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ATFA Asks U.S. Labor Secretary Chao to Address Argentine Debt to U.S. Bondholders at Presidential Inauguration of Cristina Fernandez de Kirchner
Press Release
December 07, 2007

Friday, December 7, 2007

Contact: media@atfa.org
1-888-662-2382

ATFA Asks U.S. Labor Secretary Chao to Address Argentine Debt to U.S. Bondholders at Presidential Inauguration of Cristina Fernandez de Kirchner

WASHINGTON, D.C. Today, the American Task Force Argentina (ATFA) requested that U.S. Labor Secretary Elaine Chao address the Argentine government's repudiation of debts owed to American bondholders with President-elect Cristina Fernandez de Kirchner, as Chao leads the U.S. presidential delegation attending Argentina's presidential inauguration on Monday, December 10 in Buenos Aires.

In the letter sent on December 7, ATFA leadership, made up of Co-Chairs Dr. Robert Shapiro and Ambassador Nancy Soderberg and Executive Director Robert Raben, point out Argentina's record economic growth of more than 8 percent and foreign reserves totaling over $45 billion. Nevertheless, Argentina has continued to refuse to honor more than $3 billion owed to Americans. While the U.S. State Department has recently issued a public note on this issue, ATFA strongly urges Secretary Chao to use her opportunity to engage President-elect Kirchner at her inauguration on resolving Argentina's debts.

"It is important to press for an early and comprehensive resolution of all debts to the Paris Club and private investors alike," the ATFA letter read. "In your discussions with President-elect Kirchner, we strongly encourage you to insist that she specifically resolve Argentina's unpaid debt obligations to American bondholders."

ATFA, through a variety of events and research initiatives, works to encourage the United States government and other Argentine debt stakeholders to take action on behalf of American taxpayers, businesses, and bondholders damaged by Argentina's repudiation of its debts. ATFA's website, www.atfa.org, serves as a clearinghouse for news and information related to Argentina's restructuring and the ATFA's efforts.

Made up of an alliance of organizations, ATFA's leadership includes former Assistant Attorney General at the U.S. Department of Justice, Mr. Robert Raben, as Executive Director and is co-chaired by The Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration, and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001.

For additional information, please visit our new website at www.atfa.org, or contact media@atfa.org, or +1-888-662-2382.

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