US

Argentina and US creditors reach deal in longstanding spat

Argentina and a group of U.S. holdout creditors have reached a deal meant to end a spat that has kept the South American country on the margins of international credit markets.

Arbiter Daniel A. Pollack issued a statement Monday saying Argentina and a group of holdout creditors led by billionaire Paul Singer have signed an "agreement in principle."

The agreement still must be approved by Argentina's Congress. It would have the country pay $4.653 billion to resolve all claims.

The debt spat goes back to Argentina's 2001-2002 financial meltdown, when it defaulted on $100 billion in debt. Most creditors renegotiated the debt in 2005 and 2010. But a group of creditors led by Singer refused and took Argentina to court in New York and won.