Rewrite · Extraordinary measures
Forced exchange or reprofiling of domestic debt and deposits
- What it is
- Unilateral extension of maturities of government paper held by residents, or compulsory exchange of deposits and bills for long-term bonds.
- Why it counts
- Domestic holders, who cannot easily exit, are forced to accept late or reduced repayment, lowering the state's financing cost at their expense.
When it was in force
- Argentina: 2019, historical; its end is not documented
Example
Argentina
2019HistoricalIts end is not documented
Unilaterally postponed payment of short-term Treasury bills (Letes, Lecaps, etc.): 15% paid at maturity, the rest after 90 and 180 days; individuals holding since 31 July 2019 were exempt.
Argentina today: index 40.1Decreto de Necesidad y Urgencia 596/2019, arts. 1-2Primary source
“En las respectivas fechas de vencimiento previstas en los términos y condiciones originales se cancelará el QUINCE POR CIENTO (15%) del monto adeudado a la respectiva fecha.”
Examples and their dates reviewed .