Argentina Re-opens Debt Exchange in 2010
In June, Argentina completed the reopening of its 2005 debt exchange and on July 1, announced the results. A total of approximately $12.86 billion of eligible debt was tendered into the exchange that launched on April 30, 2010. The total amount tendered represented 69.5% of the debt eligible to be tendered.
The 2010 re-opening brings the total amount of debt restructured to 92.6% (the original 2005 debt exchange restructured 76.2% of Argentine government debt in default since 2001). The final settlement of the 2010 debt exchange took place on August 11, for bondholders that didn't participate in the early tranche that closed on May 14 and settled on May 17.
As of 2012 holders of 6% of the debt continued to hold out, including US$1.6bn-worth held by Paul Singer's Elliott Management Corporation. In October 2012 the sail training ship ARA Libertad of the Argentine Navy was seized under court order in Ghana at Singer's request. in October 2012 Argentina's theoretical borrowing costs were 10.7%, double the average for developing countries., although Argentina has not raised money on the money markets since the default, and the state-owned oil company YPF has already placed debt in the financial markets to finance its investment programme in years to come.
Read more about this topic: Argentine Debt Restructuring
Famous quotes containing the words debt and/or exchange:
“Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
—Camille Paglia (b. 1947)
“We shall exchange our material thinking for something quite different, and we shall all be kin. We shall all be enfranchised, prohibition will prevail, many wrongs will be righted, vampires and grafters and slackers will be relegated to a class by themselves, stiff necks will limber up, hearts of stone will be changed to hearts of flesh, and little by little we shall begin to understand each other.”
—General Federation Of Women’s Clubs (GFWC)