{"content":[{"text":"LEGAL MEMORANDA","bbox":{"left":0.278396,"top":0.087586,"width":0.3942150000000001,"height":0.032167}},{"text":"ARGENTINA","bbox":{"left":0.364235,"top":0.225345,"width":0.22683700000000007,"height":0.032012999999999986}},{"text":"The following is a review of legal and economic development \n Argentina.","bbox":{"left":0.125278,"top":0.304701,"width":0.745142,"height":0.04242299999999999}},{"text":"in","bbox":{"left":0.090479,"top":0.326428,"width":0.019853999999999997,"height":0.020695999999999992}},{"text":"I.","bbox":{"left":0.092799,"top":0.367383,"width":0.016094999999999998,"height":0.02261200000000002}},{"text":"ANOTHER SUCCESSFUL","bbox":{"left":0.134558,"top":0.372516,"width":0.24338500000000002,"height":0.017226999999999992}},{"text":"ROUND OF DEBT TO EQUITY CONVERSIONS","bbox":{"left":0.394395,"top":0.371245,"width":0.471741,"height":0.01911400000000002}},{"text":"On March 29, 1988 offers filed in connection with the second \n round of bids under the Argentine debt to equity conversion pro- \n gram opened at the Central Bank. The outcome again proved to be \n very attractive to the government. \n Twenty different projects competed in this new round. Both \n domestic and multinational companies filed offers for ventures \n contemplating, among others, the manufacture of auto parts, the \n production of beer, the construction of hotels and the manufacture \n of chemical products. An average high discount of 53.78% was of- \n fered this time. This meant that with US$54 million, Argentina \n cancelled US$117 million of foreign debts. Through this mecha- \n nism, Argentina generated $140 million worth of new investments \n including $54 million to be financed through debt to equity conver- \n sion, and $86 million in new reserves. \n With the investment community's interest remaining very \n high, debt to equity conversion proved to be a dynamic element of \n the Argentine foreign debt menu.","bbox":{"left":0.090479,"top":0.408064,"width":0.784401,"height":0.358534}},{"text":"I.","bbox":{"left":0.194878,"top":0.787746,"width":0.015565999999999997,"height":0.023476000000000052}},{"text":"NEw \n EXCEPTIONS TO INSURANCE","bbox":{"left":0.245917,"top":0.787746,"width":0.364072,"height":0.023476000000000052}},{"text":"OF DEPOSITS","bbox":{"left":0.626392,"top":0.793189,"width":0.14153900000000008,"height":0.017226999999999992}},{"text":"On April 27, 1988 the Central Bank issued Communication \n \"A\" 1,175 (hereinafter the \"Communication\") which regulated ar- \n ticle 56 of the \"Law of Financial Entities\" No. 21.526, as amended \n by Law No. 22.501 (hereinafter the \"Law\"). This article estab-","bbox":{"left":0.090479,"top":0.828429,"width":0.7825700000000001,"height":0.08172100000000004}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}