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Despite complaints from the U.S., Boudou says that the swap is 'very much moving forward'
Clarin
January 19, 2010

The Economy Minister affirmed that it could bring "tranquility" over the operation. Continued objections care expected to arrive from the Securities and Exchange Commission in New York, with demands for more data about INDEC and the controversy over the reserves.

by Alejandra Gallo

Despite expecting more complaints from the United States in the coming days, Economy Minister Amado Boudou said today that the debt swap "is very much moving forward."

"We can bring tranquility to the people that are following the issue," Boudou said, who added that "this week (Finance Secretary Hernan) Lorenzino will go back to Italy and Germany because we want the individual bondholders that didn't enter in 2005 to get together."

In an interview with Radio Mitre, the head of the Palacio de Hacienda added: "Argentina could already get money abroad, but this allows it to do so at very low rates, above all from private investors."

Beyond Boudou's optimism, the government is preparing to face more objections from the United States about the use that it wants to make of the reserves of the Central Bank before being about to launch the new swap in the middle of it.

The complaints from the SEC are part of the open process of approving the launch of a new offer from the Argentine government to investors that already have bonds in default for US$20 billion.

That organization has decisive weight over this swap. It supervises the health of the operations that are conducted in the U.S. financial market. Until it gives its total support to the conditions that Argentina is offering, that operation will not be able to go forward. Although the SEC doesn't directly question the details of the offer, it does object to the political and economic climate that the proposal is being put together under.

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