The province of Buenos Aires announced the exchange of its debt, after more than 15 months in default

With strong criticism of María Eugenia Vidal, andhe government of the province of Buenos Aires formally announced that it reached an agreement with the vast majority of its external creditors and thus will be able to get out of default after more than 15 months.

The announcement was made by the governor of the province of Buenos Aires, Axel Kicillof, at a press conference in the Golden Room of the Provincial Government House, after the end of the acceptance period for the amendment offered three weeks ago on Friday, after the twentieth extension granted since 2020.

Only two bonds did not reach the required majorities: the “old” 2021 and the 2020 in euros.

Kicillof was accompanied by the Minister of Finance and Finance, Pablo López, who specified that “we have obtained sufficient adhesion to exchange 98%.”

The official criticized the former governor and current Buenos Aires candidate María Eugenia Vidal for “putting 5.5 billion dollars in debt to the province” and for the “low execution” of loans from multilateral credit organizations.

López thanked the support of the Ministry of Economy led by Martín Guzmán for “their support” in this tough renegotiation, which will formally end this Friday, September 3, when the old bonds are exchanged for the new ones.

For his part, Kicillof began by criticizing “some media that only highlighted the complaints of a group of creditors; there is a part of the specialized press that always sided with the bondholders, without taking into account that the province cannot sign anything ”.

“It is practically a universal acceptance,” he said, before dedicating himself to reading the headlines of some media and questioning Vidal, former president Mauricio Macri and the head of the Buenos Aires government, Horacio Rodríguez Larreta, for “carrying out the cycle of most ruinous debt in history due to its speed, composition and having reached the record of being the first government to go into debt, could not pay, went to the IMF, could not pay and ended with two defaults: in foreign currency and local currency ” .

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