May 24, 2013
'We will continue to face vulture funds,' Argüello warns
Ambassador to the US Jorge Argüello assured that that Argentines will continue to face vulture funds, and deemed them as “speculators who bet on usury.”
Argüello made these comments in an open letter he wrote to Paul Singer, CEO of NML-Elliot hedge fund, who in a letter to investors, referred distainfully to the illegal impoundment of the Libertad Frigate.”
“Singer expressed that ‘we did not buy Argentine debt to obtain a ship too large to sail in Long Island.’ Aside from the mockery, that is known: he and his ‘investor’ friends bought those Bonds in a time in which the Argentine economy was dying, in 2001 to take the matter to court and later obtain the nominal value of what they bought for pennies.”
“The mask of good willed and disappointed investor that Singer tries wear slips away in seconds. The Elliot fund bought the bonds, he claims, because they were cheap in relation to the vast Argentine economic potential.”
“Reality, Mr Singer, is irrefutable: Argentina has solved over 93 percent of the debt deafulted in 2001. and the bonds tied to increase of the GDP have compensated the overwhelming majority of the creditors who believed in that potential, as it in fact did happen, would transform in economic growth.
“Can a serious investor conclude that a process that included over 9 in 100 creditors represent one of the worst sovereign debt restructuration offers in history?”
Rather you and your friends, Mr Singer, do not know how to explain the failure of your bet on usury and legal malice to satisfy your spurious interests,” he added.
Not only did the Elliot Fund refused to take part in the 2005 and 2010 debt swaps, but tried to abort the proceedings. Argentines have faced these situations before, especially this year, and we will continue to do so.”