In this way, the Axel Kicillof government terminated the trials initiated in New York and Germany. Less than 3% of creditors had rejected restructuring.
The Province of Buenos Aires (PBA) reached an agreement with the bonists who had not entered the debt exchange of 2021. In this way, he gave an end to the trials initiated in New York and Germany.
“With this new agreement we reaffirm our commitment to comply with all our obligations in the framework of a responsible administration that allows us, despite an extremely complex context, to continue responding to the needs of Buenos Aires,” said Buenos Aires Minister of Economy, Pablo Lópezwho also highlighted the importance that the management of Axel Kicillof It gives responsibility in terms of public debt.
From the province they stressed that “this new agreement occurs as a result of a mediation process where it worked in good faith in order to implement a mutually beneficial solution.” Regarding the details, they clarified that The conditions are similar to those accepted by the vast majority of bonds during restructuringstipulating that the counterparts obtain the same amount of bonds in dollars with expiration 2037 that would have corresponded if they entered the exchange of 2021 and an amount in cash comparable to the services accrued and paid by the bonds from 2021 to the present.
“It is important to note that, despite the existence of a complex macroeconomic context, of the multiple cuts of non -automatic but mandatory transfers that the national government has carried out and of a complete brake of the public works executed by Nation in the Buenos Aires territory, The province of Buenos Aires continues to comply with the fulfillment of its obligations“They added.
The Axel Kicillof government had redeemed almost 98% of a debt of US $ 5,000 million
In tune with the national government of that time, In 2020 and 2021 PBA he restructured a provincial debt that had exceeded US $ 5,000 million between 2016 and 2019. In that period, the weight of the total debt services on the resources of the largest district in the country was in vertiginous rise, going from representing about 10% of the net current co -participation resources to municipalities in 2016 to represent approximately 20%.
In that frame, Kicillof and his economic team managed to seal a 97.6% exchange adhesion of the amount of total capital in circulation of bonds under foreign law.
Source: Ambito
