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Japan Criticizes Argentina Over Massive Default


Japan's finance minister has criticized Argentina over its debt restructuring scheme, saying the South American nation has not negotiated in good faith with its creditors.

Sadakazu Tanigaki offered the criticism Sunday during the Inter-American Development Bank annual meeting on the island of Okinawa.

Buenos Aires has offered to swap more than $100 million of its old, defaulted bonds for new bonds with different terms. But Mr. Tanigaki says the fact that only 76 percent of creditors have accepted the new terms, and that Argentina offered no alternatives, indicates a lack of cooperation from Buenos Aires.

Argentina went into default in December, 2001, triggering an economic collapse that left more than half the country in poverty.

Some information for this report provided by AFP and Reuters.

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