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Kicillof says vulture funds seek ‘to cause regional financial meltdown’

Economy Minister Axel Kicillof (file photo).
Economy Minister Axel Kicillof (file photo).
Economy Minister Axel Kicillof (file photo).

Economy Minister Axel Kicillof has warned about a “broader strategy” implemented by the so called vulture funds to “use the financial issue as a battlefield” against certain political targets.

The minister has linked the lawsuit filed by Aurelius Capital Management LP in the city of Providence, Rhode Island against Brazilian state-controlled oil producer Petrobras for allegedly making misleading statements to investors.

“Aurelius, one of the funds litigating against Argentina in New York, has just filed a lawsuit (…) accusing Petrobras of releasing false accounting information. As Petrobras’ bondholder under New York law, it asks for the acceleration of the bonds (the immediate payment of the full value of the bonds), which would lead the Brazilian oil company to default,” Kicillof said in an interview with local Página/12 newspaper.

The official pointed out that “the simultaneous attack against Argentina and Brazil seeks to cause a regional financial meltdown.” He said that “a broader strategy” is being implemented “to use the financial issue as a battlefield against certain political processes.”

“In the past year they tried to lead Argentina to default, they sought to derail the 2005 debt restructuring process,” Kicillof said. “Now we see the same actors, Aurelius, taking on Brazil.”

The minister described Aurelius efforts as “a weaponless war” fought “in the legal field, with political goals.”

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Tags:  Kicillof  vulture funds  Petrobras  Brazil  debt  Aurelius  Argentina  US  Rhode Island  





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