Argentina's former economy minister absolved

Staff Writer
Columbus CEO

BUENOS AIRES, Argentina (AP) — A court in Argentina has absolved former Economy Minister Domingo Cavallo in a case over the country's 2001 debt swap.

Cavallo had faced charges of illegal negotiations in the hiring of banks to carry out the $30 billion swap ahead of the country's economic collapse.

A Buenos Aires court said Monday that the 68-year-old 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.

Details of the court ruling will be released on Oct. 14.