Venezuela To Buy Argentine Paper

Venezuela is set to buy $312.4 million dollar-denominated sovereign debt from Argentina, pushing up its holding of Argentine paper to just over $2 billion and making it by far the largest investor in that country’s foreign debt. In December, Venezuela bought $766 million of the same Boden 2012 bonds. Earlier in the year Chávez’s government sold $600 million of its Argentine bonds, although it is not known exactly at what profit. The sale of the dollar-denominated Boden will help Argentina with its goal of building up dollar reserves following the 3 January payment to the IMF of $9.8 billion to cancel its debt.