Macri Accused of Issuing Short-term Debt Securities

Buenos Aires - Argentinean President Mauricio Macri, Finance Minister Alfonso Prat Gay and the head of the Central Bank Federico Sturzenegger have been accused of issuing short-term debt securities known as Lebac.

The news began to circulate, yesterday, after prosecutor Paloma Ochoa made a request to Judge Daniel Rafecas to carry out an investigation, instigated by a group of congressmen from the Front for the Victory, into what is consider irregular administration of the State's finances.

The President, the Minister and Sturzenegger are accused of issuing over 685 billion pesos (more than 42 billion dollars) of short-term debt securities at a 40 percent annual rate, which would have manipulated the true value of the country's currency.

The prosecutor pointed out that according to the congressmen's accusation, 'the abusive issue of these debt securities would have had a significant, detrimental effect on State coffers to the benefit of certain economic groups.'

According to the daily Ámbito Financiero, the prosecutor also pointed out that, 'seeing the evident disparity between the real value of the dollar and the fictitious price assigned to it, these economic groups took the opportunity to obtain dollars at fictitious rates and without limit.'

The newspaper, El Cronista, reported that Ochoa has asked the Finance Ministry to report the entire amount of foreign debt issued since December 10th, 2015, detailing the interest rate fixed for these loans.

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