FINEWS-Argentine president slams 'vulture funds,' vows to pay debts

Thu Nov 1, 2012 2:54pm EDT

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Argentine President Cristina Fernandez said "vulture funds" that have sued to collect on Argentine bonds in default since 2002 are leading a campaign against her country to try to trigger a new debt crisis. Fernandez's remarks came on the heels of a U.S. appeals court ruling that could force Argentina to repay holdout creditors who rejected 2005 and 2010 debt swaps, through which the country restructured about 93 percent of its defaulted debt.

Fernandez said banks make money off sovereign defaults. "They profit if we don't pay, not if we do. Well, I have some very bad news for them, we're going to keep paying (our debt)," she said in a televised speech. "We're going to honor the trust of the 93 percent of national and international bondholders who believed Argentina would pay them. Argentina will pay."

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