Congressman Sires' Statement on Argentine Debt Mediations

Statement

Congressman Albio Sires issued the following statement regarding ongoing Argentine Debt Mediations:

"As the July 30th deadline for Argentine bond payments nears, I implore all parties involved to proceed with haste in good faith negotiations to reach a settlement in order to avoid a default by Latin America's third largest economy. A default by Argentina has the potential to trigger calamitous effects on a country already struggling to overcome a recession and one of the world's highest rates of inflation. Above all, it would be most unfortunate to the Argentine people who have worked so hard to overcome the effects of the nearly $100 billion default in 2001. I encourage Argentina to continue taking positive steps in settling disputes as it did with the Paris Club of creditor nations and Spanish firm Repsol earlier this year. As talks proceed, incendiary rhetoric and unwarranted personal attacks are best left aside as they do little to resolve the current impasse.

Time is clearly running out and the stakes are very high. The people of Argentina have a wonderful, culturally and resource rich nation to be proud of with so much potential. While difficult decisions will have to be made, I hope all parties will come to the table and work tirelessly to come to a resolution in an effort to turn the page on what has been an arduous chapter in the southern cone nation's modern economic history."

Congressman Sires serves as the Ranking Member of the Subcommittee on the Western Hemisphere within the House Committee on Foreign Affairs for the 113th Congress.

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