Debt payment venue is changed by Argentine Senate

On yesterday midnight, the Argentine Senate approved a change of venue to pay their New York debt in Buenos Aires, through a bill that includes Paris as alternative venue.

The decision was taken as a measure that seeks to bring the country out of the selective default avoiding blocking funds in the United States, provided by Judge Thomas Griesa in New York to the money deposited in the Bank of New York (BoNY).

The project must now be addressed by the Chamber of Deputies, which was adopted with 39 votes in favor, 27 against and two abstentions, on a heated debate that started on Wednesday afternoon in the Senate, with a minority opposition to the project of President Cristina Kirchner.

If the Deputies approve the project, the reform will open new collection windows, in Paris or elsewhere the bondholders choose, as a way of ending the funds freezing.