US insists with Argentina it does not support the UN sovereign debt debate

Tuesday, September 16th 2014 - 02:42 UTC

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“It would be much better to work with existing market mechanisms to issue sovereign debt rather than creating a UN convention” said Kevin Sullivan

As Argentine President Cristina Fernandez readies for her annual trip to New York to speak at the United Nations General Assembly, US interim ambassador in Buenos Aires Kevin Sullivan ratified that Washington will not back the UN sovereign debt resolution sparked by Argentina’s legal battle with its holdout creditors.

“The US does not support the debate at the United Nations because we do not think it is the right place to find an efficient solution,” the official said in an interview with Clarin newspaper.

“It would be much better to work with existing market mechanisms to issue sovereign debt rather than creating a UN convention or going to The Hague,” he added.

Last week, the UN voted overwhelmingly in favor of a legal framework to regulate the foreign sovereign debt restructuring, by 124 votes in favor. The US and its major allies voted against it.

The US official said that “it is important for Argentina to exit default as soon as possible, for it to return to the path of sustainable economic growth and attract the investment it needs.”

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

Tags: Argentina, foreign sovereign debt restructuring, Kevin Sullivan, sovereign-debt, The Hague, United States.

Top Comments

Disclaimer & comment rules

Chicureo
Dearest Cristina,
Do you remember that very inhospitable seizure of our U.S. Air Force C-17 transport plane sent as part of a training course for local police in 2011?
Yours very truly,
Barrack
Sep 16th, 2014 - 03:00 am 0
4n conTroll
SImple really: they don't support us in debt law, we don't support them in trade law.

We already single-handedly torpedoed their ALCA dream in 2005 of free trade from Alaska to Chile , and surely we will do it again next time.
Sep 16th, 2014 - 03:02 am 0
bushpilot
Is that support for debt law you are speaking of or “deadbeat” law.
Sep 16th, 2014 - 03:20 am 0

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