An interesting upcoming event …
The All Party Parliamentary Group on Economics, Money and Banking
is pleased to invite you to a meeting hosted jointly with the
European Financial Forum
President of the European Policy Forum and author of Why Argentina’s debt matters to Europe, a paper published by the EFF in March 2012.
Graham has been General Director of the IEA, Head of Policy at the IoD and an MEP.
4pm on Monday 14th May in Committee Room 19, House of Commons
The Argentine Debt Crisis is little understood in Britain. Argentina committed the greatest default in history in 2001 ($81bn). It has failed to come to an arrangement with outstanding creditors despite reserves large enough to repay its debts in full. Its defiance of treaty obligations and international court judgements poses a threat of contagion and further destabilisation of the international financial system. Its behaviour has provoked mandatory sanctions from the USA, which now also votes against World Bank loans to the country.
Britain is the second largest contributor to the current World Bank IDA lending programme, which has lent £4.78 billion to Argentina. The EU has allocated 65 million euros in aid for Argentina between 2007 and 2030. Britain is the sixth largest investor in Argentina, investing over $2bn in the last three years.
Graham Mather will address whether providing further loans to non-essential Argentine Government projects at a time when it is refusing to pay its international debts and honor international obligations risks sending conflicting signals to President Kirchner.