Senate gives Macri big win on holdouts

Source: Buenos Aires Herald
03.31.2016

The government celebrated its first major Congressional victory last night as the Senate approved its holdouts bill with significant support from the Victory Front (FpV).

The bill is necessary to bring an end to years of legal disputes with holdout creditors over debt that was defaulted in 2001.

As the Lower House gave a green light to an amended bill two weeks ago, an approval from the Senate would leave the legislation ready for President Mauricio Macri to swiftly enact it. As part of the multibillion-dollar deal established with holdout creditors at the end of February, April 14 is the deadline for the country to honour its agreements.

The bill repeals articles of the Padlock Law and the Sovereign Payment Law and authorizes the government to issue US$12.5 billion in bonds in order to pay its creditors.

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