Thursday 23 September 2021

Argentinian Economy Minister Defends Stance on Vulture Funds

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Pro-government demonstrators beat drums in front of an image of late President Nestor Kirchner placed over the Economy Ministry in Buenos Aires financial district. Reuters
Pro-government demonstrators beat drums in front of an image of late President Nestor Kirchner placed over the Economy Ministry in Buenos Aires financial district. Reuters

QCOSTARICA (Prensa Latina) Economy Minister Axel Kicillof defended Argentina’s firm position against the pressures and maneuvers of the vulture funds, explaining that if the country had given up, today it would be too costly for the nation.
Kicillof stated in his Twitter account that if Argentina had agreed to pay $1.6 billion USD claimed by the vulture funds, that amount would have turned into $500 billion USD.

“The world recognizes that Argentina has the right to defend its finances, its people, its dignity and its sovereignty, confronted with the vultures’ attack”, he said.

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Kicillof warns that the vulture funds do not want to negotiate, claiming everything and trying to put pressure on the 93 percent of creditors that accepted the Argentina’s exchange.

Kicillof expressed his opinion after that Judge Thomas Griesa set a new hearing for next March 3 and before the expiry date on Thursday of the clause known as RUFO, which prevented Argentina from paying another creditors, besides the 93 percent of those who accepted the 2005 and 2010 exchanges.

“What they are claiming is to pay $23 billion USD to the seven percent that did not accept the restructuring, not only $1.6 billion USD claimed by the vultures”, said Kicillof.

“And $23 billion USD is an estimate made by Argentina, because judge Griesa does not decide to say how much the amount is, how many they are, what they are claiming and under what conditions. He wants us to negotiate one at a time, for the last one to take it all”, said Kicillof.

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