NEW YORK - Negotiators have agreed on detailed terms for the restructuring of Argentina's $31 billion in bank debt and arrears, bankers close to the negotiations said.
Accord on the broad outline of the plan had been reached in April.
The next step is examination of the terms by lawyers. One source said the terms sheet, actually a bulky document, could be released later this week to creditor banks not involved in the negotiations.
The accord followed intense negotiations Monday night.
Argentine Economy Minister Domingo Cavallo was due to meet Tuesday night with William Rhodes, vice chairman of Citicorp, which leads the steering committee on Argentine debt talks.
A Hefty Document
"There's been tremendous pressure on Argentina and the banks to get this done." one banker said.
The terms sheet, which details the "Brady bonds" and other instruments available to banks as part of the restructuring, is a massive document that expands upon a four-page news release on the basic terms of an accord reached in April, bankers said.
It is expected to have similar terms to other Brady-style restructurings, such as Mexico's and Venezuela's.
One source said the bankers had decided to drop a part of the accord referring to a straight debt restructuring, without Brady-style enhancements, because of a lack of interest in the instrument from the banks.