December 15, 2017
Wednesday, July 16, 2014

CFK rejects default; insists on message to holdouts: 'If you accept debt restructuring you could gain 300% in dollars'

President Cristina Fernández de Kirchner rejected today the possibility of a new default during the UNASUR-BRICS meeting in Brasilia, highlighting Argentina is going to “keep on paying and honoring its debt,” while asking for support against the “so called vulture funds,” who are “pretending to collapse the Argentine debt restructuring.”

“Argentina will not default its debt. To be in default is to cease payment, and Argentina is able to pay. It will keep on paying and honoring its debt,” the President said.

CFK stated it is impossible to pay holdouts what they pretend, as the RUFFO clause states the country cannot pay bondholders who did not enter debt restructuring any more than holdins.

“We want to negotiate within the law. We want equal, fare negotiations for the totality of Argentine bondholders. Also keep in mind that if holdouts enter the debt restructuring, they would earn 300 percent in dollars. They would be making a huge profit” CFK explained.

The President then blasted economic advisors that recommend paying “vulture funds” the full debt amount, promising “Argentina would be then flooded by dollars.”

“I already hear that argument. It is not realistic. This is not a judiciary problem,” Cristina argued.

“Holdouts are attacking Argentina so that we go back to the 90’s financial looting.”

“They are threatening to force Chevron out of the Vaca Muerta shale oil field, as they said today in a paid advertisement. They are making a speculative attack to destroy Argentina’s debt restructuring and force us back to endlessly issuing debt,” she concluded.
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Tags:  BRICS  UNASUR  CFK  debt  holdouts  vulture funds  default  

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