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BAUEN, day 22

The attempts to collect the remainder through the Banco Nación, the entity that managed the residual portfolio of the BANADE, included an agreement in 1994 with Bauen SACIC for six million dollars. At that time, parity of 1 peso = 1 dollar (Convertibility Law of 1991) was in effect, which established a more than favorable agreement for the Iurcoviches, since it notably reduced the original amount. Even so, the Iurcoviches would again fail to fulfill their agreements.1

According to calculations done by Bauen workers in 2012, if the amount provided to the Iurcoviches was updated with the IPMNG,2 the 4,433,500,000 Pesos Ley (the currency in effect in 1978) would convert at that date to AR$86,805,736.77. If a preferential interest rate of 5% is applied to these (as stipulated in Circular VI.2.1958), the debt comes to AR$147,569,752.50. Finally, if we discount from this calculation the penalty of AR$2,502,193 leveled on the BANADE in the sentence of 2007 (for noncompliance with the terms in the provision of the amounts) according to the updated value, in 2012, Bauen SACIC still owed the Nation-state approximately AR$122,569,752.3

So, it is more and more clear that the construction of the Bauen through this unpaid debt to the BANADE can be understood as another chapter in the history of looting by the “homeland contractor,” an expression usually used to designate friends of the powerful, who run businesses that make millions at the expense of the State. The Macri family, whose members were able to break into politics, coming to power in the government of Buenos Aires and then the presidency of the Nation, undoubtedly belongs to this group. It should not surprise us that the Macris and the Iurcoviches were able to establish bonds two decades later (with Mauricio Macri already in charge of the executive branch of Buenos Aires) concerning the BAUEN hotel, which we will talk more about later.

  1. Fabián Pierucci and Federico Tonarelli, ob. cit.
  2. Index of Wholesale Prices, General Level.
  3. Pierucci, Fabián and Federico Tonarelli, ob. cit.

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