October 31, 2014
Regional ambassadors to the UN back Argentina in vulture funds battle
Latin American ambassadors to the United Nations (UN) showed their support to Argentina in its dispute against holdout hedge funds. They agreed that the so-called vulture funds are a risk to debtor nations and that they pose a threat to the region.
Ambassadors to the UN Sacha Llorente Solís (Bolivia), Oscar León González (Cuba), Xavier Lasso Mendoza (Ecuador) y Samuel Moncada (Venezuela) expressed their support for Argentina in a joint interview with local press.
“What is going on with the vulture funds is an example of the perverse way in which unregulated system encourage unlimited gains, with no control over sovereignty violations,” Llorente Solís said.
“[The Argentine case] shows how the world is organized, with speculative capital on top not only of the people’s right but even the States’ sovereignty,” she added.
Venezuelan Samuel Moncada in turn pointed out that “the entire US judicial system took sides with the speculators”.
Cuban González added that the US Supreme Court “decided to turn this dispute into an universal issue and intend to put US laws over the rest of the people’s jurisdictions”. He stated that the rest of the world “will not accept a New York Judge as a global judge,” in direct reference to US Judge Thomas Griesa.