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[STK]
[IN]
[SU] AVO LAW FOR
TO FOREIGN, LEGAL AFFAIRS, AND NATIONAL EDITORS:
ATFA Denounces Brazil, Mexico and France For Endorsing Argentina's
Unlawful Behavior
WASHINGTON , March 24, 2014 /PRNewswire-USNewswire/ -- Today Brazil,
Mexico and France filed amicus briefs supporting Argentina in the U.S.
Supreme Court. It has been widely reported that these briefs were
procured by Argentina in exchange for substantial trade and bilateral
benefits. In response to this news, Nancy Soderberg, co-chair of
American Task Force Argentina, released the following statement:
"Amicus briefs in the U.S. Supreme Court are not bargaining chips to
be used in bilateral negotiations."
"For over a decade, Argentina has consistently violated all global
principles for sovereign debt restructuring. Argentina's repudiation
of its court judgments and its refusal to negotiate with creditors
harms all sovereigns that legitimately seek to raise capital."
"The Court of Appeals made clear that its ruling against Argentina was
limited solely to Argentina's uniquely deplorable treatment of its
creditors. The global financial community will not look favorably on
Mexico, Brazil and France for endorsing Argentina's reprehensible
treatment of its debt holders.
"Argentina's creditors have made it clear that they are willing to
negotiate a fair resolution. It is time for Argentina to do the same."
Several recent news articles suggest that Argentina traded favors in
exchange for legal support. According to news reports in Brazil,
Argentina offered to relax long-imposed trade restrictions on
Brazilian exports in exchange for Brazil's legal support in U.S.
courts. Brazilian officials are seeking investigations of the quid pro
quo.
News articles in France and Argentina have also indicated that
France's amicus brief was the subject of intensive face-to-face
bilateral talks between French President Hollande and Argentine
President Kirchner last week. Immediately following the meeting, which
included discussions about the Paris Club debts owed to France and
energy-related trade between the two countries, President Kirchner
announced that France would support Argentina with an amicus brief in
the U.S. Supreme Court.
The upcoming decision by the Supreme Court is Argentina's last chance
to appeal the unanimous lower court decisions against it in NML et al.
v. Republic of Argentina. All rulings to date have reinforced the
decision by the lower courts requiring Argentina to abide by the terms
of its contract.
To read previous ATFA statements on the legal case, visit:
http://www.atfa.org/news-room-temp/
About the American Task Force Argentina The American Task Force
Argentina (ATFA) is an alliance of organizations united for a just and
fair reconciliation of the Argentine government's 2001 debt default
and subsequent restructuring. Our members work with lawmakers, the
media, and other interested parties to encourage the United States
government to vigorously pursue a negotiated settlement with the
Argentine government in the interests of American stakeholders.
SOURCE American Task Force Argentina
-0- 03/25/2014
/CONTACT: American Task Force Argentina, media@atfa.org, 888-662-2382
CO: American Task Force Argentina
ST: District of Columbia Argentina Brazil Mexico France
SU: AVO LAW FOR
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