They seek an agreement for the debt swap in pesos

They seek an agreement for the debt swap in pesos

Minister Sergio Massa will meet at the Palacio de Hacienda with representatives of banking entities and insurance companies / Photo: File.

The Minister of Economy, Sergio Massa, will receive this Monday to representatives of banks and insurance companies that operate in the country to seek an agreement for a debt swap in pesos.

The meeting is scheduled for 12, in the Belgrano Room, on the fifth floor of the Palacio de Hacienda, and representatives of banking entities and the insurance sector will attend, sources from the Economy told Télam.

The topic to be discussed, as reported, will be how to clear maturities that in the next four months amount to $12.3 trillionTherefore, the Government would offer to refinance 80%, indexed to inflation, and 20% would be exchanged for a dual bond, with inflation coverage or dollar value, all for 2024 or 2025.

“They try to destabilize with a statement per month the same ones who ‘defaulted'”Agustín Rossi, Chief of Staff

The fear, both from the government and from the opposition, is that these maturities in 2023 translate into strong pressure that will make the value of the dollar rise, in an election year.

The leading economists of Together for Change, Hernán Lacunza, Luciano Laspina and Guido Sandleris, came out, however, to criticize the transcendence of the initiative, What motivated the crossroads of bankers, aware of details of the proposed operation. To this was added a statement from the blocks of Together for Change.

During the meeting the government and the banks will try to clear maturities for 123 trillion Photo File
During the meeting, the government and the banks will try to clear maturities for $12.3 trillion / Photo: File.

Between risks and destabilizations

This morning, the Chief of Staff, Agustín Rossi, came out to answer them. “They try destabilize with a statement per month the same ones who ‘defaulted’ the debt in pesos when they governed. The debt swap in pesos gives certainty and predictability to the Argentine economy,” he said through his Twitter account.

The document issued by the JxC blocks, issued on Sunday, warned about “the serious risks involved in the debt swap prepared by the Ministry of Economy”.

In response, the interblock of national senators from the Frente de Todos (FdT) reiterated their request for “responsibility and seriousness” to their peers, whom they accuse of “sowing anxiety and uncertainty” in the face of each decision of the national government.

While from the opposition, Lacunza said, through his social network Twitter, that “the Government is preparing a debt swap with the banks,” which he defined as “a vile and ruinous operation for the state”.

Sandleris, for his part, considered, also through Twitter, that it would violate the Organic Charter of the BCRA.

Meanwhile, the president of the Association of Argentine Banks (Adeba), Javier Bolzico, defended the initiative by arguing that “the proposed debt swap is for titles (not for holder).”



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