Argentine Economy Minister Amado Boudou, who oversaw a $12.9 billion debt restructuring and helped manage the nationalization of the country’s pension funds, was tapped to be President Cristina Fernandez de Kirchner’s running mate in October elections.
The head of the Buenos Aires Stock Exchange, Adelmo Gabbi, said he will seek legal action against Vice President Amado Boudou for accusing him of soliciting a bribe in a scandal over a bankrupt company.
Argentina may learn at any time whether a U.S. appeals court will rule that it must pay $1.4 billion to holders of its defaulted debt, something the South American country has resisted for more than a decade.
Argentine Vice President Amado Boudou, who for years antagonized investors in South America’s second-biggest economy, may now become their guarantor of political and economic stability in a nation reeling from its leader’s surprise diagnosis with cancer.
Argentine Economy Minister Amado Boudou said last week’s jump in bond yields may prompt the government to shelve plans to sell as much as $1 billion of bonds, its first international offer since defaulting in 2001.
Argentina, which defaulted on a record $95 billion in sovereign debt in 2001, proposed giving holders of $1.3 billion of the repudiated bonds about one-sixth of what a U.S. judge has said they’re entitled to receive--a move one analyst called “thumbing its nose at the court.”