Thursday, October 16, 2014

Scioli confident about 'positive outcome' in vulture funds dispute

Buenos Aires province Governor Daniel Scioli trusts Argentina will manage to sail through the vulture funds crisis.

Buenos Aires province Governor Daniel Scioli has expressed his confidence that Argentina’s legal battle against “vulture funds” will reach a “positive outcome” by the beginning of 2015, leading to growth in the country.

“I see that by the beginning of next year there will be a positive outcome for Argentina’s interests in the external front and that will decompress the issues of foreign currency and inflation and will accelerate growth,” Scioli told reporters today.

In an interview with a radio show this morning, the leader of Argentina’s most populated province and a pre-candidate to run in the 2015 presidential elections affirmed “Argentina’s perspectives are very good,” adding it is a country that has got out of the red servicing its debt and reactivated its industrialization process.

According to Daniel Scioli, some sectors want to connect the country with a default scenario – following the dispute with vulture funds suing Argentina over its defaulted bonds more than a decade ago and a ruling by US Judge Thomas Griesa ordering the South American nation to pay these creditors in full -, but warned Buenos Aires “continues to pay” its debt.

Some opposition candidates, he said, want “the country to go into the red againt” and “request 20 billion dollars” to credit organizations. In a similar tone, he blasted anti-kirchnerite leaders who have questioned the nationalization of YPF, Argentina’s energy giant. “By the hand of YPF, energy sovereignty will be recovered and the dollar situation will decompress,” Scioli assured.

“I believe in a state that plays a present (active) role to give a push to those who need it,” the BA province governor told reporters, defending the national government strategy to face holdout creditors that refused the 2005 and 2010 debt restructuring and put an end to, what he called, "the nightmare of the karma of the (public) debt.”