Argentina to restructure US$20bn in debt

Argentina aims to restructure before the end of March US$20 billion ($28.5 billion) in defaulted bonds left over from the country's historic debt crisis eight years ago, a government official said on Saturday.

The South American country, which defaulted on US$100 billion in obligations in 2002, is preparing to reopen its massive 2005 debt restructuring.

It is seeking permission from regulatory bodies such as the US Securities and Exchange Commission to carry out a swap of new debt for defaulted paper.

Those preparations "are on track and we are confident that very soon we will have all the approvals to launch the best possible offer as soon as possible," Finance Secretary Hernan Lorenzino told local radio.

"We are aiming for March," he said.

The government of President Cristina Fernandez wants the country to reenter the international capital markets after eight years of being shut out by creditors scared away from Argentina after it suffered the world's biggest debt default.