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By: Gaurav Sharma
When Argentina’s senate approved President Mauricio Macri’s national debt repayment deal aimed at holdout creditors earlier this week, the market greeted it more with a sence of expectation than relief, despite the fact that the incumbent head of state did not have a majority in the legislative chambers and faced a tough task.
The holdout creditors, who refused to agree to a restructuring of Argentina’s debt after it defaulted on nearly $100 billion in 2001, can now be paid after a legal tussle that has stretched back over a decade nears its conclusion. Central to the deal is a cash payment of $4.7 billion; around 75% of what Argentina owes to funds that sued the country in a New York court over non-payment of debt.
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