Congress Approved Debt Swap

ARGENTINA - Report 11 Sep 2014 by Esteban Fernández Medrano
Minutes ago the Lower House approved the bill to reopen de debt swap with 134 votes in favor and 99 against. In our last market brief “Damage Control”, we briefly discussed the government’s main objectives regarding the debt-swap-reopening initiative: i.e. to allow debt holders to swap out of US jurisdiction and to change the entity in charge of making the debt payments, into a non US financial institution. The most relevant modification to the original initiative was that the Senate included the French jurisdiction in the reopening of the debt swap. I.e. a European jurisdiction, whose gove...

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