In hopes of returning to the international credit markets that have shunned Argentina since its historic $100 billion default in 2001, on May 3 Argentina launched an offer to the the holders of defaulted debt who did not participate in a 2005 debt exchange. The "holdouts" have until June 7 to swap their defaulted debt for up to $18.3 billion of newly issued debt. Argentina received regulatory approval to launch a simultaneous debt swap in Italy, the United States, France, Germany, Japan and Luxembourg, where the holdouts are concentrated. By law, Argentina cannot offer better terms than the 2005 debt swap, when the government offered to repay $33.7 of every $100 of defaulted debt. Many investors rejected those terms in 2005, preferring instead to hold out for another offer when Argentina would be in a better financial position to service its debt.