Obligation Argentina 6.25% ( XS1715535123 ) en EUR

Argentina

100 % ▲

Argentine

XS1715535123 ( en EUR )

6.25% par an ( paiement annuel )

08/11/2047

Prospectus brochure de l'obligation Argentina XS1715535123 en EUR 6.25%, échéance 08/11/2047

100 000 EUR

750 000 000 EUR

09/11/2025 ( Dans 221 jours )

L'Argentine est un pays d'Amérique du Sud connu pour sa diversité géographique, allant des Andes aux pampas, et riche en culture, notamment le tango et le football.

L'Obligation émise par Argentina ( Argentine ) , en EUR, avec le code ISIN XS1715535123, paye un coupon de 6.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 08/11/2047

Prospectus Supplement
To Prospectus Dated October 27, 2017

The Republic of Argentina
1,000,000,000 3.375% Bonds Due 2023
1,000,000,000 5.250% Bonds Due 2028
750,000,000 6.250% Bonds Due 2047

The 3.375% bonds due 2023 (the "2023 Bonds") will mature on January 15, 2023 and will bear interest at a rate of 3.375% per
year. The 5.250% bonds due 2028 (the "2028 Bonds") will mature on January 15, 2028 and will bear interest at a rate of 5.250% per year.
The 6.250% bonds due 2047 (the "2047 Bonds") will mature on November 9, 2047 and will bear interest at a rate of 6.250% per year. We
refer to the 2023 Bonds, the 2028 Bonds and the 2047 Bonds collectively as the "Bonds". Interest on each of the 2023 Bonds and the 2028
Bonds is payable on January 15 of each year, commencing on January 15, 2018. Interest on the 2047 Bonds is payable on November 9 of
each year, commencing on November 9, 2018. The Bonds are not redeemable prior to maturity. The offering of each of the Bonds
pursuant to this prospectus supplement is not contingent upon one another.
The Bonds are direct, general, unconditional and unsubordinated obligations of the Republic of Argentina (the "Republic" or
"Argentina") for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among
themselves and equally with all other unsubordinated public external indebtedness (as defined in the accompanying prospectus) of the
Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds
ratably with payments being made under any other public external indebtedness of the Republic.
The Bonds were issued under the indenture (as defined in this prospectus supplement) and each of the 2023 Bonds, the 2028
Bonds and the 2047 Bonds constitute a separate series under the indenture. The Bonds contain provisions, commonly known as "collective
action clauses." Under these provisions, which differ from the terms of the Republic's public external indebtedness issued prior to April
22, 2016, the Republic may amend the payment provisions of any series of debt securities issued under the Indenture (including any series
of the Bonds) and other reserved matters listed in the Indenture with the consent of the holders of: (1) with respect to a single series of debt
securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or
more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of
the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more
series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the
proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of
each series affected by the proposed modification, taken individual y. See "Description of the Securities--Meetings, Amendments and
Waivers--Collective Action" in the accompanying prospectus.
Application will be made to list the Bonds on the Official List of the Luxembourg Stock Exchange and the Bolsa y Mercados
Argentinos S.A. ("ByMA") and to have the Bonds admitted for trading on the Euro MTF Market and Mercado Abierto Electrónico S.A.
("MAE").
Neither the Securities and Exchange Commission nor any state securities commission or regulatory body has approved or
disapproved of these securities or determined that this prospectus supplement or the accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
This prospectus supplement, together with the accompanying prospectus dated October 27, 2017, shall constitute a prospectus for
the purpose of the Luxembourg law dated July 10, 2005 (as amended) on prospectuses for securities.
ANY OFFER OR SALE OF BONDS IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA WHICH HAS
IMPLEMENTED DIRECTIVE 2003/71/EC AND AMENDMENTS THERETO INCLUDING DIRECTIVE 2010/73/EU (THE
"PROSPECTUS DIRECTIVE") MUST BE ADDRESSED TO QUALIFIED INVESTORS (AS DEFINED IN THE PROSPECTUS
DIRECTIVE).
Public Offering
Underwriting
Proceeds to Argentina

Price(1)
Discount(2)
(before expenses)
Per 2023 Bond ................................................................................
99.425%
0.120%
99.305%(1)
Total for the 2023 Bonds ................................................................
994,250,000
1,200,000
993,050,000
Per 2028 Bond ................................................................................
99.634%
0.120%
99.514%(1)
Total for the 2028 Bonds ................................................................
996,340,000
1,200,000
995,140,000
Per 2047 Bond ................................................................................
99.333%
0.120%
99.213%(1)
Total for the 2047 Bonds ................................................................
744,997,500
900,000
744,097,500
(1)
Plus accrued interest, if any, from November 9, 2017 to the date of settlement.

(2)
For more information regarding compensation to be received by the underwriters, please refer to "Underwriting."
The Bonds are expected to be delivered to investors in book-entry form through the facilities of Euroclear Bank SA/NV
("Euroclear"), as operator of the Euroclear System and Clearstream Banking, société anonyme on or about November 9, 2017.
Joint lead managers and bookrunners
BBVA
Citigroup
Santander
November 17, 2017

We are responsible for the information contained in this prospectus supplement and the accompanying
prospectus and in any related free-writing prospectus we prepare or authorize. We have not, and the underwriters
have not, authorized anyone to give you any other information, and we take no responsibility for any other
information that others may give you.
TABLE OF CONTENTS

Page
Prospectus Supplement

About this Prospectus Supplement .......................................................................................................................................... S-3
Notice to Prospective Investors in the European Economic Area ........................................................................................... S-3
Notice to Prospective Investors in the United Kingdom .......................................................................................................... S-4
Certain Defined Terms and Conventions ................................................................................................................................. S-5
Summary of the Offering ......................................................................................................................................................... S-6
Risk Factors ............................................................................................................................................................................. S-9
Use of Proceeds ..................................................................................................................................................................... S-19
Recent Developments ............................................................................................................................................................ S-20
Description of the Bonds ....................................................................................................................................................... S-27
Taxation ................................................................................................................................................................................. S-33
Underwriting .......................................................................................................................................................................... S-34
Validity of the Bonds ............................................................................................................................................................. S-40
General Information ............................................................................................................................................................... S-41

Prospectus
About this Prospectus .......................................................................................................................................................
1
Forward-Looking Statements ...........................................................................................................................................
2
Data Dissemination ...........................................................................................................................................................
3
Preservation of Defenses ..................................................................................................................................................
4
Enforcement of Civil Liabilities .......................................................................................................................................
5
Use of Proceeds ................................................................................................................................................................
7
Description of the Securities .............................................................................................................................................
8
Taxation ............................................................................................................................................................................
25
Plan of Distribution ...........................................................................................................................................................
33
Official Statements ...........................................................................................................................................................
35
Validity of the Securities ..................................................................................................................................................
35
Authorized Representative ................................................................................................................................................
35
Where You Can Find More Information ..........................................................................................................................
36
S-2

ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement supplements the accompanying prospectus dated October 27, 2017, relating to
Argentina's debt securities and warrants. If the information in this prospectus supplement differs from the information
contained in the accompanying prospectus, you should rely on the updated information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain
information you should consider when making your investment decision. You should rely only on the information provided
in this prospectus supplement and the accompanying prospectus. Argentina has not authorized anyone else to provide you
with different information. Argentina and the underwriters are offering to sell the Bonds and seeking offers to buy the Bonds
only in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the
accompanying prospectus is current only as of their respective dates.
Argentina is furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective
investors in connection with their consideration of a purchase of the Bonds. Argentina confirms that:
· the information contained in this prospectus supplement and the accompanying prospectus is true and correct in
all material respects and is not misleading as of its date;
· it has not omitted facts, the omission of which makes this prospectus supplement and the accompanying
prospectus as a whole misleading; and
· it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying
prospectus.
In connection with the offering of the Bonds, Banco Santander, S.A., or any person acting for it, may over-allot the
Bonds or effect transactions with a view to supporting the market price of the Bonds at a level higher than that which might
otherwise prevail. However, there is no assurance that Banco Santander, S.A., or any person acting for it, will undertake any
stabilization action. Any stabilization action may begin at any time after the adequate public disclosure of the final terms of
the offer of the Bonds and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the
closing date and 60 days after the date of the allotment of the Bonds. Any stabilization action or over-allotment must be
conducted by Banco Santander, S.A., or any person acting for it, in accordance with all applicable laws and regulations.
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
In any Member State of the European Economic Area, this prospectus supplement is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This prospectus supplement has been prepared on the basis that any offer of Bonds in any Member State of the
European Economic Area will be made pursuant to an exemption under the Prospectus Directive from the requirement to
publish a prospectus for offers of Bonds. Accordingly any person making or intending to make an offer in that Member State
of Bonds which are the subject of the offering contemplated in this prospectus supplement may only do so in circumstances
in which no obligation arises for Argentina or any of the underwriters to publish a prospectus pursuant to Article 3 of the
Prospectus Directive in relation to such offer. Neither Argentina nor the underwriters have authorized, nor do they authorize,
the making of any offer of Bonds in circumstances in which an obligation arises for Argentina or the underwriters to publish
a prospectus for such offer.
In relation to each Member State of the European Economic Area an offer to the public of any Bonds which are the
subject of the offering contemplated by this prospectus supplement (the "Securities") may not be made in that Member State
except that an offer to the public in that Member State may be made at any time under the following exemptions under the
Prospectus Directive:
A. to any legal entity which is a qualified investor as defined in the Prospectus Directive;
B. to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus
Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant
dealer or dealers nominated by Argentina for any such offer; or
C. in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of Securities shall require Argentina or the underwriters to publish a prospectus pursuant to
Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.
S-3

For the purpose of the above provisions, the expression "an offer to the public" in relation to any Bonds in any
Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe for the Bonds, as the same may be
varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression
"Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU).
This European Economic Area selling restriction is in addition to any other selling restrictions set out in this
prospectus supplement.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or
(ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended, the "Financial Promotion Order") or (iii) high net worth companies, and other persons
to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Promotion Order or (iv)
persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any Bonds may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons").
This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this document relates is available only to relevant persons and will
be engaged in only with relevant persons.
Each underwriter has represented, warranted and agreed that:
A. it has only communicated or caused to be communicated and will only communicate or cause to be communicated
an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA)
received by it in connection with the issue or sale of the Securities in circumstances in which Section 21(1) of the
FSMA does not apply to Argentina; and
B. it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to the Securities in, from or otherwise involving the United Kingdom.
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CERTAIN DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this prospectus supplement to the "Government" are to the non-financial sector of the federal
government of Argentina, excluding the Central Bank, Banco de la Nación Argentina and Banco de Inversión y Comercio
Exterior (Foreign Investment and Trade Bank, or "BICE"). References to "Ministry of Treasury" are to the Ministry of
Treasury of Argentina and references to the "Ministry of Public Finances" are to the Ministry of Public Finances of
Argentina.
Terms used but not defined in this prospectus supplement have the meanings ascribed to them in the accompanying
prospectus dated October 27, 2017 or in Argentina's annual report for the year ended December 31, 2016 filed on Form 18-K
or any subsequent amendment thereto filed on Form18-K/A (the "Annual Report").
Preservation of Defenses
Nothing in this prospectus supplement, or in any communication from the Republic relating to the offering or
otherwise, constitutes an acknowledgment or admission of the existence of any claim or any liability of the Republic to pay
that claim or an acknowledgment that any ability to bring proceedings in any jurisdiction in respect of such claim or any
limitation period relating thereto has been revived or reinstated, or an express or implied promise to pay any such claim (or
part thereof). Whether or not a claim exists, the Republic may in its sole discretion and only if written notice to that effect is
received from a duly authorized officer of the Republic, attribute a value to such claim for purposes of the Republic's
Settlement Proposal. All defenses available to the Republic relating to any applicable statute of limitations or otherwise are
expressly preserved for all purposes. This prospectus supplement may not be relied upon as evidence of the Republic's
agreement that a claim exists, or of the Republic's willingness, ability or obligation to pay any claim. Any attribution of any
value to any claim for purposes of the Republic's Settlement Proposal will not be considered an acknowledgment of the
existence or validity of that claim and any consideration given by or on behalf of the Republic to the proponent of that claim
will be consideration only for the agreement by the proponent of that claim to cease all actions or proceedings in respect of
that claim and to irrevocably assign and transfer to the Republic all rights, if any, with respect to such claim and to undertake
to complete any and all formalities or requirements necessary to ensure that if such claim existed neither the proponent nor
any successor or assignee of the proponent (other than the Republic) is able to evidence or allege such claim to remain in
existence or to be a liability of the Republic.
Currency of Presentation
Unless otherwise specified, references in this prospectus supplement to "pesos" and "Ps." are to Argentine pesos,
references to "U.S. dollars" and "U.S.$" are to the currency of the United States of America and references to "euros," ""
and "EUR" are to the currency of the European Union.

S-5

SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying
prospectus. It is not complete and may not contain all the information that you should consider before investing in the
Bonds. You should read this prospectus supplement and the accompanying prospectus carefully.
Issuer ................................................................
The Republic of Argentina.
Bonds Offered ................................................................
For the 2023 Bonds: 1,000,000,000 aggregate principal amount of
3.375% Bonds due 2023.
For the 2028 Bonds: 1,000,000,000 aggregate principal amount of
5.250% Bonds due 2028.
For the 2047 Bonds: 750,000,000 aggregate principal amount of
6.250% Bonds due 2047.
Maturity ................................................................
For the 2023 Bonds: January 15, 2023.
For the 2028 Bonds: January 15, 2028.
For the 2047 Bonds: November 9, 2047.
Issue Price ................................................................
For the 2023 Bonds: 99.425% plus accrued interest, if any, from
November 9, 2017.
For the 2028 Bonds: 99.634% plus accrued interest, if any, from
November 9, 2017.
For the 2047 Bonds: 99.333% plus accrued interest, if any, from
November 9, 2017.
Interest ................................................................
For the 2023 Bonds: Interest on the 2023 Bonds will accrue at a rate
of 3.375% per annum, from November 9, 2017; be payable annually
on January 15 of each year, beginning on January 15, 2018.
For the 2028 Bonds: Interest on the 2028 Bonds will accrue at a rate
of 5.250% per annum, from November 9, 2017; be payable annually
on January 15 of each year, beginning on January 15, 2018.
For the 2047 Bonds: Interest on the 2047 Bonds will accrue at a rate
of 6.250% per annum, from November 9, 2017; be payable annually
on November 9 of each year, beginning on November 9, 2018.
Interest payments on the Bonds will be made to persons in whose
names the relevant Bonds are registered at the close of business on the
business day preceding the corresponding payment date; and will be
computed based on the actual number of days elapsed divided by 365
(or 366).
Status ................................................................
The Bonds constitute direct, general, unconditional and
unsubordinated obligations of the Republic for which the full faith
and credit of the Republic is pledged. The Bonds rank and will rank
without any preference among themselves and equally with all other
unsubordinated public external indebtedness of the Republic. It is
understood that this provision will not be construed so as to require
the Republic to make payments under the Bonds ratably with
payments being made under any other public external indebtedness.
Additional Amounts .......................................................
The Republic will make all principal, premium (if any) and interest
payments on the Bonds without deducting or withholding on account
S-6

of any present or future taxes, duties, assessments or other
governmental charges withheld or assessed by the Republic or any
political subdivision or authority thereof or therein having power to
tax, unless the deduction or withholding is required by law. If the
Republic is required to make any deduction or withholding, it will pay
the holders, subject to specified exceptions, the additional amounts
required to ensure that the net amount they receive after such
withholding or deduction shall equal the amount they would have
received without this withholding or deduction. See "Description of
the Bonds--Additional Amounts."
Redemption ................................................................
The Bonds will not be redeemable before maturity at the option of the
Republic or repayable at the option of the holder and not be entitled to
the benefit of any sinking fund. The Republic may at any time,
however, purchase any series of the Bonds and hold or resell them or
surrender them to the trustee for cancellation.
Covenants ................................................................
The Indenture governing the Bonds contains covenants that, among
other things, limit the Republic's ability to create liens on its assets.
These covenants are subject to important exceptions and
qualifications, which are described under the heading "Description of
the Bonds" in this prospectus supplement and "Description of the
Securities" in the accompanying prospectus.
Events of Default ............................................................
For a discussion of certain events of default that will permit
acceleration of the principal of the Bonds plus accrued interest, and
any other amounts due with respect to the Bonds, see "Description of
the Securities--Events of Default" and "Description of the
Securities-- Suits for Enforcement and Limitations on Suits by
Holders" in the accompanying prospectus.
Collective Actions ...........................................................
The Bonds contain provisions, commonly known as "collective action
clauses." Under these provisions, which differ from the terms of the
Republic's public external indebtedness issued prior to April 22,
2016, the Republic may amend the payment provisions of any series
of debt securities issued under the Indenture (including any series of
the Bonds) and other reserved matters listed in the Indenture with the
consent of the holders of: (1) with respect to a single series of debt
securities, more than 75% of the aggregate principal amount of the
outstanding debt securities of such series; (2) with respect to two or
more series of debt securities, if certain "uniformly applicable"
requirements are met, more than 75% of the aggregate principal
amount of the outstanding debt securities of all series affected by the
proposed modification, taken in the aggregate; or (3) with respect to
two or more series of debt securities, more than 66 2/3% of the
aggregate principal amount of the outstanding debt securities of all
series affected by the proposed modification, taken in the aggregate,
and more than 50% of the aggregate principal amount of the
outstanding debt securities of each series affected by the proposed
modification, taken individually. See "Description of the Securities--
Meetings, Amendments and Waivers--Collective Action" in the
accompanying prospectus.
Further Issues ................................................................
The Republic may, from time to time, without the consent of holders,
create and issue additional debt securities having the same terms and
conditions as any series of the relevant Bonds in all respects, except
for issue date, issue price, original interest accrual date and the first
interest payment on the debt securities; provided, however, that any
additional debt securities subsequently issued shall be issued, for U.S.
S-7

federal income tax purposes, either (a) as part of the "same issue" as
the relevant Bonds or (b) in a "qualified reopening" of the relevant
Bonds, unless such additional debt securities have a separate ISIN or
other identifying number from the relevant Bonds. Such additional
debt securities will be consolidated with and will form a single series
with the relevant Bonds.
Use of Proceeds ...............................................................
The net proceeds from the sale of the Bonds were approximately
2,732,287,500, after deduction of the underwriting discount and
certain commissions payable by the Republic estimated at 3,300,000
in the aggregate. The Republic intends to use the net proceeds of the
sale of the Bonds for general purposes of the Government.
Settlement; Form ............................................................
The Bonds to be delivered to investors will be issued in global form
and registered in the name of a nominee of a common depositary for
Euroclear and Clearstream, Luxembourg. See "Description of the
Bonds."
Prescription ................................................................
Claims against the Republic for the payment of principal and interest,
premium, if any, or other amounts due on the Bonds will be
prescribed unless made within five years, with respect to principal,
and two years, with respect to interest, premium, if any, or other
amounts due on the Bonds, in each case from the date on which such
payment first became due, or a shorter period if provided by law.
Governing Law ...............................................................
The Bonds are, and the Indenture is, governed by and construed in
accordance with the laws of the State of New York, except with
respect to the authorization and execution of the Bonds and the
Indenture by and on behalf of Argentina, which shall be and is, as
applicable, governed by the laws of Argentina.
Listing ................................................................
Application is expected to be made to list the Bonds on the
Luxembourg Stock Exchange and the ByMA and to have them
admitted for trading on the Euro MTF Market, and the MAE.
Trustee, Registrar, Paying Agent and
Transfer Agent ...............................................................
The Bank of New York Mellon.
Luxembourg Listing Agent, Paying
Agent and Transfer Agent ................................
The Bank of New York Mellon SA/NV, Luxembourg Branch
London Paying Agent .....................................................
The Bank of New York Mellon, London Branch.
Risk Factors ................................................................
See "Risk Factors" and the other information in this prospectus
supplement for a discussion of factors you should carefully consider
before deciding to invest in the Bonds.
ISIN/Common Codes .....................................................
The Bonds have been accepted for clearance through the Euroclear
and Clearstream, Luxembourg. The Bonds have the relevant trading
information set forth in the following table:

ISIN Number
Common Codes
2023 Bonds
XS1715303340
171530334
2028 Bonds
XS1715303779
171530377
2047 Bonds
XS1715535123
171553512

S-8

RISK FACTORS
An investment in the Bonds involves an important degree of risk. Before deciding to purchase the Bonds, you should
read carefully all of the information contained in this prospectus supplement, including, in particular, the following risk
factors.
Risks Relating to the Republic
Investing in a developing country entails certain inherent risks.
Argentina is a developing economy and investing in developing economies generally involves risks. These risks
include political, social and economic events that may affect Argentina's economic results. In the past, instability in
Argentina and other Latin American and emerging market countries has been caused by many different factors, including the
following:
adverse external economic factors;
inconsistent fiscal and monetary policies;
dependence on external financing;
changes in governmental economic or tax policies;
high levels of inflation;
abrupt changes in currency values;
high interest rates;
wage increases and price controls;
volatility of exchange rates and capital controls;
political and social tensions;
fluctuations in central bank reserves; and
trade barriers.
Any of these factors may adversely affect the liquidity, trading markets and value of Argentina's debt securities and
Argentina's ability to service its debt obligations, including the Bonds.
Argentina has experienced political and social economic instability in the past and may experience further instability
in the future. In 2001 and 2002, Argentina suffered a major political, economic and social crisis, which resulted in
institutional instability and a severe contraction of the economy (GDP contracted 10.9% in 2002 compared to 2001) with
significant increases in unemployment and poverty rates. Among other consequences, the crisis caused a large currency
devaluation and led to the Government defaulting on its external debt. In response, the Government implemented a series of
emergency measures, including strict foreign exchange restrictions and monthly limits on bank withdrawals, which affected
public companies and other sectors of the Argentine economy.
The Argentine economy experienced a recovery following the 2001-2002 crisis. Since 2008, however, it has
struggled to curb strong inflationary pressures and growth has stagnated, primarily as a result of the monetary and fiscal
policies introduced by the Fernández de Kirchner administration, strict foreign exchange controls and overvalued real
exchange rates that constrained foreign trade and investments and the decline in commodities prices. See "Republic of
Argentina--The Argentine Economy--Economic History and Background--Principal Government Policies and their Impact
on Argentina's Economy (2011-2015)" in the Annual Report. The Fernández de Kirchner administration's policies
increasingly eroded confidence in the Argentine economy, which resulted, among other things, in capital outflows,
decreasing investment and a significant decline in the Central Bank's international reserves.
Since taking office in December 2015, the Macri administration has introduced economic and policy reforms. In
addition, the Macri administration restarted negotiations with holders of defaulted bonds in December 2015 with a view to
bringing closure to fifteen years of litigation. On April 22, 2016, Argentina closed the April 2016 Transaction, and upon
S-9