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Thursday, November 1, 2012

CFK assures Argentina will make bond payments 'in dollars'

President Cristina Fernández de Kirchner.

President Cristina Fernández de Kirchner assured today that Argentina's dollar-denominated debt bonds are to be “paid in dollars” whilst criticizing the New York judiciary for its latest ruling against Argentina, in a speech at the Government House today.

“It’s a court that evidently does not know enough about its own legislation”, the Head of State said, who considers that a recent ruling made on Friday against Argentina by a New York appeals court “puts 93 percent of holdout creditors at risk.”

On Friday, a federal appeals court in New York ruled that Argentina violated bond provisions to treat all creditors equally when it made payments to creditors who accepted the swaps while refusing to pay the holdouts. It said Argentina must pay the holdouts every time it services the restructured bonds.

Furthermore, the President said that her government “is to honour its debts and take care of the funds belonging to its holdouts that aren’t Argentine, of which 93 percent are from the United States and have accepted entering the debt swaps carried out in 2005 and 2010".

Likewise, the Head of State remembered that the "a great deal for the vulture funds would be to see us not meeting our payments, since they, who are very few poeple, have historically made a buck full of money every time the Argentines got broke. That's why they want to see us broken. But I have bad news for them: We are going to pay and with dollars because we have them."   

Argentina has restructured about 93 percent of the roughly 100 billion dollars it defaulted on a decade ago. Holdout creditors who rejected the swaps continue to press in courts worldwide for full repayment on the bonds.

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Tags:  CFK  bond  payments  dollars  critique  NY  court  Argentina  speech  





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