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US creditors launch American Task Force Argentina
Buenos Aires Herald
November 01, 2006

WASHINGTON Disgruntled US creditors of Argentina's defaulted bonds yesterday launched the American Task Force Argentina (ATFA) to convince the government of Argentina to reopen negotiations with US creditors holding defaulted Argentine bonds and encourage the Bush Administration to reexamine of Argentina's 2005 debt restructuring as a policy agenda item in bilateral discussions.

In a press release ATFA said that through a variety of events and research initiatives, it will work to encourage the United States government to take action on behalf of US taxpayers, businesses and bondholders. The ATFA also launched a website at www.atfa.org to serve as a clearinghouse for news and information related to Argentina's restructuring and ATFA's efforts.

"While the governments of Japan, Germany, Spain and Italy have engaged the government of Argentina on behalf of creditors and citizens in their nations, the United States has yet to do so. ATFA is concerned by the US Government's filing of amicus briefs urging courts to adopt interpretations of the FSIA that protect foreign sovereign assets and undermine the efforts of Americans to regain their investments. The US has also put pressure on creditors to accept provisions in their bonds, so-called collective action clauses, making it easier for sovereigns to restructure debt. The United States government can and should follow the lead of other governments by reversing course and acting on behalf of its citizens.

Made up of major creditor groups, the ATFA is co-chaired by Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration and Ambassador Nancy Soderberg, Ambassador at the US Mission to the United Nations in New York from 1997 to 2001.