Chairman of the Cabinet of Ministers, Guillermo Francoscame out with the top block this Tuesday against the two-time president Cristina Kirchner when you realize the negative impact it has on you Argentina the resolution Supreme Court from United Kingdom to deny the state’s appeal in a case known as “PBI coupon”. In this case, the official pointed to “the manipulation of Indec data during the Cristina Kirchner administration.”

“The UK Supreme Court rejected a request from Argentina to allow it to appeal a decision that forced the country to pay US$1.5 billion for manipulation of Indec data during Cristina Kirchner’s government,” Francos said in a post on “

Soon after, the Coordinating Minister stated: “The ‘creative’ solution of populism brings negative economic consequences that discredit the country.” In this regard, the official assured: “We are carefully analyzing, together with our legal advisors, the consequences of this decision and the steps to be taken.” “It is our greatest commitment to work every day to return to being a serious country for the world,” he concluded.

What will the verdict against Argentina consist of?

The decision was for a lawsuit by four investment funds that held securities issued on the exchange in 2005 that gave creditors the benefit of charging additional amounts if Argentina’s GDP grew above 3.3% annually. The litigants argue that the country changed the way it calculates GDP in 2013 to prevent it from exceeding the upper limit and avoid such payments. Following the decision, Milei management must now decide whether to pay €1.33 billion (around US$1.5 billion) plus interest or not.

In the UK, Argentina lost a lawsuit in 2013 initiated four years earlier by Palladian Partners, HBK Master Fund, Hirsh Group LLC and Virtual Emerald International Limited. They claimed a total of US$636 million, but a ruling in April 2023 broadened the reach to all creditors (even those who had not yet initiated legal action).

Therefore, the amount increased beyond €1.33 billion. At the end of March, the Government had appealed the decision and to do so, the Government had to set up a trust and deposit US$337 million there as collateral. Those efforts suffered setbacks in June, with the Court of Appeal and now with the UK Supreme Court. The same case also caused complaints in the United States.

However, Judge Loretta Preska – the same person who ordered the country to pay US$16 billion for its takeover of 51% of YPF – ruled in favor of the country and dismissed the case on technical grounds. In response, the Aurelius fund has filed a new lawsuit against the country for the same case. This time they claimed US$1.3 billion.