This figure represents the maximum nominal amount of the operations of administration of liabilities, exchanges and restructuring of the public titles of Argentina issued under existing foreign law as of February 12, 2020.
The national government validated in USD $ 68,842,528,826 the value of the public debt to be negotiated with the creditors, for its restructuring, through decree 250/2020 published this Tuesday March 10 in the Official Gazette.
The same indicated that this figure represents the maximum nominal amount of the operations of administration of liabilities, exchanges and restructuring of the public titles of Argentina issued under existing foreign law as of February 12, 2020.
It also determined that extensions of jurisdiction are in favor of state and federal courts located in the cities of New York, London and Tokyo.
In that sense, he pointed out that “the waiver of opposing the defense of sovereign immunity will be exclusively in respect of claims that could occur in the jurisdictions that are extended, in relation to the contracts that are signed and the public credit operations that are made” , contemplated in the decree.
He also stressed that this «will not imply any waiver of the immunity of Argentina in relation to the execution of the assets» that are abroad.
The decree stressed that in order to resolve the situation of macroeconomic inconsistency, it is essential to implement debt policies as part of a comprehensive program designed with the objective of recovering sustainable economic growth and restoring the sustainability of public debt.
Through Law 27,541 of Social Solidarity and Productive Reactivation in the Framework of Public Emergency, among other issues, the Executive Power was empowered to carry out the necessary steps and actions to recover and ensure the sustainability of public debt.
Thus, Law 27,544 declared the restoration of the sustainability of public debt issued under foreign law a priority for Argentina’s interest.
Consequently, the decree indicated that in response to the current situation of unsustainability of the public debt, it is necessary to determine a universe of nominal amounts such that margins of action are preserved in the design of the operations of administration of liabilities, exchanges and restructuring of the public titles of Argentina that the Ministry of Economy decides to implement. (C.D.A.)
SOURCE: TÉLAM
Be the first to comment