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29 Jul 2014

Dozens of NGOs sign statement warning of human rights threats by US Supreme Court’s decision on Argentina's “vulture funds” case

"Argentina 'vulture fund' ruling reflects global human rights threat" - 28 July 2014 

This joint statement, signed by dozens of human rights organizations from all over the world, has been issued in response to the US Supreme Court decision on Argentina's sovereign debt…[The decision] forbid[s]Argentina from making payments on its restructured debt if it does not also pay the bondholders who did not accept the terms of the agreement with a 1600% return on their original investment…[T]he conflict between Argentina, the vulture funds and the judicial branch of the United States…[is an] expression of a global problem that impacts the effective implementation of human rights…This centers on the conflict between a few bondholders who rely on predatory practices furnished by the financial system and the ability of States to reach agreements with the majority of their sovereign debt holders and guarantee the economic, social and cultural rights of their people.…The decision of the U.S. judiciary evinces the arbitrary…nature of the courts’ interpretation of contractual clauses and will hamper States’ ability to fulfill their basic human rights obligations…[refers to NML Capital]