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Article

21 Jun 2014

Author:
Centro de Estudios Legales y Sociales, CELS (Argentina)

Foreign Debt and Human Rights [Argentina]

The decision of the United States Supreme Court to reject Argentina’s appeal and uphold the claim brought by holdout hedge funds who refused to take part in Argentina’s debt restructuring…raises…tension between making the right to property prevail…and States’ obligations to guarantee the economic, social and cultural rights of their populations…In this case, a foreign court has upheld the right to property of a small group of bondholders with a decision whose strict enforcement would imply taking economic measures that could affect the rights of the Argentine people…The resolution of the dispute between the Argentine government and its creditors should be based on a normative framework rooted in international law and human rights principles in order to ensure sovereign economic policy decisions and avoid setbacks in policies that have expanded the effective exercise of rights in our country.