The president of Argentina, Javier Milei, has confirmed that the ‘Kicillof rate’ will be created to begin paying from next January 10 the debt of 16,000 million dollars (about 14,460 million euros) that the State has with the fund Burford Capital for the trial it lost in the United States for the nationalization of the oil company YPF.

In a television interview, the president explained that the Government does not have the money to pay this debt, whose payment he has managed to postpone for several weeks, following the ruling by US federal judge Loretta Preska.

This rate would allow this debt to be paid with a perpetual bond, obliging Argentines to pay a certain amount of dollars every year. For Milei, this is the only way to confront the “monstrous mistake” of Axel Kicillof, at the time when he was Minister of Economy and Public Finance of Argentina under the orders of President Cristina Fern├índez de Kirchner.

“It will be a new tax called ‘Kicillof tax’, which is to pay the misdeeds of an ‘amateur’, someone who is not very clear about how finance works, much less the markets,” Milei criticized.

If this payment is not made before January 10, Burford has the right to request the seizure of Argentine assets.