Cuba supports Argentina against vulture funds

News from Cuba | Tuesday, 1 July 2014

Statement by Cuban Ministry of Foreign Relations

The Republic of Cuba’s Ministry of Foreign Relations has learned of the statement made by the President of the Republic of Argentina, Cristina Fernández de Kirchner, condemning the rulings made by the United States Supreme Court and a Court of Appeals in this country, which are contrary not only to the interests of this South American sister country, but to those of 92% of the creditors who agreed to restructure the debt.

Argentina has been pushed to the edge of an unprecedented national debt crisis, even more severe than that of 2001, which left half of Argentines in poverty and a fourth unemployed, as the government and National Congress have denounced.

It is not the first time courts in industrialized countries have ruled in favor of predatory hedge fund operators. This phenomenon was described and condemned in 1986 by the historic leader of the Cuban Revolution Fidel Castro Ruz, during his battle against the Third World’s foreign debt. Nobel Prize economists such as Joseph Stiglitz and Paul Krugman; other economists including Anne Kruger, Thomas Palley and Nouriel Roubini; international bodies and governments of different tendencies have questioned the corrupt and speculative behavior of hedge fund owners, and of U.S. judges who consider United States courts above international law and the national laws of other states.

The Ministry of Foreign Relations condemns the fact that we are witnessing a new form of aggression against the nations of the South, which feeds on the economic conditions generated by foreign debt and the crisis of capitalism. Twenty countries have been victims of these types of actions, directed for the most part against progressive governments which defend their sovereignty, as was recently revealed in the Group of 77 plus China Summit, held in Bolivia.

This aggression against Argentina is also directed against all of Our America, especially against the processes of integration underway in Latin America and the Caribbean. Defending Argentina, we defend the right of nations of the South to sustainable development and a just international economic order.

June 26 2014, Havana

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