Argentina in 'breakthrough' offer to creditors

Argentina's Finance Secretary Luis Caputo speaks with the media while exiting the office of US mediator Daniel Pollack, in New York on January 13, 2016Argentina’s new government has offered $6.5 billion to settle its long debt battle with “holdout” creditors, the government and a US mediator said Friday, declaring a breakthrough to the impasse. The dispute and the US court case around it has roiled global sovereign debt markets while deeply hampering Argentina’s ability to access international capital to fund its economy. The offer was made in New York talks with hedge funds and other creditors who had demanded full repayment of about $9 billion on bonds the country defaulted on 15 years ago.

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