Buenos Aires, Oct 16 (EFE).- The president of Argentina, Javier Milei, blamed this Wednesday the governments of Cristina Fernández (2007-2015) and “populism” for the 1,330 million euros (about 1,450 million dollars ) more interest that the Argentine State must decide whether to pay, after an adverse ruling the day before in London in a lawsuit by holders of Argentine sovereign debt.
On Tuesday, Argentina lost the appeal in the Supreme Court of the United Kingdom in the case called ‘GDP Coupon’, in which some bondholders sued the Argentine State for manipulating official statistics between 2007 and 2015 to calculate the GDP that was used as a reference for trigger the payment of coupons on those bonds.
“The manipulation of INDEC data (National Institute of Statistics and Censuses) carried out by Kirchnerism would have cost us 1,330 million euros,” Milei exploded this Wednesday on his X account.
“A decade has passed and we Argentines continue to pay for the disaster made by the useless and ignorant people who governed us,” added the Argentine president, who took office last December 10.
The claim refers to bonds denominated in euros, with a clause that links them to British jurisdiction, issued by Argentina in 2005 and 2010, in the context of the restructuring of the national debt after the deep financial crisis of 2001.
The funds, which own around 48% of these securities, initially sued Argentina in 2019 to demand payment of the debt, which the Argentine Government resorted to due to the difficult economic situation facing the country.
In his April 2023 ruling, Judge Simon Picken urged Argentina to pay the amount due with an added interest of 2% above the Euribor index since December 2014, to the funds Palladian Partners, HBK Master Fund, Hirsh Group and Virtual Emerald International Limited.
Last June, the London Court of Appeal had supported the first instance ruling issued in 2023, following an appeal filed by Argentina.
Argentina appealed to the British Supreme Court to allow it to appeal the ruling that forced it to pay some $1.5 billion, but on Tuesday the highest court rejected the South American country’s request.
“The ‘creative’ solutions of populism brought negative economic consequences that generated the discredit of the country. We are carefully analyzing, with our legal advisors, the consequences of this determination and the steps to follow,” said the Chief of Staff, Guillermo Francos, in your X account.
Milei added this Wednesday the rest of the onerous efforts for the Argentine State of the Cristina Fernández government.
“If we add the Repsol Case, the case of Judge Griesa, the punitive interests to the Paris Club, and the illegal expropriation of YPF, the damage that Cristina Kirchner and (her then Minister of Economy) Axel Kicillof have done to the pockets of the Argentines is 41,000 million dollars,” Milei explained.
“It is difficult, but we are going to get out of the hole in which the politicians sunk us and we are going to make Argentina great again,” Milei promised.
I like this:
Charging…
