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

New Ruling to Cost Argentina $337 Million for Falsifying Kirchner Era Indec Data: Implications for International Interventionism and Global Economy

The government of Javier Milei is facing a payment of about $337 million to appeal a ruling related to the manipulation of Indec data during the Kirchner era from 2007 to 2015. This 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 total amount of the sentence is approximately $1.5 billion, as reported by Bloomberg and expert Sebastián Maril.

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. The Argentine government has created the RofA Special Trust 2024 in New York to provide a guarantee of nearly $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 the RofA Special Trust 2024 and issues a Standby Letter of Credit in favor of the Trustee of Negotiable Securities. The London Court of Appeal has set a deadline of April 5 for the State to pay bail in a trust account if they wish to continue with the trial related to PBI Coupons.

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

This case has sparked discussion and speculation online, with various sources providing insights and analysis on its implications for Argentina’s legal system and foreign relations. Some argue that this decision could lead to increased scrutiny on other countries’ economic data, while others fear it could set a dangerous precedent for international interventionism in domestic affairs.

Despite these concerns, many experts predict that this decision could have significant consequences for Argentina’s economy and reputation globally if it fails to comply with court orders or appeals process successfully.

Overall, this case highlights both risks and opportunities associated with globalization and interconnectedness between countries’ economies and legal systems today.

As such, it remains crucial for governments around the world

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