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ATFA Praises Speaker Pelosi's Comments on U.S. Response to Argentine Debt Default
Press Release
January 05, 2007

FOR IMMEDIATE RELEASE
Friday, January 5, 2007
Contact: info@atfa.org
1-888-662-2382
www.atfa.org

Signals New Engagement on Issue Under Democratic Congress

WASHINGTON, DC Today, the American Task Force Argentina (ATFA) announced its strong support for Speaker of the U.S. House of Representatives Nancy Pelosi's comments signaling a commitment to review Argentina's status in the wake of its 2001 default on more than $95 billion in sovereign debt and the harsh terms for its restructuring.

In an interview with Argentina's Clarin Economico newspaper, Speaker Pelosi was asked if she believed hearings might be held during the 110th Congress on the 2001 Argentine crisis and the U.S. reaction. She responded that:

"The 110th Congress will be an opportunity to look toward the future and to learn from past mistakes made under Republican leadership. The United States needs to strengthen its relations with other countries so that when serious crises happen, they can be handled in the best way possible."

"We should all be very pleased that Speaker Pelosi believes that the new Congress should reexamine Argentina's default," said ATFA co-chairman Robert J. Shapiro. "As part of this review, the new Democratic leadership has an excellent opportunity, with the Bush administration, to make it clear that Argentina must provide more reasonable terms for those holding defaulted Argentine bonds as part of this review, if it expects to have normal relations with the United States."

Argentina defaulted on more than US$95 billion in sovereign debt in December of 2001, the largest sovereign debt default in history. According to recent analysis, the default and subsequent restructuring cost investors and governments worldwide about $140 billion. More than US$20 billion in bonds remain outstanding.

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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