09:19 GMT +3 hours26 June 2016
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Argentina to Pay $1.1 Billion to Two Creditors to Resolve Debt Dispute

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Argentina will pay $1.1 billion to two of its creditors in order to resolve a long-standing debt dispute, court documents reveal.

MEXICO CITY (Sputnik) – The settlements will be paid to EM Ltd. ($842- $848 million) and Montreux Partners LP ($298,664,000), according to the documents filed in New York federal court on Wednesday and cited by Law 360.

Earlier this month, Argentina offered to pay $6.5 billion to US holdout creditors that would not accept debt restructuring.

Most of Argentina's creditors agreed to debt restructuring conducted in 2005 and 2010. Two US hedge funds — Aurelius Capital management and NML Capital – refused to accept the deal, prompting US District Judge Thomas Griesa to freeze Argentina's ability to transfer funds to restructured bondholders until it pays the holdouts in the restructuring.

The ruling forced Argentina into its second default in 13 years.

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  • aubreydgarrett
    The USA got the government they wanted elected in Argentina. Macri will be worth his weight in gold to the US business interests. He will be a ''Singer'' that the working poor will hear loud and clear. Singer's New York judge? Macri will bring his judgement to fruition.
    Immediately, he has demonstrated his overwhelming loyalty to the United States government, which had been previously made clear in confidential U.S. embassy cables published by WikiLeaks. Macri immediately after being elected denounced Venezuela and threaten to have the country suspended from the Mercosur trading bloc of South American nations.
    It will be a coin toss if this guy is good for Argentina. He will be good for the USA and that might lift the working poor up- or government austerity will destroy them Time will tell.
  • sophm0e38in reply toaubreydgarrett(Show commentHide comment)
    aubreydgarrett, exactly, except I don't think it will be a coin toss as to whether Macri is beneficial to Argentina. He awarded himself a pay rise while cutting costs for ordinary Argentinians. Macri is a carbon copy of every rotten US-backed Latin American leader.
  • Glamoureus
    Argentina better pay and LEAVE USA-strings.

    Better join up with BRICS and become a Free country. Look at Greece, they choosed NOT to turn to Bricks last year and now they got riots and poverty on the streets. Young girls sells their bodies even for food, not money.
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