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ATFA Building Multi-National Argentine Debt Coalition, Seeks a More Equitable Bond Restructuring
Press Release
November 14, 2006

For Immediate Release
Contact: media@atfa.org
1-888-662-2382
www.atfa.org

Co-Chair Dr. Robert Shapiro Participates in Argentine Debt Conference in Rome

WASHINGTON, DC and ROME American Task Force Argentina (ATFA) Co-Chair Robert J. Shapiro completed a week-long visit to Rome Friday, discussing the financial impact of Argentina's latest default and restructuring on Italy, the United States and international markets with senior government officials and Italian bondholders.

Dr. Shapiro, Under Secretary of Commerce for Economic Affairs in the Clinton Administration, delivered the keynote address at a Rome conference November 8 on the importance of multi-national collaboration in pursuit of a more equitable restructuring of Argentina's "Tango Bonds." Nearly one hundred conference attendees also heard from members of the Italian Parliament, legal experts and consumer advocates on what was being done to encourage the government of Argentina and President Nestor Kirchner to honor its international debt obligations.

Dr. Shapiro also shared the findings of a new ATFA report titled, "Discredited The Impact of Argentina's Sovereign Debt Default and Debt Restructuring on U.S. Taxpayers and Investors." The report found that the default and restructuring cost Argentina's worldwide lenders some $74 billion, including net costs of $7.9 billion for U.S. lenders and $11.6-to-$12.1 billion for Italian lenders. The indirect global impact was much larger, totaling $140 billion in losses.

"Our visit will hopefully help renew international efforts to achieve a sensible restructuring that will meet established international norms; norms Argentina has thus far ignored," said Dr. Shapiro. "The Governments of the United States, Italy, Germany and others should send a clear signal that this is a critical issue for their bilateral relations with Argentina, and that Argentina will be excluded from their capital markets until its government provides fair terms for restructuring all of its defaulted debt," Shapiro continued.

While in Rome, Dr. Shapiro met with senior government officials in the Italian Senate, Ministry of Foreign Affairs and Central Bank, discussing the costs of Argentina's take-it-or-leave-it restructuring for its lenders and for other taxpayers and shareholders, and its negative impact on future international lending to other developing countries.

Dr. Shapiro's visit and calls for a reexamination of the Argentine restructuring were well documented, with news stories in Italy's major papers and interviews on Bloomberg TV, Sky News, RAI and others.

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. 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 major creditor groups, the ATFA 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 info@atfa.org, or +1-888-662-2382.

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