The emergency Decree Nbr. 53/2003 dated January 9, which among other issues established the "re-dollarization" of debts assumed by companies incorporated in Argentina, directly or indirectly controlled by either foreign individuals or legal entities, has been repealed by means of emergency Decree Nbr. 70/2003 published in the Official Gazette on January 14.
The new Decree Nbr. 70/2003, which became effective as from its issuance, repealed subsections (h) and (l) of Section One of Decree Nbr. 53/2003. The latter decree was issued to clarify Decrees Nbr. 214, 410 and 471 issued during the year 2002 and related to the "pesification" of obligations to render foreign currency.
Such repealed subsections (h) and (l) removed the effects of "pesification" for:
