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ATFA Sends Message to Argentine Economy Minster Lousteau: Paying back U.S. Bondholders is Urgent
Press Release
December 14, 2007

WASHINGTON, D.C. Today, following disappointing remarks by Argentine Economy Minister Mart n Lousteau on his country's outstanding debt, the American Task Force Argentina (ATFA) delivered a message: "Argentina must agree to negotiate with bondholders if it hopes to ever again be accepted by international credit markets and be a partner with the world's major economies."

On Thursday an Argentine daily newspaper, Ambito Financiero, reported that Economy Minister Lousteau ruled out resolving Argentina's debt to private bondholders and does not consider the debt to the Paris Club an urgent issue. Lousteau said, "We have to go back to defending our country's interest," dismissing Argentina's debt to countries and private bondholders.

"It is in fact in Argentina's vital interest to resolve its outstanding debts to its international bondholders," said Dr. Robert Shapiro, ATFA Co-chair and former U.S. Under Secretary of Commerce and economic advisor to President Bill Clinton. "Argentina's sustained growth may not last much longer, and the country will soon need the support of global financial markets, to which it currently has no access due to its repudiation of these debts, and of global investors."

On December 11, Dow Jones reported that International Monetary Fund (IMF) Director Dominique Strauss-Kahn stated that with nearly $45 billion in foreign reserves Argentina can easily afford to repay bondholders: "The amount at stake is not huge compared to the reserves of the country today. It may be solved directly between Argentina and its creditors through the discussions and the bargaining at the Paris Club. That would be the best solution."

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, 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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