President Cristina de Kirchner has announced that a new law will be sent to Congress in order to reopen debt swaps for a third time, in the hope of convincing the 7 percent of creditors who refused in 2005 and 2010 to restructure their bond holdings.
Kirchner also underlined the importance of the US courts backing Argentina in their ongoing legal battle with those who refused bonds issued in previous years.
«We ask God to light the way for the US Court because it would invalidate the debt swaps,» she explained.
«As a country we cannot afford to have a sword of Damocles above our heads, or for someone to take a decision that would cause the swaps to collapse.»
The head of state, speaking on Monday evening, revealed the project following Friday’s ruling from New York Appeals Court judge Thomas Griesa, who found in favour of the so-called Vulture Funds who declined to take part in previous swaps.
Source: Buenos Aires Herald