MercoPress. South Atlantic News Agency

Global trade union summit condemns actions of vulture funds against Argentina

Workers' worldwide “mass support shows international condemnation of the speculative actions of vulture funds”, said the former union leader Ms Castro

The International Transport Workers’ Federation passed on Friday a motion condemning the actions of the 'vulture funds' against Argentina and calling ”not to allow the vulture funds to paralyze the debt-restructuring processes of developing countries or prevent states from exercising their right to protect their citizens under international law”, according to a release from the Argentine embassy in London.

 Ambassador to the United Kingdom, Alicia Castro, member of the trade union’s board and proponent of the motion, along with other Argentine transport trade unions, stated: “The mass support of workers from the world over shows the international condemnation against the speculative actions of the vulture funds as well as expressing support for our government”.

“Today they are attacking Argentina and seeking to damage our economy, but unless reforms to the international financial system are undertaken, court rulings such as these will affect all nations, both developed and developing”, added the Ambassador who is a former air stewardess and union leader.

The text of the motion condemned the United States Supreme Court’s decision of 16 June rejecting Argentina’s appeal in its case with the funds whilst also highlighting that the ruling, “by favouring the interests of a small group of dishonest speculators, jeopardizes the regular payments that Argentina has been making to over ninety per cent of its creditors”.

The major international regulatory bodies have also been called upon to reject the court ruling and “to work towards establishing an arbitration mechanism for sovereign debt that is transparent, independent and fair”.

The 43rd Congress of the International Transport Workers’ Federation is being held in Sofia, Bulgaria, between 10 and 16 August with the theme “From global crisis to global justice: Transport workers fighting back”.

The Congress of the International Transport Workers’ Federation is attended by nearly two thousand trade union delegates from 116 countries, representing around five million workers worldwide, from all transport sectors. Among other matters on the agenda, the Congress addressed human rights and trade unionist issues, the promotion of active gender-equality policies, the role of transport worker trade unions in the democratisation of the global economy, the situation in Palestine, the crisis in the Middle East and other matters relating to international affairs.