The government of Rioja informed the Stock Exchange this week that will not pay the debt obligations of its securities maturing in 2028, qthat were already in default.
This was done through a note that was sent to the Buenos Aires Stock Exchange on August 23 with reference to the expiration date that took place the following day.
Quintela’s administration said it will not pay the debt because it is negotiating with creditors to restructure the payments.
Despite defaulting on its debt, The government of Ricardo Quintela issued its own currency for circulation in its province, which given this situation it is difficult to predict how it will be rescued.
Last February, the northern district informed its bondholders that it would not be able to pay the $26 million in foreign currency payments it faced.
For this reason, it opened a round of “consultations with the Bondholders with the aim of reaching an amicable and consensual agreement with them in the shortest possible time.”
As a result, it became the first province to show financial difficulties in meeting its debt payments. The cut in discretionary transfers, combined with the drop in revenue sharing, put pressure on the provinces’ accounts.
Meeting of Ricardo Quintela with Pope Francis
Last week, the Riojan president traveled with his family to the Vatican, where he was received by the Pope Francis.
“I had the honour of being received by His Holiness, Pope Francis, whom I deeply admire for his journey and for how he managed to win people over with his message of unity, peace and brotherhood to build a better world. We spoke, among other things, about our new Constitution and some important points such as the Basic Income, and the rights that will guarantee a better quality of life for the people of La Rioja,” he commented on his social networks.
He also commented that they talked about “what unites us as a people with him: the living memory of Angelelli, who continues to show us the way.”
“I want you to know that at this meeting, in these words, my beloved Rioja was present at all times, as was the desire for unity and prosperity,” he concluded.
Elections in Justicialism
Weeks ago, while Union for the Homeland (UP) was taking stock of the damage caused by the scandals of former President Alberto Fernández, Quintela managed to gather Peronist leaders from all over the country in his homeland for the launch of the new Constitution of the province.
The event, which had as a prominent guest the governor of Buenos Aires, Axel Kicillof, served to position the Riojan as a candidate to preside over the Justicialist Party (PJ), which will elect a new leadership on November 17, at the same time as the PJ will do in the Province of Buenos Aires.
Source: Ambito
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