The former official commented on a modification that opened the door to a debt swap. He assured that the conditions for creditors are improved.
Former Director General of Customs, Guillermo Michel, He referred to Decree 846/2024 published today in the Official Gazette, which modifies the current regulations regarding public debt with the aim of being able to refinance public debt to the benefit of creditors.
The content you want to access is exclusive for subscribers.
“With Article 54 of the 2025 budget bill, they seek to make the authorization to carry out liability operations more flexible by modifying Article 55 of Law 11,672, Permanent Complementary Budget Law, which authorizes the Treasury and Finance to carry out liability operations. The objective is to be able to carry out a liability operation in foreign currency (exchange or purchase against placement of new debt) without complying with the restrictive conditions established in Article 65 of Law 24,156 on Financial Administration and Control Systems of the National Public Sector and its amendments (LAF),” Michel said through a publication on the social network X.


“And through article 2 of DNU 846/2024, published today, they replace Law 11,672, Permanent Complementary Budget Law, providing that future subscriptions to public debt instruments, in pesos or dollars, can be made with public debt instruments regardless of their payment currency and that such operations will not be covered by the provisions of article 65 of the LAF. The objective is that all debt in pesos that matures on September 30 be dollarized, in order to be able to roll it over, without any type of legal requirement stipulated by the LAF,” he added.
For the former national official, “in both cases the only thing that improves are the conditions of the creditors.”
Last week, Michel had warned about this situation in an interview with La Política Online. Asked what he would recommend to the deputies to look at in detail when dealing with the Budget, he replied: “Beyond what is stated at the beginning of the “fiscal policy rule”, if I were a legislator I would look very carefully at article 54 of the project by which they seek to modify the authorization to carry out liabilities operations, eliminating the mention of restructuring operations regulated by article 65 of the Financial Administration Law (improvement of 2 of 3 conditions -term, amount, interest-).”
He concluded: “It is likely that the economic team will seek this modification in order to be able to carry out a foreign currency liability operation (exchange or purchase against placement of new debt) without complying with these conditions. I believe that as a country we need to maintain Congress’s authorization for taking on debt in advance, as stipulated in Article 65 of the LAF.”
Source: Ambito

I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.