UN / ARGENTINA DEFAULT

Commenting on Argentina’s default, a UN spokesperson said “the Secretary-General’s foremost concern is for the Argentine people”, adding that “this case has raised crucial questions regarding sovereign debt restructuring processes. ” UNIFEED-UNTV

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:00:44
• Production Date: 31 July 2014
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMICS; ECONOMIC CONDITIONS; ECONOMY; ECONOMIC DEVELOPMENT; PUBLIC FINANCE; DEVELOPMENT FINANCE
• Geographic Subject: ARGENTINA
• MAMS Id: 1143703

Description

STORY: UN / ARGENTINA DEFAULT
TRT: 0.44
SOURCE: UNIFEED-UNTV
RESTRICTIONS: NONE
LANGUAGE: ENGLISH /NATS

DATELINE: 31 JULY 2014, NEW YORK CITY / RECENT

Shotlist

RECENT - NEW YORK CITY

1. Wide shot, exterior of the United Nations Headquarters

31 JULY 2014, NEW YORK CITY

2. Wide shot, press room
3. Med shot, presser
4. SOUNDBITE (English), Stephane Dujarric, Spokesperson for Secretary-General:
The Secretary-General’s foremost concern is for the Argentine people. He hopes the impact on the people of Argentina will be as small as possible. The Secretary-General cannot comment on the legal proceedings. However, this case has raised crucial questions regarding sovereign debt restructuring processes.
5. Med shot, journalists
6. SOUNDBITE (English), Stephane Dujarric, Spokesperson for Secretary-General:
“The Secretary-General believes that these are important issues for Member States to address, and he welcomes further discussions among them.”
7. Wide shot, briefing press room

Storyline

Commenting on Argentina’s default, a UN spokesperson said “the Secretary-General’s foremost concern is for the Argentine people”, adding that “he hopes the impact on the people of Argentina will be as small as possible.”

Argentine government says the bond-holders are "vultures" using the South American country's debt problems to make a big profit.

Most investors affected by the 2001 default had agreed to a restructuring involving them taking a roughly 70% haircut. A group of other investors refused to accept the deal; they hold $1.5 billion of assets and managed to convince a US court that they should be repaid in full.

Speaking to reporters in New York, Stephane Dujarric said “the Secretary-General cannot comment on the legal proceedings. However, this case has raised crucial questions regarding sovereign debt restructuring processes.”

He added that IMF and many Member States have spoken out about this issue, as well as the Group of 77 and China.

Regional bodies such as the Organisation of American States (OAS), the Community of Latin American and Caribbean States (CELAC) and MERCOSUR, have also made statements with respect to the Argentine case and its implications for future international debt restructuring efforts.

Finally, Dujarric said “the Secretary-General believes that these are important issues for Member States to address, and he welcomes further discussions among them.”