Economy minister Axel Kicillof has a packed scheduled for today. This afternoon the politician will participate in the Clarín Annual General Meeting as representative for the state, which owns 9 percent of the group.
In the evening, meanwhile, Kicillof jets off to New York to address the United Nations on Argentina’s stance over the vulture funds, official sources told ámbito.com.
In the rally held by President Cristina Fernández de Kirchner in San Martín, the head of state referred to the battle between the nation and holdout investors, while aiming a broadside at critics who doubted Argentina’s capacity to raise new funds on capital markets with the rulings of New York district judge Thomas Griesa hanging over it.
«I would like to thank all those who have supported us in this fight, and who said that we were not going to be able to access capital markets, that investments were not going to arrive here, that we could not do absolutely anything and that the dollar would end end at who knows what level,» she fired, lacing her speech heavily with irony.
«The reality is that a few days ago Argentina returned to the capital market, with reasonable rates, because we have honoured our debts and we will continue to do so. What we will not be honouring is international usury and con artists, that should not be honoured.»
CFK made reference to the debt auction of Bonar 24 titles that took place last week, where Argentina raised 1.42 billion dollars and received offers totalling 1.9 billion dollars, from an intended target of merely US$500 million.
This point, which the government has expressed on multiple occasions and on every international stage, is what Kicillof will emphasise once again at the United Nations tomorrow.
The nation’s stance has already achieved a victory against the holdouts, in the shape of a firm UN commitment to create a multi-lateral framework for sovereign debt restructuring.
A consensus also exists in other multi-lateral organisations around the conviction to fight against this type of practice, since it represents an attack against debt restructuring efforts. Although some countries are reticient to establish a framework due to the fact that, as Kicillof explained, «they would see their financial interests affected,» that does not diminish the chances of international consensus advancing against the vultures’ practices.
Relations between the government and the holdouts are almost non-existent, but it is possible that Kicillof could hold a meeting with the lawyers representing Argentina in the case, although that has not been officially confirmed.
Source: Buenos Aires Herald