Argentina's economy is being held to ransom by a small handful of wealthy speculators - so-called vulture funds. Last November a New York court ruled that Argentina must pay over $1billion to a subsidiary of US hedge fund Elliot Associates - owned by billionaire Mitt Romney supporter Paul Singer.
But funds like this never ‘lent’ money to Argentina. Argentina defaulted on some of its debts in 2002. Vulture funds speculated on this crisis, buying debt in the hope that the country would go bankrupt. They tried to make money as many millions in Argentina suffered terrible unemployment, homelessness and poverty.
Moreover, much of Argentina’s debt has been recycled continuously since the time of the brutal military junta. The vast majority of debt claims accumulated during this time have been declared arbitrary and fraudulent. 40 years ago, speculators profited from death and repression at the hands of Argentina’s dictatorship. Today vultures are again attempting to profit at the expense of Argentina’s people.
Bring your pots and pans and demonstrate to:
Support Argentina’s rights to refuse payment to the vulture funds
Condemn the decision of the New York Court which implied that the payment of vulture funds supersedes a state’s right to protect its people.
Support a debt audit in Argentina to ascertain the extent of illegitimate debt
