The Megacanje was an Argentine program that refinanced the Argentine foreign debt in 2001, during the
1998–2002 Argentine great depression
The 1998–2002 Argentine great depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of Economic history of Argentina#Stagnation (197 ...
. The payment of 30,000 million dollars was delayed to 2005, in exchange of a 14% interest rate.
The president
Fernando de la Rúa
Fernando de la Rúa (15 September 19379 July 2019) served as the President of Argentina from 1999 until his resignation in 2001. A member of the Radical Civic Union, he previously served as national senator for Buenos Aires across non-consecuti ...
and the minister
Domingo Cavallo
Domingo Felipe Cavallo (born July 21, 1946) is an Argentine economist and politician. Between 1991 and 1996, he was the Minister of Economy during Carlos Menem's presidency. He is known for implementing the convertibility plan, which establis ...
were trialed for this case, and declared innocent on October 6, 2014.
See also
*
Argentine debt restructuring
The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst ...
References
{{Reflist
Presidency of Fernando de la Rúa
Economic history of Argentina
2001 in Argentina