BUENOS AIRES, June 2 (UPI) -- Argentina has offered to pay a sizeable chunk of its foreign debt, currently standing at nearly $100 billion, local news sources reported Wednesday.
La Nacion reports Argentina is offering to pay $60.9 billion of $99.4 billion owed to international creditors and investors.
The government would also reportedly issue $38.5 billion in new bonds.
Argentina defaulted on $88 billion in foreign debt in 2002 following deadly riots that prompted the resignation of then-President Fernando de la Rua.
Since then, the South American nation has struggled to prove to international lenders such as the IMF that it is on the course to recovery and willing to honor its debt obligations.
However during the last year -- the first in office for new President Nestor Kirchner -- Argentina made significant strides in its economic recovery.
