Argentina reaches deal with Paris Club to clear $9.7 bln in debt

PARIS Thu May 29, 2014 3:20am EDT

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PARIS May 29 (Reuters) - Argentina reached an agreement early Thursday with the Paris Club over repaying overdue debts, in a landmark deal that could open up much-needed international financing for the country, the group of creditor nations said.

The agreement will allow Argentina to clear $9.7 billion of debt in arrears over a five-year period with a first instalment of at least $1.15 billion due by May 2015, the group said in statement after negotiations that dragged into the early hours of Thursday.

The dispute is the legacy of Argentina's 2001/2002 default. (Reporting by Leigh Thomas; Editing by John Stonestreet)

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