Tuesday, September 9, 2014

Lower House committee clears Sovereign Payment bill for debate

Economy Minister Axel Kicillof speaks during a Lower House committee discussing the Sovereign Payment bill.

Lower House committees have approved the Sovereign Payment bill for debate tomorrow, after hearing government official’s defense of the project that seeks to open a new debt swap with local “Nación Fideicomisos” as trustee.

Kirchnerite forces gave the bill green light, while opposition representatives listened to government officials and later left the committee.

The government counts with 132 votes for tomorrow's debate between kirchnerite, allied and some opposition representatives, which would guarantee the bill to be passed as law, as it has already been approved in the Senate last week. Only 129 votes are needed to approve the bill in the Lower House.

Economy Minister Axel Kicillof started today’s session blasting holdouts attitude and negotiation tactics during the ongoing conflict over Argentina’s debt.

So-called “vulture funds” are “working” to force Argentina devaluate the peso, he said, adding he feels “hurt” some “internal groups” reciprocate holdout’s demands and “attack the country.”

Kicillof warned holdouts will use every tool they have to try and collect a 1,600 percent gain in their conflict over Argentine debt, arguing their first “attack” is against Argentine currency.

“They know that attacking the peso will cause a negative effect in Argentina’s economy in terms of trust and internal consumption. They are working to force peso devaluation. They have already started,” the Economy Minister said.

Besides the Sovereign Payment bill, the Lower House will vote on the creation of a Bicameral Committee to study the origin the Argentina’s foreign debt, an amendment to the bill included during last week’s Senate debate.

“At least you should vote for this project,” Legal and Technical Secretary Carlos Zanini urged anti-government political representatives.