Sunday, June 7, 2015
'The vultures want to make us fall into a trap'
Economy minister Axel Kicillof has claimed that holdout investors attempted to lure the government into a "trap" with judge Thomas Griesa's order to pay holders of unrestructured debt, to leave the country liable for other creditors who this week appeared to demand payment from the nation.
The original ruling from New York district magistrate Griesa ordered that the vulture funds led by Paul Singer's NML Capital hedge fund be paid 1.6 billion dollars in debt defaulted in 2001. The judge has since accepted a petition from fellow holdouts to be included in the original decision, adding another 5.4 billion dollars to the claim against Argentina.
Speaking with Radio 10, Kicillof considered that both the plaintiffs and the presiding judge "wanted the government to fall into a trap" with the first ruling, "so that later the rest of the creditors would appear and we would pay 8 billion dollars."
"The vulture funds will know that they can bring anyone who tries to restructure to their knees," the minister added, referring to the possible consequences of Argentina fulfilling the orders of the judgement.
"[Opposition economists] fell like little rabbits into the trap," Kicillof further fired.
The politician continued by playing down the prospect of taking on further debt obligations to meet the vulture demands, asserting that international credit organisations would attempt to force "privatisations and austerity" on the government.
"Some believe that you are a grand old fellow if you go to credit organisations to ask for debt," he said.
The original ruling from New York district magistrate Griesa ordered that the vulture funds led by Paul Singer's NML Capital hedge fund be paid 1.6 billion dollars in debt defaulted in 2001. The judge has since accepted a petition from fellow holdouts to be included in the original decision, adding another 5.4 billion dollars to the claim against Argentina.
Speaking with Radio 10, Kicillof considered that both the plaintiffs and the presiding judge "wanted the government to fall into a trap" with the first ruling, "so that later the rest of the creditors would appear and we would pay 8 billion dollars."
"The vulture funds will know that they can bring anyone who tries to restructure to their knees," the minister added, referring to the possible consequences of Argentina fulfilling the orders of the judgement.
"[Opposition economists] fell like little rabbits into the trap," Kicillof further fired.
The politician continued by playing down the prospect of taking on further debt obligations to meet the vulture demands, asserting that international credit organisations would attempt to force "privatisations and austerity" on the government.
"Some believe that you are a grand old fellow if you go to credit organisations to ask for debt," he said.
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