Argentina Senate Approves Plan to End Bondholder Dispute

Source: The Wall Street Journal
By: Taos Turner
03.31.2016

Argentina’s Senate approved a plan to end a long-running legal dispute with U.S. hedge funds, handing President Mauricio Macri his first big victory in a Congress dominated by the opposition.

Early Thursday, the Senate voted 54 to 16 to let Mr. Macri issue $12 billion in bonds and use part of that to pay $4.65 billion to the hedge funds, which had sued Argentina for not paying out on bonds they bought after the country defaulted on its debt 15 years ago.

The vote, the last domestic hurdle Mr. Macri faced in making a deal, allows Argentina to tap global credit markets for the first time since 2001.

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