Investors around the world have agreed to exchange almost $30bn (€35.3bn) of Argentine government debt to help ease the country's liquidity crisis - far outstripping the $15bn to $20bn analysts said was necessary to call the deal a success.

Following the deal's launch last Friday, investors agreed to tender $27.4bn of old Argentine bonds for three new bonds that mature in 2008, 2017 and 2031. Credit Suisse First Boston and JP Morgan managed the swap.