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RIO DE JANEIRO, BRAZIL - Argentina and most of its top creditors are moving closer to an agreement to restructure US$65 billion (R$325 billion) of bonds, according to government sources in the Buenos Aires media. Likewise, the prospects of an agreement triggered a bonds rally, and the Merval stock index gained 6,6% in one day, the most in a month.

According to the Argentine media, the two sides made progress over the weekend and are discussing a deal where bondholders would receive about 54.8 cents on the dollar, close to the midpoint of the most recent offers . . .

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