BUENOS AIRES/NEW YORK (Reuters) – Argentina has gained breathing room after restructuring almost the entirety of $65 billion in foreign bonds, though it now faces a huge challenge to revive growth and repair government finances before the oxygen runs out.

Argentina’s President Alberto Fernandez (R), Vice President Cristina Fernandez de Kirchner and Economy Minister Martin Guzman attend a news conference to give details about the agreement with major private creditors to restructure Argentina’s sovereign debt, at the Casa Rosada Presidential Palace, in Buenos Aires, Argentina August 31, 2020. Juan Mabromata/Pool via REUTERS

The South American grains producer said on Monday it had restructured 99% of eligible bonds in its debt deal after almost all bondholders got on board, a major win for Argentina, which is mired in recession and default.

The country has also converted $8 billion in local dollar debt through voluntary swaps and is near the finish line

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