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New ATFA YouTube Video Warns of Risks in Advance of Argentine Investment Forum
WASHINGTON, September 11 /PRNewswire/ -- - 'Argentina Must Honor Its International Obligations' Today, the American Task Force Argentina (ATFA) warned the international investment community of Argentine investment risks in a new YouTube video message from ATFA Co-chair Dr. Robert Shapiro in advance of the EuroMoney Argentina Investment Forum to be held in London on Thursday, September 13. Shapiro's message cautions that though Argentine representatives will try to lure investment based on recent economic growth, the prosperity is "built on false foundations." Shapiro notes that "time is running out for Argentina," adding that Argentina's refusal to honor her debts owed to thousands of existing investors worldwide makes new investment a risky proposition: " ... during Argentina's 2001 crisis, its government defaulted on more than US$80 billion of its sovereign debt -- the largest sovereign default in history -- and then a little later took the unprecedented step of repudiating US$20 billion of that debt held mainly by investors in America and Europe who had lent it to Argentina in good faith." Shapiro offers hope for Argentina in reminding viewers that Argentina can return to international capital markets by joining the community of responsible borrowers and honoring her debt obligations: "But there's one hurdle: first Argentina must honor its international obligations, as every other country in the world does, by repaying the debts owed to the members of the Paris Club and by resolving its US$20 billion in outstanding debts owed to international lenders." To view the ATFA video, visit http://www.youtube.com/watch?v=eL48N_uX3lA. ATFA, through a variety of events and research initiatives, works to encourage the United States government and other Argentine debt stakeholders to take action on behalf of American taxpayers, businesses and bondholders. ATFA's website, http://www.atfa.org, serves as a clearinghouse for news and information related to Argentina's restructuring and the ATFA's efforts. Made up of an alliance of organizations, the ATFA is co-chaired by The Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration, and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001. For additional information, please visit our new website at http://www.atfa.org, or contact media@atfa.org, or +1-888-662-2382. Web site: http://www.atfa.org
