Argentina offers local swap to escape legal quandary

Argentina offers local swap to escape legal quandary

Bonds

Argentina has asked the holders of restructured bonds to swap their New York-law securities into new ones governed locally, to avoid a possible seizure of its funds. The proposal follows a decision by the US Supreme Court earlier this week to uphold a lower court ruling for the country to pay holdout creditors before servicing restructured debt from the country's 2002 default. The ruling has put Argentina in a tough spot: the government says it does not have the money to comply fully with the or

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