investors said on Tuesday.
The deal is subject to approval by thé Argentine Congress, it comprise a payment of 150 % on the $900 million principal value of the defaulted bonds.
"That means the entire nominal value plus 50 percent interest," Niocola Stock, president of Task Force Argentina which some 50,000 bondholders, told Reuters.
Even though newly elected President, Mauricio Macri does not hold a majority in Congress, Stock said he expected lawmakers to pass the deal quickly before they go on recess in March.
"We have to discuss it with the Italian market watchdog and Treasury minister for some details but I'm confident Italian bondholders can go on holiday with the money in pocket," Stock said.
REUTERS
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