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Argentina seals repayment deal on US$9.7bn of unpaid debt

Published: 02:56 30 May 2014 AEST

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Argentina’s rehabilitation as a respectable place to do business took another step forward as it reached a deal with to repay US$9.7bn of debt.

Argentina and the Paris Club, a 19-strong group of creditor nations, sealed the deal on Thursday that will see long overdue debts paid off over a five-year payment.

Under the terms of the agreement, interest on the debt – which has been outstanding since Argentina’s economic crisis in 2001 – will be reduced from 7% to 3%.

The deal will be welcomed by UK companies operating in Argentina, such as oil & gas company Andes Energia (LON:AEN) plus miners Mariana Resources (LON:MARL) and Patagonia Gold (LON:PGD) and Minera IRL (LON:MIRL).

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