Source Pravda.Ru

Japanese Investors Claim for Argentine Lands

1.310 stockholders made the proposal to Argentina Finance Secretary in Tokyo. They became frustrated after the default in the South American country
"They will come for our lands", cries anytime she can, the Argentine candidate for President, Elisa Carrio, from the center-left coalition Argentineans for a Republic of Equals. For the first time, her warnings could become true, as could see the Secretary of Finance Guillermo Nielsen on his trip to Japan.

"Why Argentina does not sell lands to meet debt payments?" "Why don't you do as Russia did with Alaska?" "You have to do as Korea when they sold country's jewelry to pay!" Those are some of the opinions Nielsen had to face during his speech at the Shinjiuku Bunka Center of Tokyo. 1.310 assistants blamed on the Argentine declared default to private bondholders in December 2001. Nielsen could only apologize before the Japanese and offered a number of alternatives to restructure debt, which were not very well welcomed by the angry investors.

Around 30.000 still posses "Samurai" bonds issued by the Argentine Government in the amount of $2.7 billion USD, during the 1990's to finance its chronic deficit. Private holders purchased them through pension funds at the Tokyo-Mitsubishi Bank, the Shinsei Bank the Nikko Salomon and others. Most of them are pensioners, who cannot wait a long time until see their money back. However, after the financial crack, Argentina can only extend deadlines and negotiate a strong capital acquittance.

"I am very sorry and ashamed", said Nielsen in a meeting that created a great expectation in Tokyo, due to the amount of frustrated investors.

The last Argentine large-scale stock binding was in year 2000, when the Government of Fernando de la Rua placed Samurai bonds in the international market.

Hernan Etchaleco PRAVDA.Ru Argentina

Photo: Guillermo Nielsen, Argentina Finance Secretary in a hard mission, to convince Japanese investors not to claim for lands to meet debt obligations.

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