Wednesday, August 20, 2014

Macri on paying bondholders in BA: ‘This is clearly not the way’

Buenos Aires City Mayor Mauricio Macri talks to reporters (file photo).

The Mayor of Buenos Aires City Mauricio Macri announced in a press conference that PRO party will not support the bill pushed by the Executive to replace bank of New York Mellon as trustee with Banco Nación in Buenos Aires. “This is clearly not the way. It pushes us away from the world,” he said.

Macri said the latest government’s move show that they “want to ignore the rules” and that it puts once again Argentineans in a position where they are “refusing to honour their commitments.”

“Since the judge ruled against them, and they do not like it, they want to replace the judge now,” he said and criticised the Kirchnerite administration for “failing to solve the holdouts conflict for years.”

He pointed out that in the past the government bluntly rejected (former Banco Ciudad bank president Federico) Sturzenegger’s proposal to reopen debt swap “and now they propose the same thing but after losing (US judge Thomas Griesa’s) ruling.”

“This is clearly not the way. It pushes us away from the world. It will not bring more investment,” he added. “This makes the economic situation, recession, inflation and unemployment worse”.