December 6, 2013
Senate debates debt swap
The Senate was addressing today the debt swap announced by President Cristina Fernández de Kirchner following the recent New York judicial setback in Argentina’s long-standing dispute against US-based vulture funds. Kirchnerism has secured quorum to kick off the parliamentary debate and pass the bill.
Although it has questioned the government’s approach to the legal dispute with creditors that demand a 1.2 billion dollar payment over Argentina’s defaulted bonds more than a decade ago, Radical Party bloc was expected to support the new debt swap.
Meanwhile, Progressive Front coalition MP Jaime Linares has already warned his vote will be negative considering the President's decision does not resolve the “underlying problems” of Argentina's sovereign debt case.
Still, head of the Kirchnerite caucus in the Senate Miguel Ángel Pichetto showed himself confident the government-sponsored bill will gain approval as the ruling Victory Front has managed to secure the number of votes it needs to discuss and pass the debt swap project.