Following the UN General Assembly voting of a legal framework for countries’ debt restructurings, Economy Minister Axel Kicillof considered Tuesday’s a “historic” move that will stop “three millionaires putting at risk the life of 40 million people.”
In statements to a radio show today, the minister praised the multilateral organism’s move to address “the case of Argentina” along with the “majority of the world’s countries,” adding that the adoption of a legal framework for sovereign debt restructuring processes to improve the global financial system would prevent a vulture fund-like scenario “from ever happening again.”
“This (resolution) will impede three millionaire guys from putting at risk a debt restructuring and the life of 40 million people,” Kicillof told reporters as he renewed the government’s criticism of US District Court Judge Thomas Griesa.
According to Axel Kicillof, the “intention” of the US magistrate is to “pressure Argentina to pay vulture funds,” accusing him of creating “confusion” without “resolving anything.”
“It is kind of a bizarre situation what happens with this judge. He has been calling diligently (for talks) but has resolved nothing over the past three months,” the minister said.
On Tuesday, a resolution, drafted by Bolivia on behalf of the Group of 77 developing nations and China, was adopted with 124 in favor and 11 against. The United States voted against the measure, saying it would create uncertainty in financial markets, and there were 41 abstentions.
“In June, when (Griesa’s) ruling was dictated, he said Argentina could not pay if it did not also pay vulture funds (…) Argentina finally paid and all that default scandal, of debt accelerating, that all creditors will come looking for us, did not happen,” he insisted.
Kicillof’s statements come ahead of a new hearing called for today at 3.30 pm in New York in which the Judge Griesa is expected to decide on the Citibank’s payouts to bondholders that did accept Argentina’s 2005 and 2010 debt restructurings.
buenosairesherald.com