[Congressional Record (Bound Edition), Volume 156 (2010), Part 15]
[Senate]
[Page 22369]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         ARGENTINA DEBT DEFAULT

  Mr. WICKER. Mr. President, I rise today to discuss the debt default 
of the Republic of Argentina. Since it defaulted on its debt 9 years 
ago, the nation has ignored the judgments of American courts even 
though Argentina committed to honor such judgments when the debt was 
originally issued.
  In 2001, Argentina defaulted on over $81 billion in sovereign debt, 
the largest default in modern history. American creditors were heavily 
exposed to the losses that resulted from that default and Argentina's 
debt restructuring. Despite paying off certain creditors in full, 
Argentina still owes U.S. bondholders over $3 billion while holding 
nearly $54 billion in reserves.
  Bondholders have won over 100 U.S. Federal court judgments against 
Argentina. Additionally, Argentina has not paid claims brought by U.S. 
companies and other bondholders in international forums, which have 
collectively issued over $900 million in judgments against Argentina.
  I have been approached on this matter by my constituents in 
Mississippi who are concerned about the outstanding court judgments. 
The issue of Argentina's default also reaches beyond my state's borders 
to every U.S. taxpayer because some of these losses are qualified tax 
deductions.
  In light of my concerns, I am considering introducing legislation 
next year to address this issue. This is a step I hope I do not have to 
make, but I believe previous obligations should be honored.

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