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Argentina Declares Debt Swap a Success


Argentine President Nestor Kirchner told his nation's Congress on Tuesday that the country's huge debt swap was a success.

Argentina defaulted on more than $80 billion in debt in 2001. With interest, the bill has now grown to more than $100 billion.

The country offered to exchange old debt for new bonds worth about one third of the face value of the defaulted debt.

The offer angered many investors, but news reports in Argentina say perhaps three-quarters of the investors agreed to the swap.

The record default followed years of recession and a deep economic crisis in 2001.

Argentina's economy is recovering and expanded by 8.8 percent last year. It was the second straight year of growth for Argentina.

Some information for this report provided by Bloomberg, AP, Reuters and AFP.

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