Weekly Report - 6 January 2011 (WR-11-01)

ARGENTINA | Debt holdouts. The government reopened an offer to so-called “holdouts" with defaulted Argentine bonds for eight days at the end of December as part of a “goodwill gesture". The economy minister, Amado Boudou, said that the offer, which applied to about US$330m of bonds, received an 81% acceptance rate. Argentina surpassed its target of a 60% adhesion to its US$18.3bn debt swap in June, and is in talks with the Paris Club of creditor nations to repay some US$6bn in debt with a view to being able to tap international markets once more. Boudou claimed that after last year's debt swap and the 2005 restructuring Argentina had settled 93% of the US$102bn it defaulted on during the 2001-2002 economic crisis.

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