Conclusions Upon conducting the case, the arbitrary behaviour with which the nation´s political and economic head charges acted during the time period analysed, has been made evident. Such behaviour was also witnessed from the directors and managers of public and private sector institutions; no regard was given to the Banco Central de la Republica de Argentina (Argentine Republic´s Central Bank) charter; legal instruments where modified with ends to giving foreign judges jurisdiction over national tribunals; registers accounting for and concerning the foreign debt resulted non-existent; public sector companies, with the objective maintaining an economic policy, where made to in debt, thereby obtaining capital which, placed in the Bank Central, was dully turned over to the foreign exchange market; the lack of control over the debt incurred by state enterprises with state guaranties has also been brought to light.- All this was maintained in no less than four hundred and sixty-seven occasions, namely four hundred and twenty-three foreign loans attributed to YPF (public owned oil company), thirty-four irregular transactions carried out during the initiation of the gestation, and twenty transactions guaranteed by the national treasury which where not met adequately at the administration´s end. To these should be added the loans acquired through other state owned institutions, as well as the endebting of the private sector which became public through the insurance exchange scheme. Companies of distinctive importance and private banks with foreign debts, socialising expenses, public funds where committed even further to the repayment of the foreign debt services with the use of the insurance exchange scheme. The existence of explicit links between the foreign debt, the entry of foreign capital for short term financial investment and high home market interest rates, and the stretching of the national budget from the year 1976, did not go unperceived by the authorities at the international monetary fund whose charge it is to supervise economic negotiations.

As the only person that was prosecuted in this investigation was acquitted by virtue of prescription of the criminal action, before filing the records I shall state some findings that I consider relevant, given the importance of the procedural object investigated in this file.

As it stands, this verdict should not hold up the national congress in its evaluation the political responsibility pertaining to the actors and their involvement in the events which provoked the phenomenal Argentine external debt. The public prosecutor concluded in his verdict that two definitive possibilities existed, when in the month of April 1982 the actual case was initiated, sustain that a NO judiciable political issue was being dealt with and archive the case study without the realisation of an investigation; or rather proceed with an investigation and then reach such conclusion ; I feel, therefore, we find ourselves at this stage, since the political-economic climate of 1976/83 was so evidently adverse to the Nation´s interests.

With this in mind, the important field work carried out by notable economic annalists at the time this investigation was being carried out could serve as invaluable help for legislators who propose to further their insight in the case, since this same body of work has been used to form a single, efficiently concise document which deals with the principal questions. Therefore, since no person has been accused in this case, and according to the Prosecutor’s argument and to the fact that these legal proceedings have concluded.

Again, I wish to stress the importance that each part of the proceedings of this case may hold, since they will, without doubt, prove to be solid foundation for when the investigation into the legitimacy of the credits which formed the basis of the foreign debt is carried out. The constitutional government, in June 1984, addressed the International Monetary Fund, presenting the inherited situation, the economic deterioration attributed to the political fracas of this particular situation, achieved by the authoritarian  government, reclaiming more adequate conditions to fulfil the required obligations. It may be that time has come to reiterate a similar petition asking for the reduction in the financial costs of the debt, But as it is being outlined, authorities of another kind are called upon to take such complexed decisions. It is for these reasons that I shall remit a copy of the actual resolution to the National Congress so that, through the relevant committees, the adequate means of better establishing negotiation of the Nation´s foreign debt are met, which, I repeat, has resulted grossly incremented as of the year 1976 when the appliance of a vulgar and agravating political-economic system was implemented, which put the country on its knees, through different methods, and which tended, amongst other things, to benefit and sustain private companies and enterprises -national and foreign- to the dismay of societies and state owned companies whom, through a directed policy, became increasingly more impoverished, all of which, inclusively, was seen reflected in the values obtained at the time when the privatisation of these was initiated. In effect, it should be remembered that the country was, from the year 1976, placed under the will of foreign creditors, and that these negotiations saw the active participation of International Monetary Fund civil servants. 

I Resolve:

1) TO DISMISS this case Nº 14467 (file 7723/98) ,  in which no person has been prosecuted (code of Criminal Procedure, Section 434, Subsection 2).

2) TO SUBMIT a  copy of this resolution (on a floppy disk) and the proceedings of this case to the SENATE AND THE HOUSE OF REPRESENTATIVES OF THE ARGENTINE CONGRESS for their examination or  with the purpose to make copies of such judicial records as may be deemed necessary.

Let the foregoing be notified, fulfilled and filed 

  Volver