Wednesday, April 29, 2015

Debt restructuring: Kicillof calls for 'urgent intervention of all countries'

Economy Minister Axel Kicillof gestures during a press conference.

Economy Minister Axel Kicillof addressed a United Nations meeting in New York on the sovereign debt restructuring processes. “An urgent intervention of all countries in plural areas is needed, because this is a problem of the world financial and economic system as a whole.”

“A few small speculative financial (hedge) funds have tried in an unprecedented way to put at stake and block the Argentine debt restructuring,” Kicillof said in the beginning of his speech hoping Argentina’s dispute against so called "vulture" funds suing the country over its defaulted bonds becomes “another example of the damage speculative (hedge) funds can make to sovereign countries.”

“Let this experience serve as a base for the construction of a more equitable international financial architecture.”

Following his speech to the United Nations, Kicillof rejected the notion that the President Cristina Fernández de Kirchner administration's aim was to leave the ongoing conflict with holdout investors for another government to resolve. 

The politician denied that negotiations had broken down. 

"The only thing at a standstill here is that the vultures are still vultures," he fired to reporters. 

"We do not want to dump this conflict on to anyone, we do not want it passed on to anyone," Kicillof reiterated.