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September 18, 2014
Thursday, August 28, 2014

'They seek a devaluation that is obviously not going to happen'

After the informal rate hit a new record mark of 14.38 pesos yesterday, cabinet chief Jorge Capitanich dennounced “continous speculative attacks” from vulture funds that operate in the parallel market “seeking to cause a devaluation that is obviously not going to happen.”

“The ‘blue’ dollar is an exchange rate that does not exist in terms of transparency, since there is no verification of price and quantities,” Capitanich said. “But it is backed by media outlets and news agencies paid by cuevas (underground exchange houses).”

The official pointed to “vulture funds in alliance with local vultures” saying “they lie systematically about the values (of the currency) to create unfavourable prospects to encourage a devaluation that is obviously not going to happen.”

SOVEREIGN PAYMENT BILL

Capitanich also addressed the approval by the the Senate Finance and Budget and Foreign Relations Committees.of the new debt swap bill pushed by the Executive and said that lawmakers who oppose the project respond “directly to vulture funds’ strategy.”

“No one will prevent a fund to receive the payment it has to receive. Whoever says otherwise is actively interested in seeing that the agreement is not honoured ,” the cabinet chief stated in reference to former Finance Secretary Guillermo Nielsen’s comments that “70% of bondholders are prevented by contract to receive payment out of New York’s law.”

The kirchnerite official pointed out that no alternative bill was proposed by opposition lawmakers and called to reject “a ruling that is clearly arbitrary and usurious, encouraged by a judge in violation to (Argentina’s) condition as a sovereign country.”

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Tags:  Capitanich  vulture funds  sovereign payment  bill  devaluation  blue dollar  Nielsen  Argentina  





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