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Montevideo, March 29th 2023 - 23:06 UTC



Argentine president defies Judge Griesa rulings and mocks 'selective default'

Friday, August 1st 2014 - 07:52 UTC
Full article 30 comments
An impeccable Cristina Fernandez displaying her discursive aggressiveness and fine irony  An impeccable Cristina Fernandez displaying her discursive aggressiveness and fine irony

President Cristina Fernández said on Thursday she will not “sign an agreement” that compromises Argentina's future, while blasting “vulture funds” for wanting to “collect Griesa's usurious sentence”, following the Wednesday failure of negotiations between the country and holdouts.

“Default is not to pay, and Argentina has paid and will continue to pay” insisted the President, and added that risk agencies have invented a “new, peculiar term: ‘Selective default’.”

“Conditions for default are stated in debt emission, in the contract, and a payment block is not in it,” underlined the president in reference to New York judge Thomas Griesa’s ruling that blocked Argentina’s payment for exchange bondholders in the Bank of New York Mellon.

The president convened ministers, governors, lawmakers, bankers, business, industry and trade organizations as well as union leaders and other groupings to listen to her speech on events arising from the failed discussions with holdouts.

The rest of Government House was packed with militants waving flags and banners, and as usual the ceremony ended in a political rally.

Cristina Fernandez assured Argentina has will to pay and will honor its commitments with the totality of bondholders, including holdouts, but the government will not pay the “usurious” amount that follows US federal judge Thomas Griesa’s sentence.

“Vultures want to collect Griesa’s usurious sentence,” the President said.

“This does not mean Argentina will not continue negotiations. We want to come to an agreement. But we have to defend our people’s interests. We want a fair and equal agreement.”

CFK said Argentina will seek “other options” to solve the debt situation “within the limits of the law” as Argentina is “a Republic and any outcome will have Congress approval.”

Finally the president concluded by saying she feels “proud of the international support” gained while receiving “financial missiles” from “vulture funds”, and pointed out “the world keeps going” after yesterday’s failed negotiations and “so does Argentina.”

Top Comments

Disclaimer & comment rules
  • Monkeymagic

    Argentina HAS defaulted.

    The fact that the majority of bondholders accepted renegotiated terms is irrelevant. The minority didn't and sold their debt to someone with the capability of holding Argentina to account.

    It is really that simple.

    Argentina has defaulted.

    Aug 01st, 2014 - 08:07 am 0
  • willi1

    ck: “..But we have to defend our people’s interests.”

    HER interests. she should give back all the stolen money in the south with Mr. Beaz - the bank apprentice who moved to a director with K´s help to wash and hide money for the k- and ck-gang.

    Aug 01st, 2014 - 08:15 am 0
  • Welsh Wizard

    I suspect that there will be some sort of illegality event by which if it becomes illegal (for whatever reason( and this would include court order)) then an event of default can be called. Standard in any bond contract...

    Aug 01st, 2014 - 09:08 am 0
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