Securities issued by the Argentine federal or local governments or by state-owned companies may be subject to public offering. The main debt securities issued by the Argentine government are "Bonos Externos de la Republica Argentina" (external bonds of Argentina or BONEX), which are U.S. dollar denominated bearer bonds. There are no restrictions on either the ownership of BONEX by non-Argentines or the transfer of BONEX outside Argentine. There are currently no taxes on interest capital or capital gains with respect to BONEX. The BOTE (Treasury bonds) and the BOCON (consolidation bonds) are also actively traded government debt securities.

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