Tuesday, November 27, 2012

Government leaves open door for new debt swap

Economy Minister Hernán Lorenzino, considered today that the appeal Argentina presented against the ruling of New York’s judge Thomas Griesa, “is strong”, and pointed out that if the judge would have proposed to treat the hedge-funds’ demands under the terms of the 2010 debt-swap, the Congress might consider it.

In this regard, the Minister said that he does not rule out a possible third debt exchange for those who did not enter the ones of 2005 and 2010 “if required by the Justice of the United States, but only if it contemplates an offer similar to that of 2010 and if the Argentine Congress passed a law approving it."

“The solid presentation Argentina filed yesterday in New York raised the country's sovereignty to dictate its own rules and, from that point of view, make a proposal to those bondholders who did not agree to the exchange terms of 2010 but that would be in line with the regulatory background of our country and a thorough Congressional debate”, Lorenzino said in a conversation with a local radio.