Be your own “Amicus”

Dear President Obama,obama1
Thanks for your kind confidential answer. I knew that as an elected President nearly all your time and efforts have to be devoted to the US people. Nevertheless, when a matter may affect international finances it is worth to distract your attention. The “pampas” default, as every unfulfilled promise made in a contract, seems to be a “local” and “private” issue. Thanks to a big effort, 95% of the argentine creditors accepted some cash and new “hair cut” contracts. The vulture funds bought the “rights” to litigate at 10 cents and now they want US$ 1.30 cash. No problem with them, but how to tackle future restructurings. The size of this case and its repercussions make the involvement of the US Treasury imperative. Like in the 80’s, when another US President, left the dispute “permanently unsolved”, your administration might repeat a mistake. The Brady solution came late and was very costly for a Region. Nowadays, almost 60 countries have debt levels above or near 100 percent of their GDPs. In a foreseeable future, some of them might confront the dilemma faced by the “gauchos” in 2002 and new “vultures” will block a solution. Collective action clauses would not work, because acceleration clauses would prevail. Please, take care of the international bond markets (particularly the Big Apple one). Be your own “amicus”. Do it in the interest of your own people. I keep my ticket open for further personal discussions. God bless you.

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