December 18, 2013
Melconian: Vulture funds are 'goodwill people,' Argentina is 'untrustworthy'
Economist Carlos Melconian made at least controversial statements that might upset some Kirchnerites as the government battles hard not to lose a 1.3 billion fight over Argentina’s defaulted bonds a decade ago. “Vulture funds are goodwill people”, he considered and questioned the country’s financial solidity to face debt commitments.
The also economic adviser of Buenos Aires City Mayor Mauricio Macri accused the Cristina Fernández de Kirchner administration of a “false" debt reduction process adding the government is “paving the way for a 2015 devaluation or for someone else to deal with” the aftermath of Argentina’s legal dispute with NML Capital Ltd. and Aurelius Capital Management, which rejected 2005 and 2010 restructuring offers 93 percent of creditors did accept.
“I reject to have these funds called vulture. They are goodwill people who bought Bonds to save”, Melconian told reporters and went on to say Argentina has a “history of default”.
“If a friend owes you money and does not pay you back he is untrustworthy”, he insisted actually using a more colloquial, informal language. In Melconian own terms, Argentina is “garca”, a slang word for “untrustworthy”, he used to explain that several governments here have failed to abide by debt commitments.