During the Kirchner era, Argentina must compensate US$337 million for manipulating Indec data.

Paying to Fight in Court: Argentina’s Battle over Falsified Economic Data Costs Millions

The Argentine government is facing a payment of about US$337 million in order to appeal an adverse ruling related to the manipulation of Indec data during the Kirchner era from 2007 to 2015. The payment will need to be made in a court in Great Britain as part of a trial against the country for falsifying economic growth data during Kirchnerism.

The plaintiffs in the case are represented by the law firm Quinn Emanuel Urquhart & Sullivan, with Dennis Hranitzky, the lawyer who seized the Frigate Libertad in 2012, among its partners. In response to this ruling, the Argentine government has created the RofA Special Trust 2024 in New York to provide a guarantee of nearly US$330 million as a condition to appeal the ruling on PBI Coupons in London.

Recently, the Executive Branch approved decree 277/2024 which authorizes the creation of this trust and grants permission for issuance of Standby Letter of Credit in favor of Trustee of Negotiable Securities. The London Court of Appeal has set a deadline of April 5 for the State to pay bail in trust account if they wish to continue with trial related to PBI Coupons.

In addition, this decree also extends jurisdiction over state and federal courts in New York and waives defense of sovereign immunity in contracts related to it. However, it clarifies that Argentine Republic does not waive immunity with respect to execution sentences that arise from extended jurisdiction clauses. Various assets are specified that are protected by sovereign immunity laws and cannot be used for payment.

The case has sparked discussion and speculation online with various sources providing insights and analysis on implications of ruling and actions taken by Argentine government

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