President Alberto Fernandez confirmed on Monday that Argentina has completed the process of debt swap proposed by the government to holders of bonds issued under foreign legislation.The debt swap reached a level of 93.5.

The Head of State considered that Argentina "was in virtual default but today we have the peace of mind that we have not betrayed the trust because we did things as we promised to do".

President Fernandez also said that Argentina reached "a successful debt swap after having entered into default in January 2018, when the markets said they were no longer lending to Argentina".

According to Economy Minister Martin Guzman, this will mean "a relief of 37.7 billion dollars in the next decade and a reduction of the interest rate from 7 percent to 3 percent.
Guzman also anticipated that the Budget Bill that will be sent to Congress in the coming weeks will "establish that next year's fiscal deficit will be around 4.5 percent of the GDP.

Translation and VO: Fernando Farías
Web Production: Julián Cortéz
Production: Silvana Avellaneda