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Macroeconomic policies

UN Expert in visit to Argentina comments on “vulture funds” court ruling

The United Nations Independent Expert on foreign debt and human rights, Cephas Lumina, today urged Argentina to audit its external debt in line with the UN Guiding Principles on Foreign Debt and Human Rights, which call for every State to conduct transparent and participatory periodic audits of their debt or lending portfolios.

Speaking at the end of his first visit to the country, Mr. Lumina noted that concerns had been raised about the legitimacy of some of the debts contracted prior to the crisis of 2001, including allegations of criminality in the manner in which this debt was assumed, particularly during the military dictatorship (1976-1983).

He also commented on the implications of the decision of a New York Court ordering the Argentinian Government to pay US$ 1.3 billion to hold out hedge funds (termed ‘vulture funds’ because of their predatory behaviour) saying they extend beyond the particular case of Argentina.

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