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October 2, 2014
Wednesday, July 16, 2014

ATFA: 'Time is running out for Argentina'

The American Task Force Argentina (ATFA) group the government has officially accused of being funded by same holdout creditors suing Argentina over its defaulted bonds, has resumed its advertisement campaign against Buenos Aires now saying the Kirchnerite administration is actually “choosing” a default scenario.

“Is Argentina setting the basis for a new default?” the ATFA wonders in a new ad published this morning in local newspapers warning “time is running out for Argentina.”

“The country has till the end of this month to reach an agreement with its creditors as part of a settlement process following a ruling by the (New York) justice,” the text reads in tune with last week’s advertisement that also questioned the Argentine position in a legal dispute that has put country’s restructuring of sovereign debt in the international spotlight.

“These creditors have requested to meet Argentine authorities in several opportunities, but they refused to,” the group says adding the federal government has decided instead to attack US courts and creditors. That, the ATFA considers - without explaining that Argentina negotiated with 93 percent of creditors and that vulture funds now suing the country refused to enter debt swaps twice (2005 and 2010) -, is a show of “no serious commitment.”

“But what is more worrying is that Economy Minister Axel Kicillof has stated that entering a default would be preferable to reaching an agreement with creditors,” the ad continues saying if Argentina prevents a default scenario “benefits would be huge” - Minister Kicillof, who was traveling to Brazil this week to attend the BRICS summit, has questioned vulture funds explaining that both creditors and rulings by US Court District Judge Thomas Griesa were pushing Argentina toward what he called the euphemism of a "technical default" as he reaffirmed the country's will and determination to service its debt.

“(Creditors) have publicly and frequently declared they are willing to accept bonds as part of an agreement and that they would negotiate in order to give Argentina more time in return to start a real and concrete process toward an agreement,” ATFA finally says.

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Tags:  American Task Force Argentina  ATFA  vulture funds  bonds  default  





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