Thanks Jose Antonio

Real friends are the ones that join you at bad times. FT today’s article: “Argentina’s bondholders deserve their day in court” was written by a real friend, not only of Argentina, but also of the emerging countries and the United States. Jose Antonio Ocampo, a former Minister of Finance of Colombia, stated that “the lack of a predictable set of rules for timely, orderly, fair and economically efficient resolutions of sovereign debt problems becomes harder to hide”. He continues that when the issue was proposed by the IMF…“the US argued that there was no need for such a framework since contractual solutions were available”. He follows “a ruling in favor of the holdouts would make CAC (Collective Action Clauses) an ineffective palliative”. “For these reasons this should have been a case for the US Supreme Court”, he concluded. The holdouts persistence to recover the whole amount of their claim might seriously hamper both, Argentina and the US financial markets. The friendly advice of an impartial counselor would help to find a fair solution. Thanks Jose Antonio.Joseocampo



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