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Pressure from the holdouts gains support in the Capitol
Infobae
May 21, 2009

A group of U.S. legislators is seeking to exclude Argentina from the debt market, on the initiative of American Task Force, which is made up of bondholders that fell outside the swap.

A group of Congressmembers of the Democratic Party are seeking to impede debtor nations in long-term default from accessing the United States' capital markets.

The initiative, while not explicitly stating so, is pointed at Argentina, a country that is seen as in such a situation for maintaining a debt of more than US$20 billion with bondholders that didn't adhere to the 2005 swap.

The Judgment Evading Foreign States Accountability Act that was introduced in the U.S. House by Eric Massa, Democratic Representative from New York, would prohibit access to U.S. markets for any State in non-compliance with U.S. court sentences for amounts above US$100 million for more than two years, according to the Wall Street Journal's website.

Six members of Congress signed the petition with Massa: Paul Tonko, Timothy Bishop, Carolyn Maloney, Dan Maffei and Mike McMahon, representatives of New York, and Robert Wexler, of Florida.

American Task Force Argentina (ATFA) represents bondholders that didn't accept the repurchase agreement with Argentina, and they received the news with approval, according to a press statement published on Wednesday.

ATFA director Robert Raben was not generous with Argentina, a country that earned the reputation as "a defaulter because its government doesn't comply with the payments of judicial verdicts."

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National Taxpayer's Union

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