Boudou lashes out at vulture funds, austerity measures

Vice-president Amado Boudou accused vulture funds of "despicable behaviour" and warned that insisting on austerity measures carries out a high risk for Europe and for the global economy.

Boudou made this comments as he represents President Cristina Fernández de Kirchner in the Ibero-American Summit which is taking place in Cádiz, Spain. “The economic crisis affecting the World show us a scenario in which formulas from the past aren’t no Langer used-“

“Our experience taught us that austerity measures go against economic recovery and the risk of insisting with those policies is too high,” Boudou was quoted as saying.

“Austerity measures worsen the situation of the countries that apply them and represent a risk for global economy, due to the massive reduction of global aggregate demand, an issue that President Cristina Fernández de Kirchner has been insisting on at G20,” he added.

“Emerging economies have began to suffer the consequences of the international global crisis, as growth expectations have been significantly curbed. The impact of the crisis and austerity measures over employment are socially unsustainable and take away hopes and expectations of recovery.”

Boudou, who was accompanied by Foreign Minister Héctor Timerman, assured that "one third of global financial wealth is concentrated in fiscal hideouts, undermining the international financial system and thus creating systemic risk by putting up with investorss who invested massively in speculative activities.”