For Immediate Release
Argentina Reaches Agreement with Paris Club Preventing IMF Austerity
WASHINGTON - Argentina reached agreement with the Paris Club, a 19-member block representing some of the world's wealthiest countries, to repay nearly $10 billion in debts. The agreement ended a dispute that dates back to Argentina's 2001 default and ensures that there will be no International Monetary Fund (IMF) promoted austerity programs. Further, Argentina has renewed access to capital markets and strengthened its position within the G20.
"Argentina negotiated an agreement that keeps the IMF out of Argentina," said Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA. "IMF austerity programs have wreaked havoc in both poor and wealthy countries."
Jubilee USA Network is an alliance of more than 80 religious denominations and faith communities, human rights, environmental, labor, and community groups working for the definitive cancellation of crushing debts to fight poverty and injustice in Asia, Africa, and Latin America.