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Argentina took a step toward expunging a vestige of its 2001 debt default by offering to buy back $13.8 billion of securities that reward investors as the economy recovers.
The country will save $9.4 billion if all of the so-called GDP warrants outstanding are repurchased, the Finance Ministry said in an e-mail. The securities, denominated in dollars, euros and pesos, were issued as part of debt restructurings in 2005 and 2010 as sweeteners for creditors who got burned by the country’s $95 billion default. A payout is triggered when the economy expands more than 3 percent annually.
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