The Megacanje was an Argentine program that refinanced the Argentine foreign debt in 2001, during the
1998–2002 Argentine great depression
The 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 the fifteen years stagnation and a brief period of free-market reforms. ...
. 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) was an Argentine politician and a member of the Radical Civic Union (UCR) political party who served as President of Argentina from 10 December 1999 to 21 December 2001. De la Rúa was born in ...
and the minister
Domingo Cavallo
Domingo Felipe Cavallo (born July 21, 1946) is an Argentine economist and politician. Between 1991 and 1996 he was Economic Ministry of Argentina during Carlos Menem presidency. He is known for implementing the ''Convertibility plan'', which es ...
were trialed for this case, and declared innocent on October 6, 2014.
See also
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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
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Presidency of Fernando de la Rúa
Economic history of Argentina
2001 in Argentina