January 23, 2018
Monday, June 16, 2014

CFK: Argentina will not default on restructured debt

President Cristina Fernández de Kirchner has vowed to honour Argentine debt commitments to those bondholders who entered restructuring agreements in 2005 and 2010, after learning of today's refusal by the US Supreme Court to take the case against holdout investors.

The head of state confirmed that she had instructed the Ministry of Economy and Central Bank to honour an expected payment of 900 million dollars to bondholders at the end of the month.

"[The country] will meet its obligations and it will not default on the renegotiated debt," she explained, admitting that she was "very worried" about the implications of the ruling.

Cristina also criticised the decision of the United States Supreme Court not to intervene against the 'vulture funds', stating that as well as harming the nation, the ruling would also do damage to those who chose to work with Argentina in restructuring debt after the 2001 default.

"[The decision] does not only go against the interests of Argentina, but also the 92 percent of creditors who believed in the country," the head of state fired in a public broadcast.

CFK insisted that the judgement would also affect "the global financial and economic system."

"It was not for nothing that countries like France, Mexico, Brazil and 100 British MPs stood with Argentina before the United States court as 'amicus curie', because they understood this was not just a case for Argentina, but for the whole world."

"The ruling did not surprise me, I was expecting it," she explained, adding that "there is no reason why Argentina should be submitted to such an extorsion, neither the country nor the bondholders deserve that."
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Tags:  CFK president  speech  US  Supreme Court  bonds  vulture funds  

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