Argentina plans to launch a new debt swap, which it hopes will end a long-running saga that started from a massive default eight years ago. Latin America's third-largest economy is trying to rebuild its reputation with international investors and sell bonds to raise money. It wants to buy $20bn in outstanding defaulted bonds held by investors who refused a previous offer in 2005. Argentina defaulted on $95bn of bonds in 2001, a record amount at the time. Since the 2001-2002 economic crisis, Argentines have seen a president chased through the streets by rioting mobs and seven subsequent presidents come and go. But Argentina's economy has recovered relatively strongly. The country wants to raise at least $1bn in fresh capital. Steep discount President Cristina Fernandez's predecessor, Nestor Kirchner, had restructured... [read full story]
