CFK ratifies Argentina to pay $3.5 billion in GDP-bonds

President Cristina Fernández de Kirchner assured that “against all foreign and domestic attempts” at stopping it, Argentina will pay on Friday $3.5 billion dollars in GDP-bonds, which represents the largest payment to private bondholders since 2001.

The President ratified the payment at a ceremony in the city of Benavidez, in the Buenos Aires province. She was joined by Governor Daniel Scioli and Tigre Mayor Sergio Massa.

“Against all foreign and domestic attempts” at stopping it, “we will pay the debt that we did not create,” she stated.

The payment had been announced earlier by Economy Minister Hernán Lorenzino during a press conference at the Ministry offices.

After the payment, which will be made effective by early Monday morning, the debt ratio with private creditors in foreign currency (dollars, Euros, yens) will only amount to 8.8 percent of the country’s GDP.