Argentina is promising to make good on US$500 million in World Bank arbitration court rulings with a mix of new bonds instead of cash, and it is counting on getting billions of dollars in new loans in return.
That credit line awaits World Bank board approval in December, and officials in Washington wouldn't confirm amounts.
But Economy Minister Hernan Lorenzino tweets that US$3 billion will flow into Argentina for more social programmes.
Details of Argentina's arbitration court offer have not been released, and it's not clear the companies would accept it.
The Ambito Financiero newspaper reported Friday that Lorenzino offered to pay much less than the full amounts with bonds, not cash, and also would require the companies to reinvest 10 per cent of what Argentina owes them in new Argentine bonds.