July 31, 2014
'Vulture funds going after Argentina's Vaca Muerta region'
Vulture funds are going after Argentina’s resource-rich Vaca Muerta region and are seeking to threaten the government with a “technical default” scenario, economist Agustín D’Atellis said as President Cristina Fernández de Kirchner readies to attend the BRICS summit in Brazil in a move to rally support for the country in its legal dispute against holdout creditors.
Member of the Gran Makro organization – shaped up by so called “heterodox” economists that defend the government’s economic agenda -, D’Atellis questioned an article written by Bernard Weinstein in which the economist who is part of the US Republican Party and a lecturer for the American Task Force Argentina (ATFA) group says a default scenario would take Argentina to miss investments for development projects in Vaca Muerta, a 1,000-foot-thick shale oil and gas field in the southern region of Patagonia.
“This (piece) is published in a time when Argentina takes part in a BRICS meeting, meaning (in a time) when it is in a context where neoliberal interests really fear the possibility of us getting support and even financing (for Vaca Muerta),” Agustín D’Atellis told reporters today adding vulture funds - in the voice of Bernard Weinstein or the ATFA -, seek to present an “apocalyptic scenario to make business.”
“Both the vulture funds and this economist (Bernard Weinstein) talk out loud about the importance of deregulating energy markets,” he said explaining the Vaca Muerta region in the southern province of Neuquén accounts for Argentina’s sovereignty in energy areas and exporting prospects.
“Overall, Weinstein’s opinion admits directly that vulture funds’ intention is to not negotiate but to keep our natural resources and continue to speculate,” the Gran Makro economist warned.