Argentina Invites More Creditors into Fold

Argentina moved to bring more creditors into the fold after kicking off Wednesday a small debt swap for holders of tax credits, offering them the same terms and conditions as those presented to holdouts. The tax credits were created in 2001 after the government accepted both interest and principal on certain bonds as payment for taxes. There are only about U$28m worth of such instruments outstanding and they are mostly held by locals, says a source familiar with the process. In exchange for the instruments, creditor will get Argentina’s 8.28% 2033s as well as cash. The operation is part of the country’s efforts normalize debt service with creditors, the Ministry of Finance says.