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Thousands of U.S. Taxpayers Protest NASDAQ Invitation to Argentine President Kirchner
Press Release
September 19, 2008

FOR IMMEDIATE RELEASE
September 19, 2008

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

Thousands of U.S. Taxpayers Protest NASDAQ Invitation to Argentine President Kirchner

Kirchner's Economic Policies Disqualify Her from Opening Financial Markets

WASHINGTON Outraged U.S. taxpayers have generated nearly 30,000 letters to protest NASDAQ Chairman Robert Greifeld's decision to invite Argentine President Cristina Kirchner to ring the market's opening bell next week, American Task Force Argentina (ATFA) announced today.

ATFA, a coalition of groups and individuals working toward a fair resolution of the 2001 Argentine debt default, briefed supporters on the issue and offered them the opportunity to contest NASDAQ's decision to allow President Kirchner to open the market and meet with technology and finance leaders. Letters demonstrating Americans' concern with the Kirchner regime were sent to NASDAQ and to the U.S. Departments of State and Treasury.

"For years, President Kirchner and her predecessor, Nestor Kirchner, have undermined Argentina's economy and defied hundreds of judgments handed down by the U.S. court system," ATFA Executive Director Robert Raben said. "I can see no reason she deserves the great honor of opening the U.S. financial market."

In 2001, Argentina defaulted on more than $81 billion in obligations to investors the largest sovereign debt default in history. In 2005, the Argentine government offered its bond holders the worst terms of any restructuring on record. When 25 percent of the bondholders did not accept that deal, Argentina repudiated its obligations. The result left more than $3 billion still owed to U.S. investors and major losses for the U.S., including hundreds of millions of dollars in lost tax revenue.

These investors have won scores of judgments in dozens of courts, including the U.S. District Court for the Southern District of New York, but Argentina has consistently refused to comply with these rulings. Until these judgments are honored and the debts paid, Argentina will be effectively barred from raising capital in international financial markets, a major impediment to economic stability.

Even the financial markets have taken notice of President Kirchner's counterproductive economic policies. Last month, Standard and Poor's downgraded the nation's debt rating five points below investment grade. Moody's also revised the country's debt outlook.

"We call on Chairman Greifeld to rescind the invitation to President Kirchner to ring the opening bell," said Raben.

To view a letter sent by Robert Raben to Chairman Greifeld and the letter sent by nearly 30,000 more Americans, visit www.atfa.org. To write a letter of your own, visit http://ga3.org/campaign/atfa0915. Supporters can expect to hear more from ATFA next week about activities surrounding the United Nations General Assembly.

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 website at www.atfa.org, or contact media@atfa.org, or +1-888-662-2382.

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