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Argentina re-enters world finance market

Summary

16 April 2010

Argentina has offered to swap bonds that it failed to pay back nine years ago, at one third of their value. However, the offer may be a disappointment to some investors.

Reporter:

Linda Duffin

Report

Argentina needs to access global markets because it faces tight financing and rising debt obligations this year. But Latin America's third-biggest economy has been a pariah since it defaulted on around 100 billion dollars worth of debt in 2001.

The Argentine government now wants to restructure 20 billion dollars in defaulted debt and nine billion dollars in accumulated interest.

The terms aren't as favourable as some investors had hoped and regulatory approval is still pending in Europe and Japan.

But the government hopes the offer will end investor lawsuits which led to the freezing of the country's assets in foreign banks and clear the way to return to the debt markets.