Economy Minister Axel Kicillof and Foreign Minister Héctor Timerman have announced Argentina will present on September 9 a project before the United Nations aimed at regulating international debt restructurings and avoiding “vulture funds’ attack on sovereign nations.”
The project was proposed by Argentina and backed by nations gathered in the G77 group and China, among others. It states that if two thirds of bondholders accept restructuring terms, the rest of bondholders must accept them as well.
“The UN will discuss a project proposed by Argentina to regulate vulture funds,” Timerman announced from the Government’s House Conference Room.
“Argentina has become what is called a ‘leading case’ in the matter of how vulture funds can attack a country’s finance. Three billionaires and a judge are trying to bring down a whole country’s debt restructuring,” Kicillof explained.
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