Venezuela Buys Argentine Bonds

Venezuela has promised to buy $150 million of Argentine domestic bonds. Argentina said it will assign a new issue of the bonds, known as Bodens, maturing in 2012 to the Venezuelan state development bank at market prices. Argentina will use the proceeds to pay down bonds it gave depositors in 2002 to compensate them for the seizure of their deposits following the country’s $95 billion debt default in late 2001.