BUENOS AIRES: The Argentine Senate Thursday approved an agreement to pay holdout creditors, moving to end a 15-year-old US court battle over a catastrophic debt default.
This means the deal has cleared its final legislative hurdle. The bill paves the way for the government to pay billions of dollars to creditors that rejected Argentina’s efforts to restructure the debt it de-faulted on in 2001.
After nearly 15 hours of debate, the vote was 54 in favor and 16 against. The deal is final because the lower house of the legislature passed it two weeks ago.
Conservative President Mauricio Macri’s administration has called the deal bitter but necessary med-icine to end the country’s status as a pariah on international capital markets.
Argentina has effectively been locked out of them since its nearly $100 billion default, the largest in history at the time.