Argentina in new bid to pay off the 2001 debt default
Argentina on Wednesday launched a new bid to pay off the remainder of its debt from a disastrous 2001 default, calling it the "last chance" for the creditors holding out for the higher returns.
The country has paid off 93 percent of its debt from the 2001 economic debacle, when it defaulted on bonds worth around 100 billion dollars.
The latest offer is aimed at the investors -- mostly hedge funds known locally as "vulture funds" -- who hold the remaining bonds worth an estimated 6.1 billion dollars (4.6 billion euros) and have rejected previous proposals believing they could win more in court.
The Finance Secretary Hernan Lorenzino said the latest offer was a "gesture" towards the holdouts but warned it would be their "last chance," with the window closing December 30.
Argentina has revived an earlier offer to buy back the debt without past-due interest, paying with its popular Global 2017 bonds, Lorenzino said.
Buenos Aires hopes to turn the page on the default and return to the financial mainstream in 2011.
Dec 23, 2010
Argentina in new bid to pay off the 2001 debt default
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