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Investors cheer Argentina's swift offer to holdouts

Govt proposes a US$6.5b payment to holders of defaulted bonds to settle the legal battle

STRATEGIC MOVE: Argentina's President Mauricio Macri taking part in a carnival celebration in the northern town of Purmamarca on Saturday. His pursuit of a swift settlement contrasts with his leftist predecessor who refused to offer better terms than the writedown accepted by creditors in earlier bond restructurings.

Buenos Aires

INVESTORS on Saturday praised the speed with which new Argentine President Mauricio Macri made a cash offer to holders of defaulted bonds aimed at ending a long and bitter dispute that has strangled government finances.

A financial markets pariah since defaulting on a...