Argentina won’t pay warrants tied to economic growth this year, Cabinet Chief Jorge Capitanich told Congress yesterday, newspaper Cronista reported on its website.
Capitanich defended the government’s calculations used to determine that economic growth last year fell short of the pace required to require a payment, the newspaper reported.
Economy Minister Axel Kicillof on March 27 announced that gross domestic product expanded 3 percent in 2013 after the government changed the base year used in its calculations. Growth was about half the pace previously forecast by the government and missed the 3.22 percent threshold needed to trigger a $3 billion payout.
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