Unasur sides with Argentina and warns about “global financial stability”

Tuesday, June 24th 2014 - 23:52 UTC

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The behavior of speculative agents “endanger the agreements reached between debtors and creditors”

The Union of Southern Nations (UNASUR) expressed its solidarity with Argentina after US Supreme Court decision to dismiss the country’s appeal in its legal dispute with holdout hedge funds, rejecting “the behavior of speculative agents that endanger the agreements reached between debtors and creditors”.

The Council of Heads of State and Government of UNASUR released a declaration to express the group's support to Argentina’s government. The document, available at the Argentine Foreign Ministry’s website praised the country’s “efforts to honor the commitments made in its sovereign debt restructuring process in the years 2005 and 2010, agreed by over 92% of its creditors”.

“The Council of Heads of State and Government of UNASUR expresses its solidarity with the government and the people of the Argentine Republic before the recent ruling over a minority group of Argentina’s public debt holdout bondholders,” the declaration read.

UNASUR also warned about the effects the US verdict on international finances, rejecting “the behavior of speculative agents that endanger the agreements reached between debtors and creditors, affecting global financial stability”.

The UNASUR statement follows similar releases from Mercosur and Celac, Community of Latin American and Caribbean States, which includes all countries in the Americas except the US and Canada.

Categories: Economy, Politics, Argentina, International, United States.

Tags: Argentina, CELAC, hedge funds, Mercosur, Unasur, US Supreme Court.

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Joe Bloggs
Una who? I thought this was an English site Mercopress. Union of southern nations my arse. It's just another bunch, not even all of, South American nations. Nestor would be proud.
Jun 25th, 2014 - 12:09 am 0
Z-ville
...rejecting “the behavior of speculative agents that endanger the agreements reached between debtors and creditors, affecting global financial stability”.

Umm, the whole purpose of the court ruling was to ENFORCE the agreements reached between debtors and creditors, specifically to ensure stability in the global financial markets.
Argentina is good at spinning this, but THEY broke the agreement, not the lending funds!
Jun 25th, 2014 - 01:10 am 0
The_TroLLing_Stone
@2

How doe ending the right to ANY negotiation bring “stability”?

No nation will ever again be able to renegotiate payment terms, at least in US jurisdiction. From now on, even ONE disgruntled bond holder can stop the entire global financial process if he or she is unsatisfied with the terms.

Just wait, it will be a lot of fun seeing how we go from one global crash to the next in the next 2 decades.
Jun 25th, 2014 - 03:09 am 0

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