In a speech today in the province of Buenos Aires inaugurating a new Yamaha plant, Argentine President Cristina Fernandez de Kirchner defined in the sharpest terms the new global reality that has stricken terror in the heart of the British Empire and the murderous vulture funds they control. On the day after Judge Thomas Griesa’s ruled not to reinstate a stay on his original ruling ordering Argentina to pay the vulture funds, which unleashed a new round of threats and blackmail in the countdown to the July 30 deadline for payment, President Fernandez put the Empire crowd on notice:
The meeting of the BRICS nations with Unasur (Union of South American Nations), she said, “and the coming forward of those nations that are best-situated among the emerging nations to confront the present situation, means the reformulation of a new global order and Argentina will be, and is, present in it.”
There is a new world, she said.
“There are new actors who don’t want to smash your head in, but rather want to cooperate with you to see if, together, we can get this huge car that is the world today moving.”
As the Argentine President made clear, this new emerging world order, and her commitment to be part of it, greatly undercuts the Empire’s attempts to destroy her nation. She stated how proud she was to have signed a comprehensive strategic agreement with China, during President Xi Jinping’s recent visit, and documented details of the agreements signed and Chinese investments that will be forthcoming in infrastructure, nuclear energy, transportation and much more.
She particularly underscored the importance of the $11 billion swap agreement signed with China’s Central Bank, emphasizing that it will help bolster reserves and counter speculative attacks, such as those from the vultures. The relationship with China will help to maintain the current economic model, Fernandez said, one focussed on developing the internal market, industry and jobs. As for default, she said, there will be no default, for one simple reason. Those who don’t pay default, but
“Argentina has paid…so they’re going to have to come up with a new word… a new name that reflects the fact that the debtor paid and someone blocked it…”
and prevented restructured bondholders from collecting. Fernandez laughed at the threat that if Argentina doesn’t bend, it won’t get access to foreign financial markets.
“When did we have access to foreign financing? …In the 1990s, the dollars came flooding in,”
at usurious rates.
“Such dollars! Rocks, frogs and snakes rained down on us,” and led to an unpayable debt. Fernandez was adamant. Argentina will continue to negotiate, “but on our terms, which are absolutely not capricious.” She noted that she could be subject to criminal or civil charges, if Argentina violates the RUFO clause (Rights Upon Future Offers—stipulating that the government can’t pay vultures more than restructured bondholdes).
“But more than criminal responsibility, what worries me is my responsibility before history, and in the eyes of my children, my grandchildren and millions of Argentines. I will not be forced to sign anything threatening that the world will come crashing down [if I don’t], because I’ve already seen that…I wish to say to each and every Argentine that this President will not sign anything that compromises future generations of Argentines, as others did…We will not go backwards to the hell that the foreign debt meant for decades, which limited possibilities of growth, development, knowledge, education, housing, healthcare, and univerisites for millions of Argentines.”
Fernandez elaborated that what stood behind the vultures’ current offensive was the intention to seize Argentina’s strategic assets and natural resources, such as the giant Vaca Muerta shale oil and gas reserve. She quoted an unnamed foreign president who had warned her that the vultures weren’t interested in collecting a mere $2 or $3 billion, but
“wanted to overturn the restructuring to force a return to that Argentina that paid in natural resources when it didn’t have money.”
Vaca Muerta is the second largest deposit of shale gas in the world, and the fourth largest of shale oil, she said. Its development means energy self-sufficiency, which is key for the 21st century; but there are really three keys for the 21st century, she added: energy, food and research and development in science and technology. “And in all three,” she said, “we’re doing fine.”