Argentina's Senate gave the green light to a landmark deal to repay creditors holding defaulted debt in the early hours yesterday, marking the end of a 14-year legal battle. The deal is the cornerstone of new President Mauricio Macri's plan for revitalising an economy hobbled by low investment, high inflation and precarious central bank reserves. Senators across the political divide voted by a 54 to 16 margin in favour of the deal. Cash-strapped provincial governors who see it as key to regaining access to financing had lobbied hard in favour of the package. Now, Macri must simply sign the deal into law. "What we are doing is resolving the topic of debt, we are not increasing debt, we are closing a judicial question," said Miguel Pichetto, head of the opposition Victory Front party in the Senate, who voted in favour of the deal despite coming under attack from some members of his own party. The country has until April 14 to pay $4.65 billion to the main hedge funds that fought for and won an advantageous settlement after balking at steep payment reductions offered in Argentina's 2005 and 2010 bond revamps. A US court ordered Argentina to negotiate a settlement, which should set...
from timesofmalta.com http://ift.tt/25zH7G3
via
IFTTT
No comments:
Post a Comment