Peru will stick to local law in debt dispute: Finance Minister
Peru will stick to local law in debt dispute: Finance Minister
Sun Oct 11, 2015 9:24pm BST
By Paul Kilby and Davide Scigliuzzo
LIMA, Oct 11 (IFR) - Peru's government will stick to the letter of local law in a heated dispute over the value of 40-year-old land-reform bonds, the country's finance minister told IFR on Sunday.
Creditors say a 2013 Constitutional Court ruling on the method of payment short changes them by several billion dollars and subordinates institutional investors in the payment structure.
The row intensified this week as the spotlight fell on the Andean country, which is hosting the annual meetings of the International Monetary Fund and the World Bank - the first Latin American nation to do so in nearly fifty years.
The bonds, which had maturities of between 20 and 30 years, were issued between 1969 and 1982 as compensation for the government's expropriation of some 23 million acres of land.
More:
http://uk.reuters.com/article/2015/10/11/peru-bonds-gramercy-idUKL1N12A0J220151011?rpc=401