Argentine debt swap will involve a 55% reduction

The U.S. law firm Cleary, Gottlieb, Steen & Hamilton (CGS&H), issued the formal request on behalf of the country to the Financial Industry Regulatory Authority (FINRA), the authority that shall authorize the eventual debt issuance, for the placement of new debt for $31.6 billion to redeem the liabilities issued from 2005 to 2019, with foreign legislation. The amount represents a straight-line deduction (elimination without owners’ consent) of 55% of the total debt recognized by the government of $68.8 billion.

Source: Ámbito