Argentina announces debt 'default' plan

ARGENTINA - Argentina's President Fernando de la Rua has announced a restructuring of his country's debt which many analysts regard as a technical default.

A default by Argentina, which owes a total of $132bn, would shake investors' confidence in emerging market debt, making it harder for many developing countries to borrow.

Full details have yet to be made public, but the restructuring plan centres on swapping $95bn worth of government bonds paying 15% interest for longer-term securities whic