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Montevideo, November 18th 2018 - 16:30 UTC

Treasury Secretary Lew praises Argentina for its reintegration to the global economy

Saturday, April 23rd 2016 - 10:46 UTC
Full article 17 comments
Argentina’s successful final settlement is a testament to the sea change in policy under President Macri, said Treasury Secretary Lew Argentina’s successful final settlement is a testament to the sea change in policy under President Macri, said Treasury Secretary Lew
”I reiterated (to minister Prat Gay), our admiration for the speed at which Argentina is moving to create more sustainable and inclusive economic growth” ”I reiterated (to minister Prat Gay), our admiration for the speed at which Argentina is moving to create more sustainable and inclusive economic growth”

United States Treasury Secretary Jacob J. Lew celebrated Argentina's return to international markets and reintegration to the global economy, following the final settlement with holdout creditors, which it described as a major milestone not only for Argentina but for the global financial system.

 In a Friday release Secretary Lew also underlines that the Treasury has worked with the international community to develop enhanced collective action clauses for a more consensual orderly market based approach to future sovereign debt restructuring.

Follows the official release:

Argentina’s successful bond issuance and final settlement of the vast majority of the claims of its holdout creditors is a testament to the sea change in policy under President Macri and, as President Obama noted in Buenos Aires, the product of Argentina’s new direction and the willingness of different political parties to work together.

By taking decisive action to resolve a long-standing dispute, Argentina is turning a page on a difficult period of its history. Throughout my consultations with Finance Minister Prat-Gay, I have reiterated our admiration for the speed at which Argentina is moving to create more sustainable and inclusive economic growth, and to reconnect with the global economy and the world community.

Argentina’s return to international capital markets and reintegration with the global economy represent a major milestone not only for Argentina but for the entire global financial system.

It also is important to highlight the recent efforts that Treasury has led to improve the sovereign debt restructuring process. Treasury staff has worked closely with the international community to develop enhanced collective action clauses that should facilitate a more consensual, orderly, and market-based approach to any future sovereign debt restructurings. We are pleased that many countries, including Argentina, have adopted the new model clauses. We encourage other nations to follow suit.

Top Comments

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  • chronic

    Tick tock.

    Apr 23rd, 2016 - 11:38 am 0
  • Marti Llazo

    “ I have reiterated our admiration for the speed at which Argentina has been able to thoroughly fool and deceive the international community into believing that the country possesses the fundamental conditions for being able to pay its debt, control its 40 percent annual inflation, turn around its deep recession, achieve competitiveness, modify its hostile institutions, address its massive corruption, and create anything that might be mistaken by the usual novices as so much as a shadow of sustainable and inclusive economic growth.....”

    Apr 23rd, 2016 - 02:49 pm 0
  • chronic

    Too funny.

    Apr 23rd, 2016 - 03:06 pm 0
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