Julio Ortega Tous, director of the economic team of the government, announced that the restructuring of the sovereign bonds could be announced before the end of month. He made the announcement during the assembly of Central Bank governors of the Interamerican Development Bank held in Okinawa, Japan. He said that there would not be a change in the yield, but an extension in the expiration term. Bonds issued in 2001 would be extended to 2011 and those issued in 2003 would be extended to 2018.
He explained there would be a semestral amortization so as that the debt be compatible with the revenues of the government. The government also announced the country would reserve the right to both call off the exchange if the investor participation rate is lower than 85% and to not pay holdouts who refuse to participate in the exchange.