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Source: Boston Globe
By: Katia Porzecanski
Argentina settled with disgruntled creditors led by billionaire Paul Singer’s Elliott Management, who had sued the country over its $95 billion default in 2001, putting an end to an epic legal battle that had dragged down South America’s second-largest economy.
Talks between government officials and the investors, including hedge funds Aurelius Capital Management, Davidson Kempner, and Bracebridge Capital, who held billions in claims on debt ended late Sunday after more than a decade of litigation that locked the country out of international capital markets and made it a pariah among global investors. Argentina will pay $4.65 billion in cash, or 75 percent of principal and interest on full claims, and will raise the funds in overseas bonds markets to do so, according to court-appointed mediator Daniel Pollack.
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