Sunday, July 12, 2015
Kicillof: Vulture battle is David vs. Goliath
Economy minister Axel Kicillof has affirmed that the country faces a battle against the international financial system, represented by the holdout investors demanding full payment on defaulted debt bonds.
"It is a David vs. Goliath struggle, Argentina against the international financial system in its cruellest state," the politician fired in an interview with Página 12 published today.
Kicillof stated that Argentina is fighting against "the most concentrated, retrograde, conservative and at the same most speculative parts of the international financial system."
"Now Greece is feeling it but Argentina went through it many times. When a debt deadline approaches and a country does not have the dollars, it is forced to ask not for a loan, but for a loan to creditors to avoid default, and with every new little handout there are conditions," he added.
"The vultures are a privatised form of pressure on countries. What the IMF, the Embassy cannot, or will not, or does not dare to do is left in the hands of the vultures."
The minister praised the stance of the government led by President Cristina Fernández de Kirchner in the battle against holdouts, who have won rulings in the United States demanding full payment on the titles purchased after the 2001 debt default.
"The president's biggest triumph, the biggest success this policy has had is that by taking things to the absurd we have managed to expose this scandal at international level and win every country's attention, holding up a mirror to their future," he explained.
"Nobody is safe from default. Now Puerto Rico has declared itself insolvent, it is declaring bankruptcy and it already has vulture funds that want to submit it to the same extorsion that has failed with Argentina. The policy of the last 12 years has also been successful in raising old historical standards but in a modern context. It is not just a case of saying third way, but also exercising a defence of Argentine sovereignty in every single international forum as Cristina has done."
"It is a David vs. Goliath struggle, Argentina against the international financial system in its cruellest state," the politician fired in an interview with Página 12 published today.
Kicillof stated that Argentina is fighting against "the most concentrated, retrograde, conservative and at the same most speculative parts of the international financial system."
"Now Greece is feeling it but Argentina went through it many times. When a debt deadline approaches and a country does not have the dollars, it is forced to ask not for a loan, but for a loan to creditors to avoid default, and with every new little handout there are conditions," he added.
"The vultures are a privatised form of pressure on countries. What the IMF, the Embassy cannot, or will not, or does not dare to do is left in the hands of the vultures."
The minister praised the stance of the government led by President Cristina Fernández de Kirchner in the battle against holdouts, who have won rulings in the United States demanding full payment on the titles purchased after the 2001 debt default.
"The president's biggest triumph, the biggest success this policy has had is that by taking things to the absurd we have managed to expose this scandal at international level and win every country's attention, holding up a mirror to their future," he explained.
"Nobody is safe from default. Now Puerto Rico has declared itself insolvent, it is declaring bankruptcy and it already has vulture funds that want to submit it to the same extorsion that has failed with Argentina. The policy of the last 12 years has also been successful in raising old historical standards but in a modern context. It is not just a case of saying third way, but also exercising a defence of Argentine sovereignty in every single international forum as Cristina has done."
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