BUENOS AIRES May 29 Shares in Argentine banks
and state-run oil firm YPF jumped on Thursday on news of the
country's landmark deal with the Paris Club on repaying overdue
debt that helps Argentina put its 2001-2002 sovereign default
Banco Macro shares listed in New York shot up 7.3
percent as investors registered satisfaction with the deal while
Grupo Financiero Galicia shares rose 6.7 percent and
YPF was up 3.1 percent.
The MerVal index was up 2.18 percent
"It's natural that Argentine shares are rising because the
Paris Club news is positive and will open up the possibility of
new capital for the economy and access for companies to cheaper
credit," a trader in Buenos Aires said.
Argentina reached an agreement on Thursday with the Paris
Club of creditor nations that should open up new sources of
international financing, needed for example to develop its vast
shale resources. Argentina has been virtually
shut out of capital markets since its default.
(Reporting by Jorge Otaola and Sarah Marsh; Editing by Grant