Argentina's former Economy Minister Domingo Cavallo was absolved by a local court on Monday in a cas

(6 Oct 2014) Argentina's former Economy Minister Domingo Cavallo was absolved by a local court on Monday in a case over the country's 2001 debt swap.
Cavallo, 68, had faced charges of illegal negotiations in the hiring of banks to carry out the $30 (b) billion swap ahead of the country's economic collapse.
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.
Prosecutors had requested a three-year jail sentence for Cavallo and a lifetime ban from holding public office.
They maintained that Cavallo had favored some banks during the swap and harmed the government by charging a commission for the deal.
Speaking outside the court on Monday, Mario Cafiero, one of the plaintiffs in case, said that they had shown how the "Megacanje", "sunk the country and benefited a small group of creditors, the same banks that Cavallo named as agents of this debt-swap."
Cavallo always denied any wrongdoing.
He served as economy minister under the 1989-1999 Presidency of Carlos Menem and the 1999-2001 presidency of Fernando De la Rua.
Details of the court ruling will be released on Oct. 14.

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