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Argentina Confident Bondholders Will Join Debt-Swap: Wednesday D Day

Wednesday, May 12th 2010 - 07:01 UTC
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Economy minister Amado Boudou Economy minister Amado Boudou

Argentine Economy Minister Amado Boudou held a meeting Tuesday with 40 international investors at the New York Palace Hotel, within the framework of his United States road show to encourage bondholders to join the Government's debt-swap.

After the encounter, Argentine Economy Minister Amado Boudou said that the investors highlighted that “it is healthy for a country to have low levels of debt.” According to Boudou, the investors praised the debt level in the country “taking into account the moment in which we are living, due to the financial uncertainty” in the world. The minister considered that the meeting was “a new opportunity to expose the strength of Argentina's economic model.”

The model is “based in the pillars of taking care of the public accounts, the foreign commerce, meaning the business and Argentine workers; based in the accumulation of the Central Bank reserves, but mainly based in getting out of debt,” Boudou said after the meeting. “Argentina's economic policies have demonstrated that they are needed to isolate the country from the international crisis,” Boudou continued.

Before the encounter, the minister explained that “the US is where the biggest investors are, but this is a reasonable swap which will help Argentina move forward.” The minister added that “working within the context of a larger business volume is always better. Argentina is moving forward with a definite solution to the problem, and we trust it will be widely accepted.”

Upon his arrival to New York, Boudou met with international investors within the framework of the “roadshow” he has embarked on to encourage bondholders to join the debt swap the Government has been planning.

According to official Argentine sources, Boudou is to participate in several gatherings, such as one scheduled to take place in Boston on Wednesday.

The Italian association Task Force Argentina (TFA), which represents 180,000 Italian shareholders for a total of 4.3 billion dollars, had postponed their answer as a result of the deep economic crisis in Europe. It is to be revealed on Wednesday as well. The Argentine Government is anxiously waiting for Italy's response, which will be the first formal response from an influential group of shareholders after it is formalized on Wednesday.

Categories: Economy, Politics, Argentina.

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