[Congressional Record Volume 157, Number 34 (Tuesday, March 8, 2011)]
[Senate]
[Pages S1398-S1399]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           ARGENTINA'S DEBTS

  Mr. WICKER. Mr. President, I rise today to discuss the treatment of 
American creditors by the Republic of Argentina. Almost 10 years ago, 
the Argentine government defaulted on over $81 billion in sovereign 
debt. Nearly $9 billion of this debt was held by the U.S. Government 
and American citizens. Following its default, Argentina made take-it-
or-leave-it settlement offers well below international norms for 
settling sovereign debt defaults.
  I am glad to report that recently Argentina has shown a willingness 
to negotiate in settling some of this debt. Argentina recently informed 
the Paris Club, a group of sovereign governments that includes the 
United States and represents 19 creditor countries, that it will pay 
its outstanding sovereign debt,

[[Page S1399]]

including $360 million owed to the United States. Argentina's 
willingness to pay its debts to the Paris Club demonstrates its 
capacity to go further and compensate private American creditors, who 
have been trying to collect outstanding debt from Argentina for years. 
The fact that Argentina has agreed to pay its public debts to other 
sovereign nations is a welcomed first step. However, private U.S. 
creditors are still owed billions of dollars.
  As I mentioned before in this Chamber, these private creditors have 
won over 100 U.S. Federal court judgments against Argentina. Now that 
Argentina has shown that it can and will pay its debts through the 
Paris Club negotiations, the administration should work to get this 
issue resolved for the remaining American bondholders and taxpayers.
  I hope my colleagues will join me in urging the administration to 
protect the well-being of the American citizens impacted by Argentina's 
failure to pay its debts.

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