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Argentine lawmakers OK debt payment alternatives

The Senate of Argentina in Buenos Aires on September 3, 2014Argentina’s lawmakers approved a measure early Thursday that would transfer the payment site for the country’s restructured debt obligations from New York to Buenos Aires, as the country grapples with fallout from its 2001 default. The measures are backed by President Cristina Kirchner, whose supporters hold majorities in both houses of the Argentine Congress. Argentina is still dealing with the after-effects of its 2001 default on $100 billion in debt, the largest in history at the time. Buenos Aires reached deals with most of its creditors to restructure its debt, agreeing to repay them just 70 percent of the face value of the bonds they hold.

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