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Argentine Senate debates deal that would end debt standoff

Associated Press
Published | Updated
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    Lawmakers debate a deal with a group of U.S. creditors that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets, in Buenos Aires, Argentina, Wednesday, March 30, 2016. If passed, Argentina would pay to resolve all related claims, including those from a group led by hedge fund manager Paul Singer's group in New York. The Senate was expected to vote late Wednesday or early Thursday. (AP Photo/Natacha Pisarenko) (The Associated Press)

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    A young demonstrator holds a sign that says in Spanish: "Don't turn over my future. No to the vultures" during a protest against a new debt payment deal being debated by lawmakers, outside Congress in Buenos Aires, Argentina, Wednesday, March 30, 2016. Argentina's Senate is debating the deal with a group of creditors in the U.S. that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets. (AP Photo/Natacha Pisarenko) (The Associated Press)

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    Lawmakers debate a deal with a group of U.S. creditors that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets, in Buenos Aires, Argentina, Wednesday, March 30, 2016. If passed, Argentina would pay to resolve all related claims, including those from a group led by hedge fund manager Paul Singer's group in New York. The Senate was expected to vote late Wednesday or early Thursday. (AP Photo/Natacha Pisarenko) (The Associated Press)

BUENOS AIRES, Argentina – Argentina's Senate is debating a deal with a group of creditors in the U.S. that would put an end to a years-long dispute that has kept the South American nation on the margins of international credit markets.

The deal, reached in late February, must be approved by Congress. The lower House of Deputies passed it earlier this month.

The Senate was expected to vote late Wednesday or early Thursday.

Under the deal, Argentina would pay $4.653 billion to resolve all related claims, including those from a group led by hedge fund manager Paul Singer's group in New York.

Most creditors holding Argentine bonds renegotiate in 2005 and 2010 swaps. But a group led by Singer refused. They took Argentina to court in New York and won.