American taskforce Argentina
Topics: Economy of Argentina
The American Task Force Argentina, or ATFA was formed in November of 2006 in response to concerns over Argentinas handling of its sovereign debt default. The Task Force works with international lawmakers, the media, creditors and other interested parties in the United States, Argentina, Europe, Asia and Latin America to educate the public and raise awareness about the hazards associated with the Argentine governments failure to address its default in accordance with international norms.
ATFAs ultimate aim is to bolster the stability of global credit markets; work toward a suitable outcome for remaining creditors; ensure the integrity of U.S. law; and strengthen crucial bilateral relations between the United States and Argentina.
In 2001, the government of Argentina initiated the single largest sovereign debt default in credit market history. The default carried enormous repercussions for bondholders, governments, businesses and taxpayers, in America and around the world. Not only did international markets and investors suffer, the Argentine governments actions with respect to the default were in violation of U.S. law.
The Task Force believes the United States government -- its executive, legislative and judicial branches -- should reengage on the question of Argentinas debt default and restructuring. The U.S. government should vigorously pursue a negotiated settlement with the Argentine government in the interests of American investors and respect for the rule of law.
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.
Source: ATFA Website
The ATFA commissioned a study in November of 2006 on the global cost of Argentina's default and restructuring. Authored by Clinton Under Secretary of Commerce and ATFA Co-Chairman Robert J. Shapiro, the paper found that the default cost investors and international governments US$140 billion, 70 percent more than the face value of the unpaid bonds.
The ATFA also highlights the work of Harvard Professor of International Financial Systems Hal S. Scott. Professor Scott's Washington Legal Foundation-commissioned paper titled Cry for the United States, Not Argentina, examines the U.S. government position on Argentina's default and restructuring.
ATFA has participated in debt default events in Washington, DC, New York City and Rome, Italy, home to hundreds of thousands of individaul "holdout" Argentine bondholders. In addition to public events, ATFA petitions U.S. and international government and non-government stakeholders to act in support of a reexamination of the terms of Argentina's restructuring. Recent Press Releases
The group works to draw attention to the economic, political and national securityimpact of allowing Argentina's actions to stand without consequence.
While in Rome, the ATFA worked with Italian lawmakers to produce an Order of Business, calling on the Italian Government act in pursuit of Argentina's repayment of its delinquent bonds.
ATFA - American Task Force Argentina Website
[*] - Bloomberg News: US Group Asks Argentina To Pay Debt On Default Anniversary
[*] - Latin Business Chronicle ATFA Profile Story
[*] - Latin Finance Magazine ATFA Profile Story
[*] - Buenos Aires Herald Coverage of ATFA Launch
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