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Argentina must pay US$ 337 million in England for the manipulation of the INDEC during the Kirchnerism

2024-02-22T17:02:24.775Z

Highlights: Argentina must pay US$ 337 million in England for the manipulation of the INDEC during the Kirchnerism. It is due to a lawsuit from an investment fund for the alteration of the PB coupon. The ruling against the country could extend to US$ 1.5 billion. The investment fund's claim is based on the fact that the government of Cristina Kir chner, with Axel Kicillof as Minister of Economy, changed the base year to calculate the growth of the economy.


It is due to a lawsuit from an investment fund for the alteration of the PB coupon. The ruling against the country could extend to US$ 1.5 billion.


A British court determined

Argentina must pay US$337 million in bail

in a case for the manipulation of INDEC figures during the Kirchner administration, according to the Bloomberg agency.

Argentina must pay this amount before continuing with the appeal, in a trial that was initiated by

a lawsuit from the investment fund Palladium Partner based on the manipulation of INDEC figures

, which led to the alteration of the GDP coupon.

According to Bloomberg, “the London Court of Appeal has ruled that Argentina must pay a large bail in a case brought by hedge funds that are demanding

$1.5 billion in compensation

for losses suffered in securities linked to the country's growth.” .

For this reason,

the Government "must pay 310 million euros (337 million dollars) before the appeal is resolved."

The investment fund's claim is based on the fact that the government of Cristina Kirchner, with Axel Kicillof as Minister of Economy,

changed the base year to calculate the growth of the economy in 2013 to avoid paying the GDP coupon.

This coupon was designed in the 2005 debt restructuring, as a bait to convince creditors to enter into the exchange.

The GDP coupon promised an additional payment for each year in which Argentina grew more than 3%.

Between 2007 and 2025, the Kirchner government manipulated INDEC surveys to hide the escalation of inflation, which later led to the alteration of other public statistics. And in 2013,

the calculation basis

for GDP growth was changed to avoid payment. of the coupon.

Sebastián Maril, a lawyer specializing in debt issues, indicated on his social network account

The appeal begins on May 21."

Source: clarin

All business articles on 2024-02-22

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