Post by account_disabled on Feb 20, 2024 3:45:33 GMT -5
Another article in question is number 14 of the opinion (it remains at number 13 in the latest version), which makes the requirements for any public debt restructuring process defined by article 65 of Law No. 24,156 on Financial Administration more flexible.
This law establishes that any restructuring must imply “an improvement in the amounts, terms and/or interests of the original operations” and, in general, it was interpreted as requiring two of those three conditions: capital reduction, extension of maturities and reduction . of rates.
Specifically, the latest draft of the Asia Mobile Number List general bill directly deletes all references to these three dimensions and simply states that the restructuring must be carried out “taking into account the conditions prevailing in the financial market.”
The Financial Administration Law dates back to 1992, but the current wording of Article 65 has been in force since 2007, when Congress decided to set certain limits on public debt conversion negotiations. It was the result of the experience of the 2001 “mega swap” negotiated by Domingo Cavallo and Federico Sturzenegger, which consisted of a three-year postponement of maturities in exchange for an increase in capital and interest rates payable.
If this (the omnibus bill) was written by Sturzenegger, the same author of the mega-swap, is this an amnesty for Sturzenegger?” the UP MP asked weeks ago. Itai Hagman during the committee debate on the initiative.
The FGS and the consolidation of intrastate debtThere is another point of the project on debt policy that has the ANSES-FGS as its main focus . Although in the latest version of the project the transfer to the Treasury of the shares of the companies owned by the fund was eliminated in response to the claim of certain opposition blocs, the “consolidation” of public debt held by state organizations (with the exception of the Central Bank and the National Bank). This means that these securities would pass into the hands of the Treasury to be excluded from trading, that is, deregistered. .
Once the BCRA is finished, the FGS is the main party involved: according to a report by the Institute of State and Participation Studies (IDEP) of ATE Nacional, prepared by Horacio Fernández, Claudio Lozano and Alejandro López Mieres, it owns 24% of the securities in local currency ($12 billion), only behind the Central; and with 12 billion dollars, it is the largest local holder of securities in foreign currency.
The consolidation of the Public Debt continues, which will cause the reduction of 75% of the participation of the FGS, reducing the public debt by US$ 35,000 million,” said Bull Market, the securities house of Ramiro Marra's family when analyzing the latest version of the project. And he added that the elimination of the transfer of shares held by ANSES impacts “any strategy for placing debt against guarantees,” a possibility that had been analyzed by the economic team to obtain dollars in the international market.
This law establishes that any restructuring must imply “an improvement in the amounts, terms and/or interests of the original operations” and, in general, it was interpreted as requiring two of those three conditions: capital reduction, extension of maturities and reduction . of rates.
Specifically, the latest draft of the Asia Mobile Number List general bill directly deletes all references to these three dimensions and simply states that the restructuring must be carried out “taking into account the conditions prevailing in the financial market.”
The Financial Administration Law dates back to 1992, but the current wording of Article 65 has been in force since 2007, when Congress decided to set certain limits on public debt conversion negotiations. It was the result of the experience of the 2001 “mega swap” negotiated by Domingo Cavallo and Federico Sturzenegger, which consisted of a three-year postponement of maturities in exchange for an increase in capital and interest rates payable.
If this (the omnibus bill) was written by Sturzenegger, the same author of the mega-swap, is this an amnesty for Sturzenegger?” the UP MP asked weeks ago. Itai Hagman during the committee debate on the initiative.
The FGS and the consolidation of intrastate debtThere is another point of the project on debt policy that has the ANSES-FGS as its main focus . Although in the latest version of the project the transfer to the Treasury of the shares of the companies owned by the fund was eliminated in response to the claim of certain opposition blocs, the “consolidation” of public debt held by state organizations (with the exception of the Central Bank and the National Bank). This means that these securities would pass into the hands of the Treasury to be excluded from trading, that is, deregistered. .
Once the BCRA is finished, the FGS is the main party involved: according to a report by the Institute of State and Participation Studies (IDEP) of ATE Nacional, prepared by Horacio Fernández, Claudio Lozano and Alejandro López Mieres, it owns 24% of the securities in local currency ($12 billion), only behind the Central; and with 12 billion dollars, it is the largest local holder of securities in foreign currency.
The consolidation of the Public Debt continues, which will cause the reduction of 75% of the participation of the FGS, reducing the public debt by US$ 35,000 million,” said Bull Market, the securities house of Ramiro Marra's family when analyzing the latest version of the project. And he added that the elimination of the transfer of shares held by ANSES impacts “any strategy for placing debt against guarantees,” a possibility that had been analyzed by the economic team to obtain dollars in the international market.