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ATFA Commends Italian Bondholders' Protest on the 10th Anniversary of Argentine Debt Default
Press Release
December 21, 2011

Protestors Demand that Argentina Honor its Debts

WASHINGTON On the 10th anniversary of Argentina's record sovereign debt default, Italian bondholders protested the Argentine government's continued refusal to repay its outstanding obligations. American Task Force Argentina (ATFA) applauded the action by Italian bondholders and joins in their demands for a fair settlement of Argentina's unpaid debts. The following statement can be attributed to ATFA co-chair Dr. Robert Shapiro:

"Ten years is far too long for Italian bondholders to wait for a fair negotiation from Argentina's government. In Italy alone, tens of thousands of Italy's retirees and investors have waited as Argentine leaders have ignored their pleas for repayment. The Argentine government now owes $15 billion to bondholders around the world who invested in good faith. Argentina also has the means to meet all of its obligations, with more than $45 billion in Central Bank reserves.

"The United States Congress has sent a message to Argentina that its outstanding debts must be resolved. The Obama Administration also has announced that it will oppose new loans to Argentina by multilateral institutions such as the World Bank, until that country meets these obligations. The U.S. government is now working to build a coalition of countries that will join America and block future loans. We encourage the Italian government to vote with the United States on this issue, to protect Italian bondholders and encourage the Argentina government to finally repay its debts.

"The 10th anniversary of Argentina's 2001 debt default would be a good time for the Kirchner government to settle Argentina's outstanding debts to international investors, once and for all."

ATFA an alliance of diverse organizations advocating a fair and final resolution to Argentina's financial and legal obligations to U.S. citizens is led by Executive Director Robert Raben, a former Assistant Attorney General at the U.S. Department of Justice, and 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 on ATFA's activities, please visit www.atfa.org, or contact media@atfa.org, or +1-888-662-2382.

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