MercoPress. South Atlantic News Agency

President Fernández says Argentina's debt a clear example of what is wrong

The Argentine President called for “new rules to be able to level up our societies with positive impacts and facing climate change.”

Argentine President Alberto Fernández Saturday underlined before the G20 Summit plenary in Rome that his country's debt with the International Monetary Fund (IMF) was “a clear example of what is wrong” in the international financial system.

Fernández insisted that such a burden had been bequeathed by his predecessor Mauricio Macri. He also highlighted that “the current system ... prioritizes speculation over the development of peoples” and that “must change.”

The Argentine head of state also asked that international financing adopted ”new rules to be able to level up our societies with positive impacts and facing climate change.“

”The foreign debt that my government inherited with the International Monetary Fund and that we are facing today is a clear example of what is wrong: unique in history for its amount and for its repayment conditions,” Fernández underscored.

The Argentine leader also pointed out that such a loan had been granted to favor a specific administration but ended up condemning generations “that look undaunted at the fate that has been imposed on them.“

Fernández considered that ”those who got into debt without attending to the ruinous consequences that ensued are as responsible as those who gave those resources to finance the flight of foreign exchange in a deranged economy.“

”I do not come to deny capitalism; I come to raise my voice against those who have subjected the capitalism of production and labor to the logic of financial speculation,“ Fernández went on as he requested the G20 to get involved in the task of achieving ”social ethics [which] give content to the economy.“

Fernández joined other leaders in pointing out the sharp differences among countries regarding COVID-19 vaccination. ”Almost 80 percent of the vaccines produced were applied in high-income countries. On the other hand, more than 60 percent of the population of our region has not yet completed their vaccination schedule,“ he said.

”This sad panorama becomes evident when the mobility of people is restricted depending on the vaccine to which they could have access,“ he elaborated.

Fernández also addressed the issue of poverty and world inequalities in a world where the ”vast majority“ of ”the millions of men and women living in poverty live in developing countries.“

Before his appearance at the G20 Summit, Fernández had met with IMF Director Kristalina Georgieva to discuss Argentina's debt.

”We had a good meeting with the president. We have talked about the economic situation in Argentina. Our economic teams met to achieve progress in our relationship,“ Georgieva said.

Argentina's Economy Minister Martín Guzmán agreed: ”It was a constructive meeting, in which we continue to seek to build understandings,” he said.

Fernández told Georgieva Argentina needed an extended period to repay its debt.