Sovereignty and Vultures, Debt and the Commons

7 January 2015 by Assembly for the Suspension of Payments and Investigation of the Debt and in Defense of our National Heritage and the Commons

As part of its end of year activity, our Assembly for the Suspension of Payments and Investigation of the Debt and in Defense of our National Heritage and the Commons issued a document of balance and 2015 perspectives, entitled “Sovereignty and Vultures, Debt and Common Goods”

While some await with anticipation the New Year, assuming the opening of a new stage of negotiations and an eventual payout agreement with the vulture funds Vulture funds
Vulture fund
Investment funds who buy, on the secondary markets and at a significant discount, bonds once emitted by countries that are having repayment difficulties, from investors who prefer to cut their losses and take what price they can get in order to unload the risk from their books. The Vulture Funds then pursue the issuing country for the full amount of the debt they have purchased, not hesitating to seek decisions before, usually, British or US courts where the law is favourable to creditors.
, the text expresses our concern about the deepening of the system of illegitimate and perpetual debt, through which the Argentine people have been forced to become “serial payers” of a debt that they do not owe, at great expense to their fundamental human rights, sovereignty and self-determination.

“Behind the much publicized”no payment to the vultures“- says the Assembly - what is hidden is in truth, increasing indebtedness, a new process of adjustment underway, and further relinquishment of our natural resources and territory itself.”

“This is why we propose the suspension of all payments on the debt and the investigation of its illegitimacy and illegality, annulment of the waiver of sovereignty to foreign courts and similar measures. We seek to change the logic with which the current government, like its predecessors, deals with the problem.”

Before the end of the year, the Assembly also sent letters to all national legislators urging them once again to create the Bicameral Parliamentary Commission for the Investigation of the Debt, approved in September, and demanding explanations as to why they have yet to fulfill the law. The Assembly also asked Parliamentarians to explain with what criteria of “payability” they had approved such a huge increase in debt levels in the 2015 Budget, and why they do not require the Executive to render detailed accounts of the debt management they delegate to it.

Dialogue 2000 - Jubilee South Argentina is one of the founders and an active member of the Assembly, a multisectoral space that brings together a variety of popular organizations and movements in our country. Since July, the Assembly has promoted several initiatives of debate and mobilization, including workshops, informational tables and a public hearing in the House of Deputies on these issues. More information on the Assembly and its activities is available here, in Spanish.

During 2015, we plan to further expand the Assembly´s activity, linking it with other popular struggles in the country and continent in order to change the perverse logic with which the problem of the debt continues to be treated. As a result, not withstanding all that we have paid and that the government is seeking to ensure that we continue to pay, driven by big capital, the debt remains a privileged instrument of the country’s dependency and domination




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