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LECOP


The LECOP was a bond issued by Argentine national government. LECOP , stands for Letra de Cancelacion de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").

These bonds were circulated at a substantial discount from their face value, so anybody accepting

was bound to experience devaluation (or inflation). While LECOPs were intended as a means to replace legal currency (Argentine pesos) at a time when cash was scarce, there were occasions in which LECOPs were not accepted as valid means of payment — most notably, most taxes could only be paid in pesos, or only partly paid in LECOPs. Public utility companies generally restricted the percentage acceptable to a 70-30 ratio, sometimes further limiting LECOP usage to 15% of the total bill.

Other complementary currencies in Argentina at that time where the Credito, the Patacon and the Argentino.

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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article LECOP


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