Argentina approves debt restructuring project

The bill, which includes a payment of 66.3 billion dollars, was approved thanks to 247 votes in favor, and just one abstention at the Chamber of Deputies

The Argentine Chamber of Deputies approved the project sent by the Government on debt restructuring, valued at about $ 66.3 billion, under Argentine law.

The project was accepted with 247 votes in favor, two against and one abstention, as reported by the Chamber of Deputies on the social network Twitter.

As highlighted by the lower house itself, the initiative “gives title creditors under national law the same treatment as holders under foreign law.”

Specifically, it provides for the restructuring of Argentine debt implemented in public securities denominated in United States dollars issued under national law, through an exchange operation.

According to the project, holders of eligible securities that do not adhere to the invitation to exchange will continue with their deferred payments until December 31, 2021, under the plan that is currently in force.

Among other aspects, the project highlights that Argentina’s repayment capacity “is related both to long-term sustainable growth, a condition that in turn depends on the economy’s ability to expand the production of marketable goods, as well as commitments that have been assumed in the offer made for the restructuring of the public debt issued under foreign law”.

K. Tovar

Source: Naiz

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