November 1, 2014
Scioli supports debt payment bill, says VFs 'ravaged' Argentina
Buenos Aires province Governor Daniel Scioli has called for “gretaness” of all political sectors to debate the government-sponsored project that aims at removing the Bank of New York Mellon as agent payment, in a move to guarantee future payments to Argentina’s bondholders that agreed to enter the country’s 2005 and 2010 restructurings.
“I advocate finding a definitive solution to the problem of the debt (…). From the province (of Buenos Aires), we support and join this initiative,” Scioli said in public statements today considering vulture funds US District Court Judge Thomas Griesa ordered Buenos Aires to pay in cash 1.3 billion dollars – which would go to 1.6 billion if considering interests -, “have ravaged” Argentina’s “social and productive structures” through what he called “hyper indebtedness."
On Tuesday, President Cristina Fernández de KIrchner announced she was submitting a bill to Congress that would allow to service the debt in the country or allow creditors to swap their bonds for new ones under national legislation.