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Chairman Menendez on Argentina’s Default Deadline

Washington, DC – U.S. Sen. Robert Menendez (D-NJ), Chairman of the Senate Foreign Relations Committee, issued the following statement on the nearing default deadline for Argentina.  

“There is no reason that a member of the G20 should fail to meet its international financial and legal obligations.  Last month’s decision by the U.S. Supreme Court should have sent a clear signal to the Government of Argentina that it needed to enter into good faith negotiations with its creditors. Instead, the Kirchner Administration has engaged in a dangerous game of international brinkmanship that will likely have catastrophic consequences for Argentina’s economy and its citizens. Argentina’s refusal to renegotiate its debt obligations also has had a negative impact on more than $1.5 billion dollars of international investments – including millions of dollars of New Jersey pension funds. 

“While time is quickly running out, I call on the Government of Argentina to enter into immediate and direct negotiations with its creditors. In the absence of such action, if Argentina defaults this week, it will be the sole result of irresponsible decisions made by the Kirchner Administration that will further alienate Argentina from its trading partners."