Argentina Congress Approves Vulture Funds Deal Amid Protests

The question is:

Does the US has something to do with those decisions? History will tell us. Hope not in the far future.

What are the Vulture Funds?

The proposed settlement for holdout creditors must now pass to Argentina’s Senate after the lower house voted 165 to 86 in favor of the deal.

Argentina’s lower house of Congress voted Wednesday to approve a settlement package for vulture funds, reportedly worth $4.65bn, after a marathon debate amid massive protests against the agreement, which now needs to pass through the Senate for final approval. Lawmakers in the lower house voted 165 to 86 in favor of the deal after an extended 20-hour debate on how to handle the country’s over decade-long battle with predatory creditors. President Mauricio Macri campaigned on promises to reopen negotiations with vulture funds in the name of attracting international investment to kickstart the economy.

In 2014, negotiations in New York between Argentina and the “holdout” creditors fell through, putting the country into a “partial default” despite showing the will and capacity to pay 90 percent of its creditors on a month by month basis. The break down in talks have prevented Argentina from accessing international credit markets, forcing it to issue domestic bonds to generate funds and to obtain loans from countries such as China.

​​Former President Cristina Fernandez frequently emphasized the importance of securing alternative sources of external finance capital, as a strategy to promote autonomous development and economic growth, arguing that the negotiations were an issue of national sovereignty. This content was originally published by teleSUR at the following address:


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