A British court ruled this Argentina must pay $337 million in bail in a case of manipulation of INDEC data during the Kirchner administration, according to Bloomberg.
Argentina will have to pay that sum before proceeding with the appeal, in a process initiated by a lawsuit from investment fund Palladium Partner based on manipulation of INDEC data which led to the change in the GDP coupon.
According to Bloomberg, “London’s Court of Appeal has ruled that Argentina will have to pay a large bail in a lawsuit brought by hedge funds claiming $1.5 billion in compensation due to the losses suffered on securities linked to the country’s growth.”
For this reason, The government “will have to pay 310 million euros ($337 million) before the appeal is resolved.”
The investment fund’s claim is based on the fact that Cristina Kirchner’s government, with Axel Kicillof as Economy Minister, changed the base year to calculate the economy’s growth in 2013 to avoid paying the GDP coupon.
This coupon was devised in the 2005 debt restructuring, as bait to convince creditors to enter into the swap. The GDP coupon promised an additional payment for each year Argentina grew more than 3%.
Between 2007 and 2025, the Kirchner government manipulated INDEC polls to hide escalating inflation, which subsequently led to the alteration of other public statistics. changed the basis of calculation for GDP growth to avoid paying the coupon.
Sebastián Maril, lawyer specializing in debt issues, indicated on his social network account The appeal will begin on May 21.”
Source: Clarin
