Argentina presents proposal in NY to end debt battle
BUENOS AIRES Feb 5 (Reuters) - Argentina presented a proposal on Friday to creditors to end their battle in U.S. courts over debt the country defaulted on in 2002, the Finance Ministry said in a statement.
"The proposal implies a 25 percent cut" of the amount awarded by U.S. courts, the ministry said, after five days of closely watched talks in New York between Finance Secretary Luis Caputo and the creditors.
"This is the first time Argentina makes a formal offer to the holdouts," the ministry said. "This preliminary restructuring proposal has already been accepted by some funds." (Reporting by Buenos Aires newsroom; Writing by Sarah Marsh; Editing by Chizu Nomiyama)
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