Tuesday, March 1, 2016

Macri urges Congress to approve deal with holdouts

President Mauricio Macri expressed confidence that Let’s Change coalition lawmakers will manage to “build the necessary consensus” to have the bills the government will be submitting to Congress in order to settle the legal dispute with so called “vulture” funds.

“It will depend on this Congress if we close this conflict, if responsibility comes first over rhetoric,” he said adding Argentineans have paid a “high price” for a legal dispute that dates back to the country’s historic 2001-2002 default.

The impossibility to access credit, Macri pointed out, has cost Argentina "US$100 billion and 2 million jobs."

Following progress in negotiations with hedge funds in New York, the Mauricio Macri administration must now submit to Congress a law project lifting the Padlock Law (Ley Cerrojo) and the Sovereign Payment Law to clear the way for Argentina to service its foreign debt commitments