MercoPress. South Atlantic News Agency
Timerman presents plan to regulate sovereign debts before the UN on Tuesday
The minister called for a “regulatory framework for debt restructuring process that is not only economical but political and social” Foreign Minister Hector Timerman referred to Argentina’s plan to regulate international debt restructurings, to be presented on Tuesday before the UN’s General Assembly, and stressed the importance of the project saying that “the legal loophole is huge” and that it affects “most of the countries in the world.”
The official said that “after (US) judge Thomas Griesa’s ruling and the campaign carried out by vulture funds’(…), many countries have realized that the situation was becoming explosive.” He added: “Then, many thought ‘what is happening to Argentina can happen to us’”.
Speaking to a local newspaper, Timerman called for a “regulatory framework for debt restructuring process that is not only economical but political and social.”
“(Debt) restructurings should consider the factors that have an impact in a country. They cannot jeopardize social development by the extortion of a tiny group of financiers that have put many countries on the brink of an unsustainable situation,” the chancellor added.
Regarding the project to be presented at the UN, Timerman said that the international convention on debt restructuring that Argentina seeks should allow “countries to restructure sovereign debts while they continue to develop.”
Argentina’s proposal was backed by nations gathered in the G77 group and China, among others. It states that if two thirds of bondholders accept restructuring terms, the rest of bondholders must accept them as well.
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Read all commentsAs I understand it, the next step is to make the Argentine debt issue a common MERCOSUR and UNASUR issue. Argentina will present a proposal that if Argentina cannot pay its debt due to one judge, then all the other countries in Latin America will stop paying their debts.
Sep 01st, 2014 - 02:35 pm 0After that obviously the issue must go to the Security Council, where a resolution against the New York courts should be drafted, introduced, and voted upon. This issue needs to be thoroughly discussed at the UNSC.
Also Argentina should bring the issue at the Arab League, and to have Israel and all Jewish Organizations come out with statements of support. ASEAN must also get involved, and we must continue to pursue this at the OAS, the Court of Justice, IMF, WB, IDB, WTO, BDE, and UNCLOS. And finally demand NATO act against Singer and CO.
Argentina fights on all fronts.
Rgs never miss an opportunity to embarrass themselves.
Sep 01st, 2014 - 02:47 pm 0We should also strike a resolution with the African Union and CARICOM.
Sep 01st, 2014 - 02:48 pm 0Commenting for this story is now closed.
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