Argentina deferred 7.4 trillion pesos ($15.4 billion) in interest payments due this year in a debt swap operation on June 8. Nearly 78% of eligible bondholders agreed to the swap.

“Today, we completed the largest exchange of public debt in Argentine history, in terms of maturities in the domestic market,” economy minister Sergio Massa posted on Twitter.

IMF spokesperson Julie Kozack said: “We certainly welcome the authorities’ efforts to reduce rollover risks associated with domestic debt.”

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