November 21, 2017
Sunday, June 29, 2014

De la Rúa: ‘The mega-swap was not bad for the country’

File photo of former President Fernando De la Rúa.
File photo of former President Fernando De la Rúa.
File photo of former President Fernando De la Rúa.

Amid the government’s complex negotiations with the holdout hedge funds, former President Fernando De la Rúa said the “mega-swap” (megacanje) –an operation made in 2001 to delay the deadline of different debts for which De la Rúa was later indicted for fraud- “was not bad for the country”.

De la Rúa defended the “mega-swap”, that delayed for three years debt payments for 50 billion dollars but with an increase of the debts’ interests.

“It was a good thing. We had to kick the can down the road,” he said referring to the debt’s “deadlines that could not be met”. Interviewed by Nacional Rock Radio, De la Rúa stressed that the operation was “approved by the Nation’s General Audit” and that it did not entail an “indiscriminate increase of the debt”

The former president was recently cleared from all charges as the Justice dismissed the “mega-swap” case on statue of limitations grounds, although the prosecution appealed the ruling last week.

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Tags:  De la Rúa  megacanje  mega-swap  exchange  debt  vulture funds  Argentina  

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