Titles have 2010, 2011 and 2012 expiration dates
Boudou announces plan for bond exchanges
The government will launch this week a bond-swapping plan for 9,000 million pesos to continue with the methods to reduce debt.
The plan includes bond titles with expiration dates in 2010, 2011 and 2012, which would be replaced by the BOCAN 2014. This would allow for a "step forward in the return to financial markets," according to Economy Minister Amado Boudou.
"To continue with the administrative politics we will put into action a voluntary swap," said Boudou after confirming the decision.
Those titles will be replaced by the BOCAN 2014, "a bond that has a greater ability to be accounted for," added Boudou.
The economist said that the plan "strengthens the financial position for next year in terms of the amount of debt that there is for public accounts."
The project's launch coincides with the visit of the director of the IMF's Occidental Hemisphere Department, Nicolás Eyzaguirre, to participate in a conference organized by the Argentina Commerce Chamber (CAC) and the Council of the Americas, led by Susan Segal.
In addition, Cabinet Chief Aníbal Fernández will participate in the meeting, along with Production Minister Débora Giorgi and the head of the Central Bank, Martín Redrado.
Boudou, after admitting the Government's interest in going back to dialogue with the IMF, said that the conversations should be about technical topics and leave aside the older methods for economic adjustments.
Argentina "will not accept an an intermission in its political economy. It will not accept any type of adjustment plan," said the Economy Minister.
Boudou said that the country should "advance on a scheme that allows Argentina's data to be seen clearly, but not limit the situation to" black and white categories, adding that "decisions should be taken" after a dialogue has been had.
Boudou made the announcement along with Finance Secretary Hernán Lorenzino, who also gave details on the bonds and what would occur during the first phase of the process.
"During the first phase, we will focus on short-term debt, which includes bonds from PRE 2009 and PRE 2012, which are domestic titles that include a total of 9,000 million pesos," said Lorenzino.
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