BUENOS AIRES/NEW YORK — Argentina has gained breathing room after restructuring almost the entirety of $65 billion in foreign bonds, though it now faces a huge challenge to revive growth and repair government finances before the oxygen runs out. The South American grains producer said on Monday it had restructured 99% of eligible bonds in its debt deal after almost all bondholders got on board, a major win for Argentina, which is mired in recession and default. The country has also converted $8 billion in local dollar debt through voluntary swaps and is near the finish line to restructure over $40 billion in local-law dollar borrowings. "Taken together, these deals will give the government some much-need respite as it tackles the devastating fallout from the coronavirus crisis," Nikhil Sanghani at Capital Economics said in a note after the deal.

Source: International New York Times September 02, 2020 09:56 UTC