Why It Matters

“US Federal Judge Thomas P. Griesa’s ruling that Argentina must pay the vultures in full (after 93% of other bondholders agreed to a restructuring) will give free rein to opportunistic behaviors that sabotage future restructurings […] For the sake of a healthy global economy, the vultures must be grounded.”

Joseph Stiglitz

Nobel Laureate in Economics
Columbia University Professor
Former Chairman of President Bill Clinton’s Council of Economic Advisors
Former Senior Vice President and Chief Economist of the World Bank
Debeaking the vultures
Project Syndicate
October 1, 2014

“The recent litigation involving Argentina has generated significant concerns regarding the impact that the New York court decisions may have on the overall restructuring process…”

International Monetary Fund (IMF)

Strengthening the contractual framework to address collective action problemas in sovereign debt restructuring

“…[T]he Griesafault will carry a high price—less for Argentina than for the global economy and countries needing access to foreign financing.”

Joseph Stiglitz

Nobel Laureate in Economics
Columbia University Professor
Former Chairman of President Bill Clinton’s Council of Economic Advisors
Former Senior Vice President and Chief Economist of the World Bank
Argentina default? Griesafault is much more accurate
The Guardian
August 7, 2014