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Even with the swap they'll still be in debt
Ambito Financiero
June 22, 2010

Washington While the country is reaching the deadline for restructuring its debt, American Task Force Argentina (ATFA) expressed its concern about the balance that will be left over after the swap. What the government is arbitrarily calling a success, in case 60% of investors participate, doesn't reflect reality. The big debt remaining will leave Argentina still outside of the international credit markets and will continue harming its economy.

Below are the highlights of the joint-statement put out by the co-presidents of ATFA, Dr. Robert Shapiro and Ambassador Nancy Soderberg.

While Argentina could reach its arbitrary goal of an adhesion rate of 60%, the country would be left with unpaid obligations for tens of billions of dollars, hundreds of pending legal rulings against it and without access to the international capital markets.

The Argentine government still with be more than US$30 billion in debt to creditors as a result of its failure to pay the debt in 2001. While there is no complete settlement on those debts or compliance on the pending rulings against it, Argentina will not be able to normalize its relations with the international community.

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National Taxpayer's Union

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