Argentina wins latest round in effort to restructure debt.

[bemildred]

Argentina won an important battle on Thursday in its attempts to restructure about $100bn (EUR81bn, ?56bn) in defaulted debt after the country's private pension funds agreed to accept the government's forthcoming offer.

---

Leading bondholder groups such as the Global Committee of Argentina Bondholders (GCAB), which claims to represent investors holding almost half the total number of defaulted bonds, are furious.

The organisation has rejected the government's proposed offer, which most agrees amounts to net-present-value recovery levels of 25 cents on the dollar. In a meeting in Washington on Monday, GCAB's leaders threatened litigation if Argentina did not improve the terms of the proposed restructuring.

However, it now appears unlikely that Argentina will improve its offer. Indeed, the government seems confident it can gain a significant participation rate in the swap. That confidence has been buoyed in recent weeks because the fall in yields of US Treasuries and emerging market bonds has made Argentina's restructuring offer look less onerous.

MercoPress

[aneerkoinos]

1. Litigation?

If the moneymen wan't to sue somebody, sue IMF and World bank. Idiots.

[w4rma]

2. Argentina should just default on the greedy bums, imho.

And the investors should take a look at the insiders who got out before they did and get the money from some of them, for insider trading.

Those SOBs conned that country blind.

[aneerkoinos]

3. Thatt's what Argentina did n/t