The International Capital Market Association (ICMA) published on Friday the revised framework that allows a majority of investors holding sovereign bonds that default to make changes to the terms, such as extending maturities or reducing the principal.
Argentina plans to offer suing holdout creditors a 25-year bond equal to the face value of their debt when the country defaulted in 2002, local financial daily Ambito Financiero reported on Wednesday.
Wall Street dropped on worries about a possible downgrade of the United States' top credit rating and signs of economic weakness even as the US Congress passed on Tuesday a bill to avoid a debt default.
Greece's parliament approved early Wednesday deeply unpopular austerity measures despite worsening violence, in a vote vital toward securing international funds and preventing the Euro zone's first sovereign default.
Greece’s credit rating was cut on Friday three levels by Fitch Ratings, which said that even a voluntary extension of its bond maturities being studied by EU policy makers would be considered a default.