The Court of Appeals and the Supreme Court of Great Britain They did not give rise to an appeal presented by the government and proved the four demanding funds, Palladian Partners, HBK Master Fund, Hirsh Group LLC and Virtual Emeraldso Argentina must pay $ 1330 million compensation.
The State was accused of harming investors when modified how to calculate the internal gross product (GDP), which affected in 2013 the bonds “PBI coupon”, issued in 2005 and 2010.
Last December the creditors asked to execute the guarantee and that in January the Court of Appeals of Great Britain approved the request of the creditors and authorized the trust to the trust to “Demand payment under the letter of credit and distribute any money received”revealed a document of the Bank of New York Mellon (BNY).
Failure against Argentina for the “PBI coupon”
According to that same document, on January 20, 2025, the trustee sent a payment demand under the Letter of Credit to Banco Santander SA for the sum of 313,876,449.80 euros [€313,9 millones].
“The funds, which collectively have approximately 48% of the bond valuation, They sued the country in 2019 at the Superior Court of London for a global value of US $ 670 million. They alleged that Argentina modified the way to calculate its GDP in 2013 to avoid additional payments to the holders of these bonds. The Argentine Republic is analyzing with its legal advisors the consequences From this determination of the Supreme Court of the United Kingdom, “said the government five months ago.
This media re -consulted the procurement about the impact on the execution of the guarantee, but said that “No comments ”for the moment.
It should be noted that, in March 2024, the government created by decree the “Special Trust of the Argentine Republic”in New York, to constitute through this instrument a guarantee for US $ 337 million.
British Judge Stephen Phillips He said when he asked for the guarantee to appeal: “While I understand and understand the impact that any additional financial burden will have on an economy in difficulties, I do not convince the evidence or arguments about irremediable damage to the population.”
He Coupon tied to GDP It is a financial instrument for which Argentina had to pay interest to the bonds when Argentina grew more than 3%, until 2035.
According to analysts, it was used as a way to obtain a greater debt remove in the exchange of 2005, which was led by the then Economy Minister Roberto Lavagna and his Secretary of Finance, Guillermo Nielsen.
Source: Ambito
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