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Argentine Senate debates deal that would end debt standoff

Debate begins for a deal with US creditors
By The News · 30 of March 2016 20:18:50
Argentina's Vice-President and President of the Senate Gabriela Michetti attends the debate for the approval of a settlement with creditors, No available, Photo: Reuters/Marcos Brindicci

BUENOS AIRES, Argentina – Argentina’s Senate Wednesday began debating a deal with a group of creditors in the United States that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets.

The deal, reached in late February, must be approved by Congress. The House of Deputies passed it earlier this month. The Senate was expected to vote by early Thursday.

Under the deal, Argentina would pay $4.653 billion to resolve all related claims over a 2001 default, including those from a group led by hedge fund manager Paul Singer’s group in New York.

Most creditors hold Argentine bonds renegotiated in 2005 and 2010 bond swaps. But a group led by Singer refused. They took Argentina to court in New York and won.

A demonstrator holds a sign that says in Spanish: "Traitors" outside Congress, directed at lawmakers who are debating a new debt payment deal with U.S. creditors in Buenos Aires, Argentina, Wednesday, March 30, 2016. Under the deal, if passed, Argentina would pay to resolve all related claims, including those from a group led by hedge fund manager Paul Singer's group in New York. (AP Photo/Natacha Pisarenko)

A demonstrator holds a sign that says in Spanish: “Traitors” outside Congress, directed at lawmakers who are debating a new debt payment deal with U.S. creditors in Buenos Aires, Argentina. Photo: AP/Natacha Pisarenko