Through a spot published on its social networks,
the government of La Rioja began the campaign to implement the Debt Cancellation Bonds (Bocade)
, the provincial quasi-currency imposed by Governor Ricardo Quintela in the midst of the conflict between the Nation and the provinces. , and which was popularly baptized as
"El Chacho".
It is a video that seeks to dispel doubts about the functioning and implementation of the Chacho, where it highlights the claim for the debt they have in terms of co-participation and even doubles down on the president: "Why is
Milei so afraid of the Chachos?"
The national government had gone out to cross La Rioja when it announced the implementation of quasi-currencies, a resource that other provinces had joined during the shocks after the 2001 crisis. Guillermo Francos, Minister of the Interior, had said that their issuance was "illegal".
The video, published on the official Instagram account of the government of La Rioja, has a dynamic rhythm, very much in the TikTok style and designed for a young audience.
It is part of a series called
Cande Tips
, narrated by the communicator Candela Romero.
These included public good information, such as consumer defense campaigns to prevent heat waves or road care.
"Why is @JMilei so afraid of the Chacho?"
The official campaign of @GobDeLaRioja pic.twitter.com/lcCMVq1LcP
— German La Rioja (@GermanLaRioja) February 28, 2024
There he jokes with the different denominations that the Bond received on social networks, such as
"Chacho coins, Quinte coins or Chacho crypto"
and highlights that they were approved by Law 10,703 of the provincial Chamber of Deputies, which authorized the issuance of 22,500 million pesos .
"Only the law was approved, but the economic team has to develop the implementation. That includes how to acquire them, where they are going to be paid and all the information you need," highlights the spot, which focuses on the fact that they are "a way to support the local economy", which is "slowed down by the current crisis".
"These bonds are guaranteed by the foresight with which
Governor Ricardo Quinquela manages his public funds
. The support is in provincial revenues in general, which are made up of co-shareable resources of provincial origin," the video explains.
Then
he charges against Milei
, implicitly, for the debt that the Nation has with La Rioja.
"Now do you understand why co-participation is so important? The truth is we have already lost count of the amount of millions of pesos they owe to our province," the spot maintains.
A key point that reinforces the advertisement is that a Chacho will have the same value as a peso.
"A chacho a peso, the ball is short," she emphasizes.
The Chacho, which would be in circulation by the end of March according to local media, are named in honor of the leader Ángel Vicente Peñaloza and will have denominations ranging from 1,000 to 50 thousand.
The spot closes by indicating that the government will communicate the implementation through its official information channels.
"Let's not allow harmful information to make us worse than we already are. Let's look for reliable sources," he adds.
Crosses with the Nation over the debt
Ricardo Quintela with his Buenos Aires counterpart, Axel Kicillof.
Photo: Federico López Claro
The spot arrives in the same week where the provincial Executive informed the market that it could not meet debt obligations for some US$ 26.2 million, arguing high inflation, devaluation and the alleged withdrawal of co-participating funds.
For this reason, they expressed their intention to begin a consultation process with their bondholders for a renegotiation.
The province faced payments of US$26.2 million
that were originally due last Saturday.
The government of La Rioja argues that the Nation accumulates a total debt of $302,885 million with the province, whose claim was formalized last week before the Supreme Court of Justice.
On the other hand, the defaulted bondholders criticized the provincial government and affirm that La Rioja is a "recalcitrant defaulter."
"(The province) never had the intention of making the agreed payments. This is the so-called Green Bond (which derives from a previous default in 2020 and a restructuring in 2021)," they explained in a statement.
"In September 2023, representatives of the province had already communicated with the bondholders informing them that they wanted to restructure their debt. The non-payment that fell due on February 24 was premeditated and not due to critical circumstances," they closed.