The SAVI Capital Model™: Conversion Before Default. Dollar-Denominated Public Debt, the Record of Restructuring, and the Design of a Sovereign Fund

On September 30, 2026 the gross debt of Argentina's central administration stood at US$486.6 billion, 51% of it payable in foreign currency, on the Secretaría de Finanzas's monthly bulletin. Of the foreign-currency service due from 2027 to 2035, 79.6% is principal on this paper's sum of the Ministry's schedule of June 30, 2026, so the debt is paid by refinancing while the surplus covers only the coupon. Across 327 sovereign restructurings since 1815 the creditor's loss sits near 40% of present value at the centre and near 75% in Argentina's 2005 exchange. The paper proposes the Sovereign Fund, created by statute, barred from any exposure to the public sector, capitalised by a yearly appropriation of the interest the state no longer pays, and deployed into companies adopting The SAVI Capital Model; converting holders own a senior class of its equity ahead of the Treasury's, with no promised return, and a separate note serves holders who want debt. Two reforms sit around the fund: capital goods at zero applied duty, and an integrity regime written to the limit the Constitution allows. The SAVI Group offers the design, would not manage the fund, and asks for a statute, a term sheet, an enhancement and a pilot tranche.

Companion to The SAVI Capital Model™: Reform Before Rupture (DOI 10.5281/zenodo.23249969), whose Fifteen Compact is the third of the three pillars this paper states together: a balanced fiscal policy, the conversion, and the fiscal-load reform. Version 1.1, October 27, 2026 (first published October 22, 2026 as Version 1.0). Version 1.1 rewrites Part X, the integrity regime, from the reader's standpoint, with the penalties of the Código Penal cited at the top of each scale, prevention, and audit and monitoring, and corrects passages in Parts IV, V, XI and XIII. Executive summary and full text in one file: 170 pages, 270 references.