December 12, 2017
Tuesday, August 26, 2014

Gov’t officials to brief lawmakers on swap bill

Cabinet Chief Jorge Capitanich defended once again the Executive’s bill to be discussed in Congress this week that seeks to open a new debt swap with local Nación Fideicomisos as trustee, and announced that Economy Minister Axel Kicillof, Treasury Attorney Angelina Abbona and Legal and Technical Secretary Carlos Zanini will brief lawmakers tomorrow on the details of the “Sovereign Payment” bill.

Capitanich explained in his daily press briefing at government house that the government’s strategy seeks to “protect the 92,4% of bondholders (who agreed to the 2005 and 2010 debt swap)” by replacing BoNY as trustee and “changing the payment venue to guarantee that bondholders are able to willingly receive payment.”

The official referred to the decision of US investor George Soros, founder of hedge fund Hayman Capital Management, to file a lawsuit against the Bank of New York Mellon (BoNY) as an evidence that “investors groups are clearly backing” the government’s bill that seeks to replace the BoNY as trustee.

The chief of ministers said that a group of holdouts are “working to create negotiation strategies with Argentina” and urged lawmakers to “guarantee the necessary tools for the Executive to finish the country’s (debt) restructuring process with 100% of bondholders in a legal, sustainable and equitable way.”

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Tags:  Capitanich  debt  swap  vulture funds  Soros  Congress  Kicillof  Abbona  Zanini  Argentina  

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