Argentina To Pay $500 Million To Resolve Debts

Argentina has agreed to pay around $500 million to resolve debts resulting from its default in the opening years of the twenty-first century. According to five separate agreements, which were signed by the country and several European and U.S. corporations, the bondholders will write down around 25 percent of the total $677 million they are owed, and receive $500 million in new Argentinian bonds. Argentina defaulted on most of its publicly held debt at the end of 2001. The total default amounted to $132 billion, and it has been the source of dispute between the country and many of its…