ATFA Participates in New York State Senate Hearing on Argentine Debt Co-chair, Executive Director Speak before Senate Committee on Banks
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WASHINGTON, Apr 23, 2010 (BUSINESS WIRE) -- American Task Force Argentina (ATFA) co-chair Robert Shapiro and Executive Director Robert Raben were invited to speak before the New York State Senate Committee on Banks today as witnesses, providing expertise on the impact of the Argentine debt default on the United States and encouraging the legislature to help bring pressure on Argentina to resolve its outstanding debts. Dr. Shapiro and The Honorable Raben emphasized the impact of the Argentine debt crisis on New York State and outlined concrete steps for the legislature.
"Argentina's negative impact on New York State continues to grow as the Argentine government refuses to honor its outstanding debts to thousands of foreign lenders. New York holders of Argentine bonds have lost an estimated $903 million as a result of Argentina's debt default and refusal to restructure those defaulted bonds on normal terms. By our estimation, Argentina currently owes American investors a total of $3.82 billion," ATFA co-chair Dr. Robert Shapiro said. "Until Argentina offers its creditors a fair value for these bonds and resolves its outstanding court judgments, the country will continue to be unable to access foreign credit." Presided over by Chairman Brian X. Foley, the hearing allowed a number of experts on Argentina's 2001 debt default and 2005 restructuring to detail the impact debt on bondholders, taxpayers and other investors, in New York State as well as across the United States and the rest of the world. Supporting the repayment of Argentine debt, witnesses offered their insight into possible ways to resolve the long impasse between the Argentine government and its foreign creditors.
"As Executive Director of ATFA, I have worked to garner support for the Judgment Evading Foreign States Accountability Act (JEFSA) in the U.S. Congress, which aims to present a solution to the detrimental impact of Argentine debt on U.S.
taxpayers, creditors and investors, and currently has 13 co-sponsors from New York alone," Robert Raben, ATFA Executive Director, said. "In addition, here in the New York State Senate, there's a resolution, Resolution J3954, which urges the New York State Congressional delegation to support JEFSA." Following the hearing, Dr. Shapiro commented on Argentina's recent announcement of the debt swap, "The rumors that Argentina's new offer would be unacceptable have, unfortunately, turned out to be true -- this offer is actually worse than the 2005 offer," said Shapiro. "Under the current terms, Argentina would end up paying only 25 percent of what the country owes to creditors. The offer is especially disappointing, given the vast improvements in the country's ability to honor all of its obligations." Additional witnesses who testified in today's hearing include: -- Carolyn B. Lamm -- Partner, White & Case LLP -- Dr. Claudio Loser -- Senior Fellow, Inter-American Dialogue; President, Centennial Group Latin America LLC; Former Western Hemisphere Director for the IMF -- James M. Roberts -- Research Fellow for Economic Freedom and Growth, Center for International Trade and Economics (CITE), The Heritage Foundation -- Mark Botsford -- Argentine creditor, U.S. taxpayer -- Dr. Thomas Halper -- Political Science Department Chair, Baruch College -- Dr. Richard W. Rahn -- Chairman, Institute for Global Economic Growth -- Dennis Hranitzky -- Counsel, Dechert LLP -- Alexander Yanos -- Partner, Freshfields Bruckhaus Deringer -- Dr. Arturo Porzecanski -- Distinguished Economist-in-Residence, American University School of International Service -- John Missing -- Partner, Debevoise & Plimpton LLP -- Robert Cohen -- Partner, Dechert LLP Made up of an alliance of diverse organizations, ATFA's leadership includes Executive Director Robert Raben, a former Assistant Attorney General at the U.S.
Department of Justice, and two co-chairs, 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 on ATFA's activities, please visit www.atfa.org, or contact media@atfa.org, or +1-888-662-2382.
SOURCE: American Task Force Argentina CONTACT: American Task Force Argentina (ATFA) 1-888-662-2382 media@atfa.org Copyright Business Wire 2010 -0- KEYWORD: Argentina
United States
North America
South America
New York INDUSTRY KEYWORD: Public Policy/Government
Congressional News/Views
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Finance SUBJECT CODE: Economic News/Analysis
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