UPDATE 5-Argentina clinches landmark debt repayment deal with Paris Club
* Will allow country to clear arrears of $9.7 billion over 5 years
* Deal clears the way for resumption of international financing
* Paris Club dispute is legacy of country's 2001/02 default
* Argentina says may also consider deal with holdout bondholders (Adds Breakingviews link)
By Leigh Thomas and Sarah Marsh
PARIS/BUENOS AIRES, May 29 (Reuters) - Argentina reached an agreement on Thursday with the Paris Club of creditor nations on repaying overdue debts in a landmark deal that should help the country put its record default behind it and open up much-needed sources of international financing.
The Club said the deal, reached in the early hours of the day in Paris, would allow Argentina to clear around $9.7 billion of arrears over the next five years. Deemed positive for Argentina by analysts, it lifted Argentine stocks and bonds.
Faced with an ailing economy and dwindling foreign reserves, Argentina has been on a push since late 2013 to resolve disputes with creditor nations and foreign firms in order access fresh funds and attract investments to its massive shale resources.
The country has been virtually shut out of capital markets since its 2001/02 default on roughly $100 billion. Continuación...