Argentine Congress approves law on sovereign payment of foreign debt

Argentine Congress approves law on sovereign payment of foreign debt


Argentine Congress approves law on sovereign payment of foreign debt

The Chamber of Deputies approved the initiative by 134 votes in favor and 99 against, after nearly 16 hours of debate.

The law will allow Argentina to pay its debt of approximately 29,000 million US dollars under foreign laws, in Buenos Aires or in cities beyond the reach of US justice.

The new law on the sovereign payment of external debt changes the place of payment of the restructured debt, which represents 92.4% of Argentina’s total sovereign debt.

The intention of the Argentine government, which promoted the regulation, is to bypass the blockade imposed by New York judge Thomas Griesa, which froze payments to restructured bonds until Argentina also pays a group of funds investments that did not enter into debt swaps, and that they won a lawsuit to collect the full amount of their obligations (approximately US $ 1,500 million).

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