Argentine Holdouts: This Time, Let David Beat Goliath
Horacio Vázquez
Ingeniero. Bonista argentino estafado por el default de la deuda. 


For over a decade, thousands of middle class Argentines, like myself, have been treated as second class citizens by our government. After being urged to invest in our country after it’s historic 2001 default (which was restructured in 2005) we were told that our investments were worth pennies on the dollar, and that the government would no longer honor its contracts and commitments. Many in the inner-circle, political cronies and powerful elites, received a generous payout that was more than fair.  But investments held by thousands of ordinary bondholders such as myself, were no longer worth the paper they were written on. We petitioned the Argentine courts, spoke with reporters and newscasters and staged protests—all to no avail. We were powerless in the face of our government. It seems we could do nothing to make these officials, whom we foolishly trusted with our savings and retirement funds, to listen. In the face of a Goliath that has been supported by the “BIG GUYS,” (such as the World Bank and other international credit banks, where common people are not represented), we turn to the United States and the US legal system. We continue to have faith in the reliability and independence of the U.S. courts to support the “little guy” and to uphold the Rule of Law. After all, your courts are our last recourse for recovering our savings. About a year ago, eleven holdouts, including myself, traveled to New York City to hold a press conference to tell our story. That story was amplified by powerful global media, like The New York Times, The Wall Street Journal and Bloomberg. Since then, the US Court of Appeals for the Second Circuit has affirmed its position that investors’ rights, business contracts, and the Rule of the Law will not be trampled on. Now, as we enter the final phase of the legal battles, and as my government prepares its appeal to the Supreme Court, we hope that justice will prevail. To the U.S. Government, I would say that supporting the government of a country that does not play by the rules of a true democracy does not necessarily mean support for its citizens. I hope the Supreme Court and the U.S. Government will show my government that lying does not pay and that supporting the Rule of Law will provide far better opportunities for us all. Let David beat Goliath, as the story says. - See more at: http://www.atfa.org/guest-blog-argentine-holdouts-this-time-let-david-beat-goliath/#sthash.8KirsIJf.dpuf
 

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