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Wednesday, March 19, 2014

Argentina secures France support in Paris Club negotiations

French President Francois Hollande (2nd R) welcomes his Argentinian counterpart Cristina Kirchner at the Elysee palace in Paris.

In Paris, where she met with her French counterpart Francois Hollande for almost two hours, President Cristina Fernández de Kirchner praised the decision by the European nation to file and amicus curiae brief, or friend-of-the-court brief, before of the US Supreme Court, in a show of support to Argentina in its long-standing battle against creditors that refused to accept the South American country’s debt swap. CFK also secured the support of the French government to settle a 9 billion dollars dispute with the Paris Club.

Paris Club and vulture funds

“What would happen in the case of countries with mile-high debt levels, (with) groups that reside in tax havens, that don’t even pay taxes in their own countries? It will be a real moral and political scandal,” President Kirchner said while addressing the international press in Paris today along with France’s Hollande.

The head of state accused a “group” of creditors of seeking to “knock down an agreement reached with 93 percent of (Argentina’s) creditors.” “A minimum part (of bondholders) that accounts for 1.3 billion dollars, threats to knock down one of the most important agreements ever,” CFK affirmed.

Speaking of debt and payment agreements, the Argentine leader highlighted a recent invitation by the Paris Club to negotiate Argentina’s overdue debt, an important step towards settling the long-running debt dispute.

According to Cristina Kirchner, negotiations with the Paris Club that will start on May 28 will be “beneficial” for all European companies, “those that create jobs for Europeans” as they will gain access to “credit” and “contribute to the world’s economic activity.”

Prior to CFK’s statements, Hollande had praised Argentina-France economic and trade ties. “We can still do much more. Argentina is France’s third largest trade partner in South America. France wants Argentina to overcine its financial bustles,” the French leader had said.

"Energy player"

During the press conference at the Elysee Palace, CFK announced she will hold a meeting with the Director General of Total, the French energy giant that has reached an agreement with Argentina’s state-run YPF to invest in shale gas drilling.

“Argentina has become an oil country,” the head of state affirmed as she pointed out the South America's N° 2 economy has turned into an “important energy player,” accounting for "the world’s third largest reserve of shale gas and the fourth of shale oil."

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Tags:  Cristina Fernández de Kirchner  France  Argentina  Paris Club  debt  





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