CONTRACTS Decree 1.299/96 Approve a Debt Restructuring Agreement to be signed with the Federal Republic of Brazil, the Do Brasil Bank and the Central Bank of Brazil.

Bs. As., 15/11/96

VISTO Issue No. 018782/94 of the Register of the ARGENTIN REPUBLIC, and

CONSIDERING:

In the proceedings referred to in the Sixth Committee, the precedents relating to the Debt Restructuring Contract to be concluded between the ARGENTINA REPUBLIC, whose representation will be assumed by the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS through the SECRETARIAT OF HACIENDA, on the one hand, and on the other, the FEDERAT REPUBLIC

That, given the negotiation process carried out between the two countries, with respect to the consolidation and restructuring of certain debts of the ARGENTINA REPUBLIC for the FEDERAL REPUBLIC DEL BRAZIL, and having reached a satisfactory agreement on the amount owed, form and period of cancellation and applicable interest rate, it is advisable to formalize this agreement through the aforementioned Debt Restructuring Agreement.

That, in accordance with article 65 of Act No. 24,156, an improvement in the amounts, timelines and interests of the original operations has been envisaged.

That the NATIONAL EXECUTIVE POWER is empowered to issue this decree pursuant to article 65 of Act No. 24,156, as well as the provisions of article 99, paragraph 1 of the NATIONAL CONSTITUTION, and article 16, paragraph 2, of Act No. 11,672, "Permanent Complementary Budget (T.O. 1996)".

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 . Approved the Debt Restructuring Agreement to be signed between the ARGENTINA REPUBLIC, on the one hand, and on the other the FEDERAL REPUBLIC OF BRAZIL, the BRAZIL BANCO and the BRAZIL CENTRAL BANCO, forming it according to the texts that, in authentic copy, in Portuguese and Spanish language, work in the ANEX

Art. 2o . Please refer to the Minister of Economics and Public Works and Services, or to the official or officials designated by him, to subscribe, on behalf of and representation of the ARGENTINA REPUBLIC, the contract for Restructuring Debt approved in the previous article and all the documentation with him related.

Art. 3o . Authorize the Treasury Secretary of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, or the official or officials designated by him, to subscribe, on behalf of and representation of the ARGENTINA REPUBLIC, the modifications to the Restructuring of Debt approved in Article 1 of this Decree, provided that they do not constitute substantial changes to their object or result in an increase.

Art. 4o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Jorge A. Rodriguez. . Roque B. Fernández.

NOTE: This decree is issued without Annex I. Unpublished documentation can be consulted at the Central Headquarters of this National Directorate (Suipacha 767, Capital Federal).