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Argentina Wraps Up Debt Swap But Has Yet To Reap Benefits
Wall Street Journal
June 24, 2010

BUENOS AIRES (Dow Jones)--Argentina's government on Wednesday wrapped up its latest offer to exchange defaulted sovereign bonds, but will have to wait for global markets to recover their poise to test its true success.

Since 2005, investors holding about 92% of nearly $100 billion in defaulted bonds have swapped them for a combination of new bonds and cash, accepting an offer of around 34 cents on the dollar. Argentina had stopped paying those debts during a massive economic crisis in 2001.

The government of President Cristina Fernandez is still short of its ultimate goal of being able to borrow overseas at interest rates below 10%. Ambitious for Argentina, that would still be far higher than rates paid by neighbors such as Brazil, Chile and Uruguay, which are benefiting from strong investor interest in emerging markets, which fared better than the developed world during the global financial crisis.

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