Argentine Senate debates deal that would end debt standoff

Staff Writer
Columbus CEO

BUENOS AIRES, Argentina (AP) — Argentina's Senate is debating a deal with a group of creditors in the U.S. that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets.

The deal, reached in late February, must be approved by Congress. The lower House of Deputies passed it earlier this month.

The Senate was expected to vote late Wednesday or early Thursday.

Under the deal, Argentina would pay $4.653 billion to resolve all related claims, including those from a group led by hedge fund manager Paul Singer's group in New York.

Most creditors holding Argentine bonds renegotiate in 2005 and 2010 swaps. But a group led by Singer refused. They took Argentina to court in New York and won.