Standard and Poor's Declares Argentina Default

Jubilee USA

For Immediate Release

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Standard and Poor's Declares Argentina Default

WASHINGTON - The ratings agency Standard and Poor's declared Argentina to be in default today after the country failed to reach a negotiated settlement with hold-out creditors. It is Argentina's second default in thirteen years.

Eric LeCompte, Executive Director of the religious debt relief group, Jubilee USA Network, releases the following statement:

"It's unfortunate that it came to this. Argentina decided it was better to default than to settle. Argentina will likely find alternatives now to pay the restructured bond holders.

"Because of the precedent this case sets there are a lot of losers and few winners. Legitimate investors and poor people lose the most. Argentina never would have defaulted and hold-outs would have been forced to sit at the table if we had an international bankruptcy process in place. In the coming months we'll continue to see the G20 to the IMF try to stop this extreme predatory behavior

These predatory actors are only able to operate because our financial system is too much like the wild west."

Read a history and timeline of the case.

Read Jubilee's USA's filing urging the Supreme Court to take case.

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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