November 19, 2004

Send a message to the US Securities and
Exchange Commission in support of Argentinian MP and debt campaigner
Mario Cafiero’s challenge questioning the legal soundness of
Argentina’s massive debt-swap proposal.

Alan Beller
Director of the Corporation Finance Division
Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549
Fax: (202) 942-9525
E-mail: beller@sec.gov

Dear Mr Beller,

It has come to my attention that the SEC is considering authorizing the
public offer of Argentina’s debt bond swap to begin November 29, 2004.
I understand, however, that there is some question about the legal
soundness of the bonds to be swapped.

I am referring here to
the July 29, 2004 letter sent to Mr. C. Russell Clause (Staff Attorney
in the SEC Office of International Affairs) by Argentine Congressional
Diputados Mario Cafiero and Maria Angelica Gonzales. In their letter,
the Diputados cite the omission of relevant legal information from the
Prospectus regarding the legal status and subsequent legality of the
proposed issue of new sovereign bonds. For example, the defaulted bonds
to be swapped are being investigated by the Federal Crime and
Correctional Court No. 2 of the Argentine Republic for fraud, and for
the breach of the Constitution of the Argentine Republic and Argentine
laws. In particular, the Diputados also cite the July 14, 2000 Federal
Court decision in Argentina that found many of the 152 sovereign debt
bonds to be swapped as having been illegal in their origin.

I would appreciate it if you could tell me how the SEC is dealing with this matter. For example:

1) Could you forward me a copy of the SEC’s response to the Argentine Diputados Mario Cafiero and Maria Angelica Gonzales;

2) Will the SEC authorize the bond swap given the ongoing challenges to the legal basis of these bonds; and

3) If the SEC does authorize the bond swap, how will the SEC ensure
that investors are made aware of the challenges to the legality of the
Argentine bonds in their origin?

Thank you for your assistance. I look forward to your response.

Yours Sincerely,
Patricia Adams
Executive Director
Probe International