Cavallo will be tried for having transferred private debt to the state

Argentina, September 17, 2011

Domingo Cavallo, former finance minister and president of the Central Bank when was nationalized the private debt during the dictatorship, will be tried for making such move, which included the transfer of seventeen million dollars in liabilities from private to public coffers. The trial will include a representation of the State Treasury on behalf of Argentina and will be carried out by Judge Marcelo Martínez de Giorgi. Renowned businessmen are involved along with Cavallo.

Giorgi Martínez led to the request of Ricardo Delgado, and makes effective the case against Cavallo for the nationalization of private debt in the last dictatorship.

At the time of nationalized private debt, he was head of the Central Bank, agreeing to transfer about $ 17 million private debt to the state coffers.

“Private companies borrowed knowing that the Argentine government would come to support them and would take, somehow, the amount of their millionaires debts” Delgado said in his request to the judge.

While Cavallo tops the list of officials of that time, among the other companies that appear on the record are Cargill, Perez Companc and Renault. They have acted in a “spurious way” said the prosecutor.