The President of Argentina Cristina Fernandez slammed the vulture funds, calling them “economic terrorists” in her speech to the U.N. General Assembly on Wednesday, which largely focused on Argentina's debt struggles. The Argentine head of state also highlighted her nation's remarkable economic recovery from the 2001 default, to have the third highest growth between 2004 and 2011.
She started by saying that the majority of the problems facing the world today “are due to the lack of effective clear cut democratic multilateralism.”
The head of state began by “expressing thanks to this General Assembly ... for creating a multilateral convention which will be a regulatory framework convention to restructure sovereign debts of all countries.”
The Argentine president pointed out that, “African countries have also been major victims of these vulture funds,” and for the better of the world, “I hope that we will be able to build active and constructive multilateralism … So that no other country goes through what Argentina is going through.”
Fernandez highlighted that previous government had not “claimed responsibility for what had happened in Argentina,” in reference to the debt which in 2001 had reached 163 percent of GDP.
The President extolled the former president and her deceased husband Nestor Kirchner saying that through him, Argentina had created a development model which generated millions of jobs, increased infrastructure, nuclear plants, hydroelectric, in addition to an unprecedented social inclusion policy.
It was added that, “Today the IMF recognizes that economic growth achieved by Argentina between 2004 and 2011 is the third globally in terms of quality of growth.”
“We achieved this, because we dealt with the debt,” and that “In Latin America we have the highest salaries," she said.
President Fernandez also recalled that since 2003 Argentina had "cancelled all debt to the IMF," and also recently reached an arrangement with Repsol when the government expropriated 51 percent” of YPF, the state oil company.
She ended her speech calling "for the recognition of Palestine as a full state of this Assembly."
Fernandez will also participate in a special Security Council meeting called by U.S. President Barack Obama later on Wednesday.