United States supported Argentina in its struggle against vulture funds
United States, April 6, 2012
The administration of Barack Obama appeared as amicus curiae in the case that has Argentina as a debtor of the bonds purchased by vulture funds in 2001 to seek to revoke the order to pay the interest due. However, they also asked to normalize relations with creditors.
The United States supported the repeal of several orders against Argentina to pay interest on money owed to a U.S. vulture fund.
The letter was sent as amicus curiae (friend of the court) opining in favor of Argentina. The dispute is between the Argentine government and the creditor NML Capital Ltd. which has part of the 95 million dollars that the Latin American country sold as bonds in 2001 to solve the crisis.
Thus, the failure of the judge who heads the case, Thomas Griesa, should be revoked.
Although, the letter clarifies that there should be “normalized the relations” with the creditors, both public and private as “the Latin American country has failed to meet its international obligations and should work with the International Monetary Fund to solve the problem.”