Thursday, July 3, 2014

OAS meeting: Kicillof calls for 'urgent solutions' against vulture funds actions

Economy Minister Axel Kicillof today requested urgent solutions to aid Argentina's debt restructuring process in the middle of litigation against the nations by vulture funds, at a special meeting called by the Organisation of American States (OAS).

A special meeting called by the Organisation of American States (OAS) to discuss the vulture funds case began this afternoon in Washington with strong statements by its secretary-general José Miguel Insulza who warned about "the danger to the international financial system posed by the action of vulture funds."

Economy Minister Kicillof then informed those present on Argentina's debt restructuring process. He blasted the US judge Thomas Griesa's ruling which according to him, "directly attacks Argentina's debt swap" and "may destroy the whole restructuring process forcing the country to pay 120 billion dollars."

He went on to refer ironically to NML fund chief Paul Singer who "wants to look like Mother Theresa of Calcuta."

In his presentation, which lasted for 45 minutes, the minister affirmed that he was asking "the world and the OAS to take sides in the issue and stand with Argentina in avoiding one judge putting in danger everything Argentina has done to get back on its feet."

"Argentina is committed to talks [with holdouts] but it asks for equal conditions. We cannot do so under extorsive conditions," he fired.

"Argentina wants to negotiate in good faith. It wants to do so in fair and legal conditions which take into account 100 percent of creditors." 

Argentina's Foreign Minister Héctor Timerman affirmed earlier that vulture funds "seek to control the international financial system and adapt it to their needs," repeating that Argentina's conflict with holdouts "is not only an economic issue, but it's essentially political."