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Debt-swap
Lower House to debate 'Bolt Law' suspension

The initiative to allow the swap for 20,000 million dollars in debt that were not included in 2005 will be debated by the Lower House of Congress.

During a brief meeting of the Budget Committee, led by Gustavo Marconato, the government signed a majority dictum, while the Civic Coalition and the Proyecto Sur announced that they would present minority dictums, and the Radical Civic Union will analyze what stance they will take.

The Victory Front was able to make a few minor changes to the original text, asked for by lawmaker Luis Galvalisi from the Unión-PRO, who asked for changes to article 5.

Thus, "the shareholders of public titles must renounce all of the corresponding rights and liberate Argentina from any kind of judicial action."

In addition, an agreement was reached for article 6 that specifies a period of "three months for the Economy Ministry to inform Congress about the advances being made and on the agreements reached during the negotiation process."

In 2005, Argentina held a swap for debt totaling 81,835 million dollars.

The "Bolt Law" was approved by Congress in February 2005, in order to clarify that there would be no reopening of this sort of operation in the near future for those who did not take part in the agreement.

Economy Minister Amado Boudou announced some time ago the decision made by the Executive Branch to send a bill to Congress to suspend the law for one year, and to reopen the swap.

 



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