2024-04-10 00:58:00
Local government of La Rioja in Argentina Defaulted on repayment of bond principal of 15.9 million dollars (approximately 588.3 million baht) after the “central government” announced severe economic policies to dismantle the old economic structure.
Local government of La Rioja in Argentina Defaulted on repayment of bond principal of 15.9 million dollars (approximately 588.3 million baht) after the “central government” announced severe economic policies to dismantle the old economic structure.
Bloomberg news agency Reported yesterday (April 9) that a few days ago this group which held local government bondsLa Rioja City (La Rioja) North-western Argentina has entered talks with financial advisers ahead of bond due date after officials earlier defaulted on more than $16 million in principal payments.
In this regard, the committee of creditors who holdBonds due for paymentIn 2025, it said it had hired Quinn Emanuel Urquhart & Sullivan, LLP as consultants and asked La Rioja city officials to comply with its obligations. bound within next week
Local government of Argentina About to default on many more debts.
Meanwhile, Bloomberg’s analysis reveals that the province, which on February 24, Default in payment of principalAlready, $15.9 million (about 588.3 million baht) was paid in interest of $10.4 million at the end of March.
A spokesman for the governor of La Rioja did not respond to an interview request, while trustee BNY Mellon declined to comment.
Impact of Shock Therapy policy
By Bloomberg’s analysis Also reported that La Rioja has a population of about 385,000 and is one of several provinces affected by cuts in aid from the federal government.Javier Milei president of argentina This event is part of the measures. “Shock Therapy” or Shock Therapy The president revealed that It is needed to get the economy back on track after decades of mismanagement by the previous administration.
Such policies create economic “pain” amid announcements of cuts.Peso valueplans to cut 70,000 government jobs and phase out price controls.
Meanwhile, the governor of La Rioja has criticized Milay’s plan to freeze civil servant salaries as being too strict.
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In addition, last Monday the central bank revealed that Argentina’s economy shrank 3.5% this year.
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