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ATFA Calls on Argentina to Act Responsibly in Finance And Foreign Policy at Conference on Argentine Economy
Press Release
January 31, 2008

Thursday, January 31, 2008

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

ATFA Calls on Argentina to Act Responsibly in Finance And Foreign Policy at Conference on Argentine Economy

ATFA Co-chair Ambassador Nancy Soderberg and Executive Director Robert Raben Speak at Latin Finance Conference in Miami

Miami, FL - Today, American Task Force Argentina (ATFA) called on Argentina to change course in foreign and financial matters as two ATFA senior officials attended a LatinFinance and University of Miami Center for Hemispheric Policy conference "The Road Ahead: An Examination of Argentina's Economic and Political Future."

"Argentina faces a choice. It can either stick with the past and rely on Hugo Chavez or join the 21st century and make responsible decisions," said ATFA Co-chair and former UN Ambassador Nancy Soderberg. "It is time for Argentina to clean up its financial situation, distance itself from the failed policies of Venezuela, and work with countries with which its future lie the United States, Europe and the responsible countries of Latin America."

ATFA Executive Director Robert Raben emphasized the importance of Argentina shifting its economic priorities saying, "In my conversations with conference participants, there was significant frustration over Argentina's actions which continue to impact U.S. taxpayers and investors."

The Argentine economic conference was attended by nearly 100 people including high level executives, academics, U.S. Congressional staff, lawyers, investors and media. Panelists generated heated discussions on Argentina's government policies and economic problems, including debt, inflation and energy. There was outspoken concern from U.S. companies who have reduced their stake in Argentina due to the lack of a long term economic plan.

In a panel on U.S. policy and foreign investment in Argentina, ATFA Executive Director Robert Raben, former Assistant Attorney General at the Department of Justice, explained the issues he is taking up with Members of Congress on Capitol Hill: the Argentine default and restructuring hurts U.S. citizens, Argentina can afford to repay, and the concern over these issues is only intensifying.

ATFA Co-chair Nancy Soderberg, former UN Ambassador, was among those who discussed Venezuelan President Hugo Chavez's influence on Latin America, particularly Argentina:

"Argentina relies now on Venezuela for financing, which has purchased billions in bonds at 10 percent interest; this is compared to borrowing from the IMF and Paris Club between 4 and 5 percent."

Made up of an alliance of organizations, ATFA's leadership includes its two co-chairs, 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. The Executive Director is Mr. Robert Raben, former Assistant Attorney General during the Clinton administration.

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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