October 25, 2014
UNASUR expresses solidarity with Argentina over debt dispute
The Union of Southern Nations (UNASUR) expressed its solidarity with Argentina after US Supreme Court decision to dismiss the country’s appeal in its legal dispute with holdout hedge funds, rejecting “the behaviour of speculative agents that endager the agreements reached between debtors and creditors”.
The Council of Heads of State and Government of UNASUR released a declaration to express the Union’s support to Argentina’s government. The document, available at the Argentinean Foreign Ministry’s website praised the country’s “efforts to honour the commitments made in its sovereign debt restructuring process in the years 2005 and 2010, agreed by over 92% of its creditors”.
“The Council of Heads of State and Government of UNASUR expresses its solidarity with the government and the people of the Argentine Republic before the recent ruling over a minority group of Argentina’s public debt holdout bondholders,” the declaration read.
UNASUR also warned about the effects the US verdict on international finances, rejecting “the behaviour of speculative agents that endager the agreements reached between debtors and creditors, affecting global financial stability”.