Argentina renegotiated part of its foreign debt.

The agreement came after two months of negotiations with creditor banks to renegotiate $32.8 billion of its $52 billion in foreign debt. Of the $32.8 billion refinanced, $29.5 billion was from creditor banks, and the remaining $3.3 billion came from several sources, including commercial banks and international monetary sources, Treasury Secretary Mario Brodersohn said. Of the $29.5 billion refinancing by banks, $25.3 billion was with a 19-year payment term and a seven-year grace period. The remaining $4.2 billion includes a 12-year payment period with a five-year grace period, he said.

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