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Hiding money in Switzerland
Diario 7/Noticias Argentinas
January 26, 2010

Argentina tries to avoid embargoes

Buenos Aires, (NA) Representatives of bondholders that hold Argentine bonds in default today accused Argentina of "hiding" money in Switzerland to avoid embargoes by U.S. courts.

The president of the American Task Force for Argentina (ATFA), Robert Shapiro (sic), said that the funds are at the Bank for International Settlements in Basel (BIS).

ATFA is a group made up of holders of Argentina debt bonds that didn't enter the 2005 swap.

Shapiro also downplayed the approaches of the debt swap that the government will launch in February, arguing that the operation will only benefit "the vulture funds" and will not improve the country's access to the financial market.

Shapiro said that "there is no reason for those who rejected the first swap to accept this one, which has less favorable conditions."

He also said that President Cristina Kirchner can escape legal rulings, but she cannot degrade and corrupt an international financial institution to do it."

In the coming days, Shapiro will ask the Italian Central Bank and Treasury officials to press the BIS so that Argentina reduces its reserves with the bank.

That message will be carried by the bondholders' representative to London, Paris and Berlin, where the rest of those who hold unpaid debt are found.

Argentina is using the BIS and abusing its international role to evade judicial decisions in the United States, Italy, Japan, England and France," Shapiro added.

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