Business

Argentina’s former economy minister absolved

By Debora Rey
Published October 6, 2014 8:33pm ET
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Argentina’s former economy minister absolved
Former Economy Minister Domingo Cavallo attends the final stage of the trial for his alleged involvement in the 2001 "mega-swap" deal, in Buenos Aires, Argentina, Monday, Oct. 6, 2014. Cavallo is accused of carrying out "negotiations incompatible with public office,"in a trial that seeks to determine whether the State's interests were harmed as a result of the debt swaps of Argentina's public debt titles in 1997-1998 and 2001-2002. (AP Photo/Daniel Jayo) | Daniel Jayo

BUENOS AIRES, Argentina (AP) — Argentina’s former Economy Minister Domingo Cavallo was absolved by a local court on Monday in a case over the 2001 debt swap ahead of the country’s worst economic crisis.

Cavallo, 68, had faced charges of illegal negotiations in the hiring of banks to carry out the $30 billion swap. A Buenos Aires court said that he didn’t commit any crime in the failed operation aimed at preventing the country from going into default. Details of the court ruling will be released Oct. 14.

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