The norm, in detail
Payment to holdouts: closing the 2001-default lawsuits
Ley 27.818 (promulgated by Decreto 564/2026, Official Gazette Jul 1, 2026)
in forceNATIONAL
Fiscal and monetary anchor
Ley 27.818 authorizes paying USD 171 M to Bainbridge and the Attestor group at a haircut above 30%: the last default suits close.
What changed and who it applies to
What changed
Congress authorized the payment of USD 171 M to two holdouts litigating over 2001 defaulted bonds — Bainbridge Ltd. (USD 67 M) and the group led by Attestor Value Master Fund (USD 104 M) —, with a haircut >30%, closing the last sovereign lawsuits of the 2001 default before the Jun 30, 2026 deadline (agreement signed on Apr 1 before Judge Loretta Preska, NY). prob Jun 24, 2026 ↗
In force
In force since 1 July 2026, the same day it was published. Article 4 of the law says so: «This law shall enter into force as of the date of its publication in the Official Gazette of the Argentine Republic» — meaning it does not wait the eight days that apply by default when a law sets no date. verif Jul 1, 2026 ↗
Are you in or out?
The National Treasury and the holdout creditors (Bainbridge, Attestor group). Indirectly, sovereign country risk: it closes legal contingencies and attachments in New York. prob Jun 24, 2026 ↗
The norm
Ley 27.818, passed by Congress on Jun 24, 2026 (Chamber of Deputies 139 in favor / 97 against; Senate first passage on Jun 4, 2026) and ENACTED by Decreto 564/2026 (Boletín Oficial, Jul 1, 2026). verif Jul 1, 2026 ↗
Our reading
A small amount (USD 171 M) but an institutional signal: it normalizes the last litigious debt of the 2001 default → eliminates attachments/contingencies in NY and clears a focus of sovereign uncertainty, in line with financial normalization. Favorable to the country-risk compression (a dashboard axis). thesis
Where it lands, province by province
Applies the same nationwide
No effect lands differently in any one province: it applies the same across the country.
The other rules on this subject22
Fiscal Package: asset amnesty, moratorium and tax cutsLey 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decreto 1131/2024)in force
The "lock on the State": fiscal balance by lawLey 27.798 (2026 Budget), art. 1 — in force; the permanent "lock on the State" still a billpending
PAÍS Tax: it rose, fell and expiredDecreto 29/2023 + Decreto 777/2024 (expiry of Ley 27.541, 12/23/2024)in execution
Renting out and selling housing no longer pays income taxLey 27.802 Title XXIV + Decreto 406/2026 (Official Gazette Jun 1, 2026)in force
Ignacio Aredez· Chief analyst
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