via Earthtimes
WASHINGTON, July 17 /PRNewswire-USNewswire/ -- Today, American Task Force Argentina (ATFA) unveiled a new YouTube video message from ATFA Co-chair Dr. Robert Shapiro addressing the dangers of Ecuador's threat to default on its sovereign debt following meetings with invited officials from Argentine President Nestor Kirchner's Finance Ministry.
The video comes shortly after Ecuadorian President Rafael Correa repeated his willingness to default on his country's "illegitimate" debts and "aggressively renegotiate" with international bondholders. In the video Shapiro warns not only of what debt defaults and irresponsible restructurings can do to undermine national economies, but also explains the impact on international lending as a whole:
"The result was entirely predictable: Argentina has been excluded from international capital markets until she honors her obligations, and foreign direct investment has slowed ... The ultimate result could well be turmoil in international bond markets and economic reverses in parts of the developing world."
To view the full video and read a transcript of Dr. Shapiro's remarks, please visit ATFA's website at: http://www.atfa.org/ or http://www.youtube.com/user/ATFAdotorg. On Wednesday, July 11, ATFA ran a full-page ad in Washington, DC's Roll Call newspaper urging the US Congress to stop "Argentine-style economics" from tainting other Latin American economies. Ecuador's default would again force American and global investors -- and the people of Ecuador -- to pay too high a price. The dominos of the "Nestor Precedent" cannot not be allowed to fall. To view the recent ad ATFA placed in Roll Call on the danger of the Argentine precedent, click here http://www.atfa.org/ATFA_Dominos_RC_HRrev.pdf.
ATFA, through a variety of events and research initiatives, works to encourage the United States government and other Argentine debt stakeholders to take action on behalf of American taxpayers, businesses and bondholders. ATFA's website, http://www.atfa.org/, serves as a clearinghouse for news and information related to Argentina's restructuring and the ATFA's efforts.
Made up of major creditor groups, the ATFA is 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, please visit our new website at http://www.atfa.org/, or contact
CONTACT: American Task Force Argentina,
Web site: http://www.atfa.org/
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