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Brazil’s PTG Pactual Bank and the China Construction Bank are at the forefront of the initiative to buy up the 1.6 billion dollars of debt which Argentina owes “holdouts” NML-Elliott and Aurelius, according to a report from Buenos Aires Ambito Financiero, the country's leading financial newspaper.
This alliance between a major Brazilian merchant bank (headed by the billionaire Andre Esteves) and one of China’s “Big Four” — who undoubtedly both have the financial capacity to fund this operation — was confirmed last week to Ambito by Marco Aurelio Garcia, Brazil's special presidential advisor on foreign policy and Mercosur trouble-shooter under both the Lula da Silva and Dilma Rousseff administrations.
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