Friday, October 18, 2013
Gov't makes ICSID deal official, disputes settled
Argentina’s payment to five companies following ICSID disputes has become official. The 677 million-dollar agreement involving a 25-percent debt acquittance will be paid with the 2017 Bonar and the 2015 Boden bonds. The firms will be subscribing to Argentina’s BAADE energy bond for 68 million dollars.
The endorsement of the deal has been published in the official gazette under the resolution 598/2013 signed by Economy Minister Hernán Lorenzino. The official highlights that the payment is being made in “extremely favourable condition for the country."
Argentina will be getting a 171 million dollar reduction. Neither international reserves nor cash resources “will be affected”, the government’s resolution says.