Cancels the debt with an Argentine invention: the Paris Club

The Central Bank released some US $ 459 million yesterday and Argentina has finished closing another chapter in its erratic, problematic and difficult history with international financial organizations. With this money, the payment plan that Axel Kicillof closed with the Paris Club in April 2014 was completed on time and complies with the payment plan. The last Minister of Economy Cristina de Kirchner worked with the creditors. Those for which the country had been in default since 2001 have put in place a quota share plan for the closure of the consolidated debt (interest and penalties included) for an amount of about $ 9.7 billion. The plan was five years, with specific payments as of January 28, 2015, 2016, 2017, 2018 and 2019, after a major initial settlement. The agreed amount for the interests of the plan was 3% for capital balances over the five years, the agreement setting a minimum payment that Argentina faced each year and an additional payment criterion established in case of capital increase. investments from Club member countries. Something that, obviously, did not happen. Neither with the previous government nor with the current government. It is interesting to note that the reason for Kicillof's negotiation and payment (without surrender, surrender or forgiveness) was to comply with the mandate of the then head of state, who wanted once liquidation closed, EU member investments. Or that, at least, Argentina was allowed to return to international markets. None of this has happened. The "lawsuit of the century" against the vulture hold-ups and funds was still on the agenda, so the country kept the possibility of placing the voluntary debt prohibited.