Argentina pays debt crisis bond's last $2.2b quota

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Associated Press

Posted on August 3, 2012 at 12:01 PM

Updated Friday, Aug 3 at 12:02 PM

BUENOS AIRES, Argentina (AP) — Argentina's president Cristina Fernandez says international banks have played her people for fools.

Her government paid its final $2.2 billion quota Friday to cancel a bond issued a decade ago when Argentina's economy collapsed and money fled the country. People who lost their savings were given the bond instead, and most of them lost big when they sold the bonds years ago.

Who bought them? Mostly international banks, whose analysts are among the government's strongest critics.

Fernandez says the criticism increased their profits from the bond on Friday, and pleaded with Argentines not to be fooled again.

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