Argentina makes $4.65bn deal with holdout creditors pathing the way for return to international capital markets

James Nickerson
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The news is a win for Argentina's new Preisdent Mauricio Macri (Source: Getty)

Argentina has finally come to an agreement in principal with a group of holdout creditors to end a 15-year legal fight over defaulted debt.

The country will pay the group $4.65bn, which is close to 75 per cent of the full judgements, including the principal and interest, according to Bloomberg.

The agreement is expected to clear the way for Argentina to return to international capital markets.

Read more: How Argentina's struggle in the late 1990s could provide lessons to Greek leaders

The deal is still awaiting Argentine Congressional approval - as well as the repealing of a number of debt laws.

"This is a giant step forward in this long-running litigation, but not the final step," Daniel Pollack, the court appointed mediator, said.

New President Mauricio Macri will be celebrating as much as anyone, given he'd emphasised putting an end to the battle as a key campaign promise.

Back in December Macri said Argentina would be lifting currency controls.

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