The Argentina Task Force (TFA)
representing Italian investors and the new Argentinian executive
of center-right President Mauricio Macri reached a preliminary
accord Tuesday for the compensation of over 50,000 Italians
holders of defaulted Argentine bonds.
Argentina has agreed to pay back 150% of the principal - or
$1.35 billion in cash - subject to approval by parliament.
The South American nation defaulted in 2001, leaving
450,000 Italian small investors in the lurch. Many accepted
substitute bonds in two restructurings, in 2005 and 2010.
"We're very glad to have reached a preliminary accord,
which represents the first step in the normalization of
relations between Argentina and international financial
markets," said Argentine Finance Secretary Luis A. Caputo.
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