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CFK admits having to pay 300% profit on holdouts’ dollars, but never 1.680% as pretended

Thursday, July 17th 2014 - 07:14 UTC
Full article 31 comments
In an impassionate 26 minute speech the Argentine leader called for support in the battle with holdouts In an impassionate 26 minute speech the Argentine leader called for support in the battle with holdouts

Argentine President Cristina Fernández rejected on Wednesday the possibility of a new default during the UNASUR-BRICS meeting in Brasilia, highlighting Argentina is going to “keep on paying and honoring its debt,” while asking for support against the “so called vulture funds,” who are “pretending to collapse the Argentine debt restructuring.”

“Argentina will not default its debt. To be in default is to cease payment, and Argentina is able to pay. It will keep on paying and honoring its debt,” the President said.

The president also anticipated that Argentina will not offer holdout better conditions than those awarded to the majority, 93% of bondholders who accepted the massive debt restructuring.

“Vulture funds never lent Argentina a dime, but rather purchased 2008 defaulted bonds and now are after a profit of 1.680%, a bit too much”, said the Argentine leader.

CFK stated it is impossible to pay holdouts what they pretend, as the RUFO clause states the country cannot pay bondholders who did not enter debt restructuring any more than holdings.

“We want to negotiate within the law. We want equal, fair negotiations for the totality of Argentine bondholders. Also keep in mind that if holdouts enter the debt restructuring, they would earn 300% in dollars. They would be making a huge profit” CFK explained.

The Argentine president then blasted economic advisors that recommend paying “vulture funds” the full debt amount, promising “Argentina would be then flooded by dollars”.

“I already hear that argument. It is not realistic. This is not a judiciary problem,” Cristina Fernandez argued. “Holdouts are attacking Argentina so that we go back to the 90’s financial looting.”

“They are threatening to force Chevron out of the Vaca Muerta shale oil field, as they said today in a paid advertisement. They are making a speculative attack to destroy Argentina’s debt restructuring and force us back to endlessly issuing debt,” she concluded.
 

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  • willi1

    yes, “you so called crook”!
    pay your debt and don´t cry.

    the RUFO clause: wrong! if you are forced to pay by a court you can pay the holdouts without paying those who took part in the swaps. you know that very well but you tell bullshit as usual.

    They are threatening to force Chevron out of the Vaca Muerta shale oil field..“ Yes! first pay your debts and than think of investments.

    “Holdouts are attacking Argentina..” - holdouts attack argentine governmental crooks who don´t pay their debts!

    Jul 17th, 2014 - 09:00 am 0
  • yankeeboy

    She still doesn't realize she lost.

    I think the lithium has eaten whatever was left of her brain.

    Jul 17th, 2014 - 10:38 am 0
  • ChrisR

    I see from the photo she has her “turkey neck” back!

    That is something she can't lie about.

    Is anyone else bored by the same old, same old crap coming from these crooks?

    Jul 17th, 2014 - 11:33 am 0
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