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Debt swap: 70.2% acceptance
Clarin
July 06, 2010

Economy Minister Amado Boudou announced that the result of the restructuring of the debt swap was above the announced figure of June 22nd. At that time, the head of Hacienda spoke of 66.4% acceptance, but yesterday said that the country managed to swap 70.2% of its debt in default, which has come to US$18.3 billion. According to the Dow Jones news agency, Boudou defended himself against criticism from some companies like the telecoms on Wall Street about the role of ANSeS and said that the pension organization will not sell its shares held in companies.

In relation to the swap, the next step of the Economy Ministry is to try to close the judicial front in New York. There, Judge Thomas Griesa presides over the cases from the vulture funds and private creditors that feel harmed by the Argentine default. Boudou's team wants to show that Argentina has the will to exit the cessation of payments.

There are still US$5.45 billion worth of creditors that didn't accept the Argentine proposal. Boudou said that US$4.5 billion are in the hands of the vulture funds.

The government has scheduled the emission of the new public bonds starting on August 11th.

Before the debate over the rise in retirement benefits and the role of ANSeS in private companies, Boudou denied that the pension organization would sell off its stocks held in 43 companies.

"We are not selling (the company stocks) nor will we do so," he said. If the government takes the "irresponsible decision" to sell its holdings, the losses would be 50% for the Sustainability Guarantee Fund, the official said. Boudou thinks that an exit by the State from the businesses would mean the risk that those stocks would end up in the hands of "international speculators". However, the majority of foreign firms don't want ANSeS as a shareholder.

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