Cordoba’s government successfully restructures $1.7bn in debt

The government of Córdoba announced the successful restructuring of its dollar debt for a total amount of 1.7 billion dollars. The agreement reached with the bondholders includes a one-point reduction in the interest rate from 7.23 per cent to 6.08 per cent on average, representing a saving of $200 million over the next eight years, and postponing the first maturity to 2023 and the last to 2029; this implies a temporary saving of $700 million.