The norm, in detail
Payment to holdouts: closing the 2001-default lawsuits
Law 27.818 (promulgated by Decree 564/2026, Official Gazette Jul 1, 2026)
in forceNATIONAL
Fiscal and monetary anchor
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 ↗
Who it affects
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
We looked at this rule from each of the five provinces we track and found no effect that lands differently in any of them: it applies the same across the country.
The other rules on this subject19
Fiscal Package: asset declaration, moratorium and tax cutsLaw 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decree 1131/2024)in force
The "lock on the State": fiscal balance by lawLaw 27.798 (2026 Budget), art. 1 — in force; the permanent "lock on the State" still a billpending
PAÍS Tax: it rose, fell and expiredDecree 29/2023 + Decree 777/2024 (expiry of Law 27.541, 12/23/2024)in execution
Renting out and selling housing no longer pays income taxLaw 27,802 Title XXIV + Decree 406/2026 (Official Gazette Jun 1, 2026)in force
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading