Argentina successfully staged the first of three planned debt exchanges for the year in February, swapping $4.2 billion in debt. The exchange is part of a $39.7 billion rescue package arranged by the International Monetary Fund and other international organizations to avert an Argentine bond default (see Done Deal). Also in February, the country issued ?500 million in six-year bonds yielding 10% or 557 basis points over comparable German government securities. The deal was arranged by Credit Suisse First Boston and J.P. Morgan.
The International Monetary Fund reached a tentative agreement with Ecuado
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