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  HOME | Argentina

Argentine President Defends Her Decision of Not Paying Debt Funds

BUENOS AIRES – Argentine President Cristina Fernandez on Wednesday defended her government’s decision to go against a New York court ruling in favour of plaintiffs in a case of debt bonds payment, delayed since 2001.

A ruling by New York judge Thomas Griesa on June 16, 2014 had ordered Argentina to pay “interest” on investment funds of the plaintiffs, who claim a debt of $1.3 billion plus interest.

Fernandez, in a broadcast on national television, said the “unusual” sentence had “capricious” and “illegal” interpretations and applied a rate of interest of 1,600 on the original debt.

“We maintained that we could not pay, not only because it includes an unacceptable interest rate, but also because it affronts all those who have believed in Argentina (the 93 percent of creditors who accepted the government’s debt restructuring in 2005 and 2010)” she asserted.

Fernandez warned the debt has now increased to $20 billion, after Griesa allowed a group of 500 creditors to join in the hedge fund claims last week.

“As we have said a thousand times before we are ready to pay 100 percent to our creditors but only under conditions that are legal, legitimate and equitable for all,” she added.

 

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