Saturday, March 30, 2013
Gov't: 'We'll keep on meeting debt obligations'
Argentina''''s Vice President Amado Boudou, Economy Minister Hernán Lorenzino and Deputy Economy Minister Axel Kicillof
Vice President Amado Boudou, Economy Minister Hernán Lorenzino, deputy Economy Minister Axel Kicillof and Finance Secretary Adrián Cosentino held a press conference defending Argentina’s stance at the US appeals court over the country’s dispute with “vulture funds”.
“Argentineans know what the heavy burden of the external debts means,” Boudo affirmed and detailed the policies that previous governments carried out such as the nationalization of private debts, the IMF policies or the Brady Plan.
“Those were strategies that created a true snowball that led the country to become more indebted”, the government’s second-in-command added.
“We have great expectation over the court’s ruling. It would be a judicial absurdity to block creditors’ payment of a country that is willing and has the capacity to pay,” Boudou insisted buy pointed out that “whichever the result is, Argentina will continue to meet its obligations” referring mainly to the bondholders that agreed to the debt restructuring.
Regarding the investment firm NML, Lorenzino explained that “they bought u$s222 millions in bonds for u$s48 millions. If the (Judge Thomas) Griesa’s ruling is accepted, that would mean a repayment of 1.380 per cent.”
So called “vulture funds” will have to respond in the upcoming weeks if they agree to Argentina’s proposal although private-sector analysts assume they will reject the offer leading the court to accept it or no, a verdict that is expected to be released in 1-3 months