March 10, 2014
Gov't to sign debt refinancing deal with 18 provinces
Cabinet Chief Jorge Capitanich today confirmed the government will sign with 18 provinces an agreement to refinance debt which will be in effect for three renewable months.
“We have called the governors of the Argentine provinces for a meeting next Friday. Eighteen of them will sign an agreement to refinance their debts, which will last for three renewable months through a system of compensation with treasury contributions,” he explained.
In statements made at the Government House, the chief of staff rejected assertions of Corrientes province officials who hinted at the possibility of a bond-issuing to meet debt payments saying “public statements must be made responsibly” and calling them “misguided expressions.”
Capitanich assured “national transfers to provincial jurisdictions reach 74 percent of the national revenue” and those transfers have increased more than a thousand percent the last decade.