In the context of a serious liquidity crisis in state finances, the government of Argentina, grappling with the social crisis caused by record-high inflation, successfully carried out a roll-over of debt issued in local currency for the equivalent of over 36 billion euros.
It was, as the Undersecretary of Finance, Eduardo Setti stated on Twitter, the “largest capitalization in the history of Argentina” in relation to the debt in pesos. According to the first figures collected by the executive, the demand for the roll-over of securities maturing this month (worth around 365 million euros) doubled the offer and the government was also able to collect «new positive net financing».
Setti: largest debt swap in history
“Today we completed the largest debt swap in our history in the domestic market, not only for its economic significance and impact on public finances but also because it concerns the most important maturities that had accumulated in the second half,” he said. stated Setti. The new maturities, according to what appears from the prospectus released by the government, have passed in most cases to 2024 with securities also maturing in 2025.
Previously. the International Monetary Fund (IMF) had given its assent to the exchange operation announced by Economy Minister Sergio Massa. “The Monetary Fund welcomes the efforts of the Argentine authorities to reduce the financing risks associated with local market debt,” the IMF spokeswoman said at a news conference.
