Argentine Banks Settle Debt

Banco Galicia, Banco de la Provincia de Buenos Aires and Nuevo Banco Bisel together cancelled $46.1 million of debt owing to Argentina’s Central Bank yesterday, Wednesday. The debt represented the 27th installment in the repayment plan drawn up by the Central Bank in 2003. The money was originally lent to the banks during the country’s financial meltdown at the end of 2001, start of 2002. Many banks have paid their outstanding debt to the Central Bank early as the economy has improved.