{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Creditors being offered swap deals to help service the nation\u0026#39;s debt' data-url='/boclips/videos/5c54bb23d8eafeecae122cf5' data-video-url='/boclips/videos/5c54bb23d8eafeecae122cf5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nCreditors being offered swap deals to help service the nation\u0026#39;s debt\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eArgentina said on Tuesday it is working on a debt swap that would make payments in Argentina to creditors who accepted previous debt restructurings.The country's economy minister Axel Kicillof made the announcement at a news conference...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eArgentina said on Tuesday it is working on a debt swap that would make payments in Argentina to creditors who accepted previous debt restructurings.\u003cbr/\u003eThe country's economy minister Axel Kicillof made the announcement at a news conference in Buenos Aires.\u003cbr/\u003eThe move came a day after the US Supreme Court refused to intervene in a US judge's order that would deny use of the US financial system to Argentina, unless it first pays off holders of defaulted bonds who didn't accept previous debt swaps. \u003cbr/\u003eThe high court also decided that the bondholders who won the legal case could use the American courts to force Argentina to reveal where it owns property around the world. \u003cbr/\u003eThe arrangement would involve investors who agreed to swap government bonds that were defaulted on in Argentina's 2001 economic collapse for new, less valuable bonds that the government has been paying on since 2005.\u003cbr/\u003eIt also seeks to avoid further US legal action by the \"holdout\" bondholders who won the judgment against Argentina. \u003cbr/\u003eIf Argentina were forced to pay off what the government calls \"vulture funds,\" the country could become an easy prey and would ultimately be \"pushed into a default,\" Kicillof said. \u003cbr/\u003eKicillof stressed that Argentina could not allow itself to break its commitment with creditors who have been collecting payments through a restructured debt agreements. \u003cbr/\u003e\"That is why we are initiating the steps to swap of debts to pay in Argentina and under Argentine law,\" he said.\u003cbr/\u003eArgentine President Cristina Fernandez has criticised the US judge's ruling requiring a 1.5 (b) billion US dollar payment, of full value plus interest, to investors who didn't accept the previous debt restructurings. \u003cbr/\u003e1. Wide of Argentina's Economy Minister, Axel Kicillof, arriving for news conference\u003cbr/\u003e2. Cameramen \u003cbr/\u003e3. Wide of conference \u003cbr/\u003e4. SOUNDBITE: (Spanish) Axel Kicillof, Argentina Economy Minister:\u003cbr/\u003e\"What will the Argentine government do? First of all, we cannot allow ourselves to be impeded to honour our commitments with creditors, bondholders who entered in the restructuring (of debts), our 93 percent (of creditors) who are collecting payments, and have collected punctually, and have the bonds in their power. So we will not permit ourselves to be impeded from paying. That is why we are initiating the steps to swap the debts to pay in Argentina and under Argentine law. We are initiating the steps.\"\u003cbr/\u003e5. Cutaway of cameras\u003cbr/\u003e6. SOUNDBITE: (Spanish) Axel Kicillof, Argentina Economy Minister:\u003cbr/\u003e\"If we don't pay the vultures, the decision says that we cannot pay our bondholders. And if we do pay the vultures, it will be an amount of resources that we should pay that is incalculable and that we don't know where it ends. So the judgment of (trial judge Thomas) Griesa, anyway you see it, appears to push us into default.\"\u003cbr/\u003e7. People walking past newspaper stand\u003cbr/\u003e8. Newspaper stack \u003cbr/\u003e9. Newspaper headline reading (in Spanish) \"Cristina avoided saying if she will abide by US court decision\"\u003cbr/\u003e10. Close of headline reads (Spanish) \"The US Court forces the payment to holdouts and there would be negotiations.\"\u003cbr/\u003e11. Close of headline reads (Spanish) \"We will not default the restructure debt.\"\u003cbr/\u003e12. SOUNDBITE (Spanish) Vox Pop, Ricardo (last name not given), resident:\u003cbr/\u003e\"If Argentina declares a default and doesn't want to pay, we will then have problems on an international level. They will close the doors to all the markets. We will be excluded from the world. And I think Argentina should pay.\"\u003cbr/\u003e13. 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