Jubilee USA

For Immediate Release

Organization Profile: 
Contact: 

Hannah Shultz, Communications Director: hannah@jubileeusa.org /  (o) (202) 783-3566 x101 (m) (319) 541-7357

Argentina Reacts to Supreme Court and Announces Debt Swap

Proposal would not alter global impacts of court's decision

WASHINGTON - In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.

Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA Network, releases the following statement:

"Argentina may have a way to avoid paying the hedge funds but it won't change how the court precedent equips predatory funds with a powerful ruling to force the poorest countries to pay in full.



"Essentially, the ruling legitimizes this extreme behavior and makes it more profitable across the globe. "Poor people and legitimate investors still lose the most with this ruling."

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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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