Vulture verdict underscores the urgency of a new debt strategy: Audit, not more swaps, to stop paying what we do not owe
In its 23rd August decision, the New York Second Circuit Court of Appeals once again confirmed the mistakenness of the strategy adopted by the Argentine government to address the issue of public debt. By accepting each and every one of the so-called vulture funds` arguments in their effort to collect what they never invested, the Court highlighted the urgent need for a thorough change in Argentine strategy. The government has let itself become trapped in a terrain that by definition is unfavorable to the people of Argentina. It is a strategy that has proved costly and will continue to inflate the bill if not corrected. By ignoring the manifest illegitimacy of debt claims that are now in the claws of recognized vultures (as well as other debt collectors), and continuing to accept the unconstitutional jurisdiction of foreign courts such as that of New York, the government delusively believes that the rules of the market will work in defense of human rights and national...