BUENOS AIRES: Argentina’s new government said on Tuesday (Wednesday in Manila) that it had reached its first settlement with “holdout” bondholders, a group of some 50,000 Italian investors whose bonds were defaulted on in 2001.

Finance Minister Alfonso Prat-Gay said a preliminary deal was struck to settle their claims on about $900 million worth of bonds, by face value, marking a major advance after Buenos Aires fought for years to avoid paying those who refused to join its debt restructuring.

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