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Bondholders in the U.S., disappointed
La Nacion
April 24, 2010

WASHINGTON (from our correspondent).- Individual investors in Argentine debt bonds yesterday rejected the swap before the Senate of the State of New York and argued that the government of Cristina Kirchner is not negotiating in good faith with investors by "using ideological rhetoric to cause confusion" in an issue that lacks "transparency."

The bondholders testified to senators on the Finance Committee of the New York legislature, in a session of more than two hours that was presided over by Democrat Brian Foley.

At the end of the deliberations, the Argentina Task Force (ATFA), which represents bondholders, came out against the swap which it characterized as "if nothing else, disappointing."

Its leader, Robert Shapiro, said that "the negative impact of Argentina on the state of New York continues to grow, while the government of that country refuses to pay its pending debts to thousands of its foreign lenders."

Also testifying was attorney Carolyn Lamm, representing the Italian bondholders associated in the group that is led by Nicola Stock, as well as American Mark Botsford, who came before the committee as, possibly, the U.S. citizen with the largest quantity of bonds in default from Argentina that has been registered.

"We small investors are not Argentina's enemies, as the President would have you believe. We're being used as human shields in the battle over public opinion," Botsford argued.

The investors chose the district in New York to make their presentations which is in the same jurisdiction as Judge Thomas Griesa who covers the litigation against Argentina for unpaid debt as well as the same as the main financial market of the country.

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