Argentina’s ultimatum

The Argentine government has made what it claims is its final offer to holders of the sovereign’s defaulted debt. Josh Goodman reports

After playing hardball for months, Argentina has finally thrown a bone from its bounteous economic recovery to investors holding some $100 billion in defaulted bonds. In light of a 10% growth spurt in the first quarter, on June 2 economy minister Roberto Lavagna offered to improve the terms of the government’s restructuring offer. Under the revamped plan, the government has consented to recognizing up to $23 billion in interest that has accrued since the December 2001 default. The result for