December 18, 2017
Tuesday, June 24, 2014

Bossio: ANSES assets can not be seized by vulture funds

ANSES chief Diego Bossio addresses an audience during a rally in La Plata City, in the province of Buenos Aires.

Facing “confunsing and wrong” media versions, ANSES social security office chief Diego Bossio has released a statement affirming the agency’s funds can not be seized by bondholders suing Argentina over its defaulted bonds.

According to Bossio, the “resources” of the ANSES can not be seized by vulture funds since their nature is not tied to “trade” prospects but to “social security” policies.

“Despite the assault we are suffering as a country, it is necessary to take calm to Argentineans, since the funds administrated by the ANSES can not be seized, (something) that was ratified in 2010 by the Supreme Court of the United States," the office chief affirmed warning the role played by the state is to "watch over justice and solidarity" in both "economic and social matters,” a government mainstay he considered “non-negotiable.”

Bossio recalled that back in 2008, hedge funds Aurelius Capital, Aurelius Master and Blue Angel, which refused to enter Argentina’s debt restructuring, filed a demand at a New York court requesting the embargo of assets that the AFJP private-sector companies had in the US – the so called AFJP managed Argentina’s pension system till its nationalization also that year -, in a move to gain 573 million dollars they claimed as unpaid bonds.

On October 29 2008, Judge Thomas Griesa okayed their request ordering a 200-million dollar embargo on AFJP’s assets. On December, he confirmed that ruling facing the nationalisation of Argentina’s pension system.

The ANSES office filed an appeal against Griesa’s order and in October 2009, the New York Fedral Court of Appeals issued a resolution favouring the Argentine position and considering the US magistrate “had abused of his discretion.” The 2009 document also highlighted that Argentina’s Constitution requires the state to provide “social security to its citizens.”

Still, vulture funds did not give up and took their claim to the US Supreme Court which in March 2010 decided to rule out their position, finding “no violation” of states’ "constitutional rights," thus ratifying the 2009 ruling by the New York Federal Court of Appeals.

The embargo of ANSES’s funds is “out of the question” since 2010, Bossio points out in the statement released today.

“Argentineans can be sure that the national state will reach the most convenient solution for the country, guaranteeing everybody’s political, social and economic rights. In that way, your savings will continue to grow, just like they have been doing till now following the nationalization of the AFJP’s.”

Meanwhile, the Senate’s Work and Social Security commission passed a new amnesty bill for pensioners. The project has been sent to the Upper House under the initiative of the executive power, led by President Cristina Fernández de Kirchner.

Both official and opposition senators approved the measure which will be discussed on July 2nd during an ordinary session.

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Tags:  ANSES  Diego Bossio  vulture funds  Thomas Griesa  seizure  embargo  

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