Argentina suggested that American hedge funds $ 6.5 billion in cash – BBC

«The deal entails the payment of approximately $ 6.5 billion if all bondholders accept it”, – reported in the Argentine Ministry of economy and state finances

As a matter of fact. Argentina proposes to reduce the amount of payments under own debt by 30%, because lenders require $ 9 billion

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The payments will be financed through the issuance of new government bonds

In general, the deal with Argentina’s creditors consists of three different proposals, Bloomberg reports

Investors papers without the so-called clause on equal treatment can get 150% of the cost of existing debt securities. With them, 50 thousand. Creditors of Italy, an agreement has been reached in the beginning of February. They will receive $ 1.35 billion instead of the expected $ 2.5 billion – invested $ 900 million including interest

For investors who do not go to the court and in whose bonds have said reservation of equal treatment has been proposed. the amount of 72.5% of their claims. Holders of the same papers that went to sue, it will be paid 72.5% of the amount awarded by the court if they disagree with a proposal within two weeks, otherwise the amount of payments will decrease to 70%.

If the new president of Argentina Mauricio Macri will be able to reach an agreement with all stakeholders, and convince the National Congress to approve the deal, which needs money Argentina will finally be able to get out of default and return to the world capital market.

This will allow the authorities to fund the necessary Argentina, new roads and railways, to reduce the cost of borrowing for businesses and regions, will open the way to international investment.

According to the CIA World Factbook, the national debt of Argentina in 2014 was 42, 7% of GDP. At the end of 2015, Moody’s rating agency upgraded the country’s rating from stable to positive from Caa1 level. According to the S & amp; P Argentina declared a selective default (SD), according to Fitch – Restricted Default (RD)

Two of the six hedge funds (Montreux Equity Partners and Dart Management) have already agreed to the deal, he said. appointed US court mediator Daniel Pollack

At the same time major creditors -. Elliott Management, Aurelius Capital Management, Bracebridge Capital and Davidson Kempner Capital Management – have not yet agreed on the terms of the deal, said Pollack

<. p> American billionaire Paul Singer of Elliott Management insists on full payment without any discounts, writes CNN Money.

Prolonged courts Argentine creditors started since 2001 the year when the country was faced with the largest at the time of default in the world by announcing that not may be more to service the debt at $ 95 billion (in 2012, “record” was beaten by Greek authorities, who have failed to fulfill the obligations of $ 138 billion). To exit from the situation were agreed restructuring plan – Argentina exchanged old paper with a discount rate of 33 cents per dollar maturing in 2033

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on the plan agreed 92.4% of creditors, but a group of investors led by Elliott Management hedge fund instead began a legal battle in the United States, which is, in fact It led to the second default of Argentina. Until 2014 the country regularly paying interest to its creditors, with the exception of refuseniks investors. Previous President Cristina Fernandez de Kirchner did not agree to the talks, referring to sue ‘vulture funds’ creditors for their investment style – the purchase of debt securities at bargain prices, and the subsequent trials with the requirement to repay the entire debt

However, the federal. district Court judge of New York Thomas Grisa not only ordered the Buenos Aires to pay dissenting investors more than $ 1.5 billion, but also banned until the payment of the creditors more amenable. In addition, the US Supreme Court refused to give the country more time to negotiate with creditors.

In response, the authorities have stopped paying interest to all creditors, not to have to completely revise the terms of the restructuring .

as a result, in 2014, Argentina faced default on already restructured debt of $ 29 billion, according to which will also have to make a payment, notes The Wall Street Journal.