ATFA Leadership Robert J. Shapiro and Nancy Soderberg Comment on Argentina's Settlement with Paris Club

Latin America - español

For Argentina, the Path to Normalization Must Include Negotiations with Private Creditors

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May 30, 2014, 08:00 ET

WASHINGTON, May 30, 2014 /PRNewswire-USNewswire/ -- Following the Paris Club announcement of Argentina's agreement to resolve its $9.7 billion in debts to Paris Club member nations within five years, American Task Force Argentina Co-chairs Robert Shapiro and Ambassador Nancy Soderberg declared their support for Argentina's pledge to act responsibly and encouraged the Argentine government to go further.

"The ultimate path to normalization must also include negotiating Argentina's longstanding debts with its private creditors as well," said Soderberg. "Engaging private creditors is the next, necessary step to unlocking the Argentine government's remaining barriers to foreign capital markets. Taking that step will create tremendous and immediate benefits for the Argentine people."

"We urge that the Argentine government to continue on this path of negotiation, normalization and settlement," added Shapiro. "ATFA members are ready and willing to conclude a reasonable and fair agreement. The time is now. But Argentina must demonstrate its willingness to enter that process."

Among the private creditors with whom Argentina has refused to negotiate is ATFA member NML Capital. In a recent interview with Der Spiegel magazine, senior NML portfolio manager Jay Newman expressed disappointment with Argentina's longstanding refusal to take up the request for negotiations from its private creditors, saying: "We propose that Argentina negotiate with us and with the other private creditors about the pending debts to find a mutually agreeable solution," and indicated that a fair resolution was within reach.

The American Task Force Argentina (ATFA) is an alliance of organizations united for a just and fair reconciliation of the Argentine government's 2001 debt default and subsequent restructuring. Our members work with lawmakers, the media, and other interested parties to encourage the United States government to vigorously pursue a negotiated settlement with the Argentine government in the interests of American stakeholders.

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SOURCE American Task Force Argentina