NEW ROOM AND TIME

INVITATION to PRESS CONFERENCE

by Argentiine Foreign Minister Héctor Timerman

Friday, 26th September, 2:15pm

Room III – Palais des Nations.

 

During the 27th Session of th e Human Rights Council, Argentina along with a group of 74 countries, has presented a Resolution on the effects of vulture funds on the full enjoyment of all human rights, particularrly economic, social and cultural rights.

In this regard, we would like to invite you to a Press Conference by the M inister of Foreign Affairs of Argentina, Mr. Hector Timerman, on Friday 26th September, at 2:15 p.m in Room III (Palais des Nations) after the adoption of the Resolution by the Human Rights Council.

The resolution condemns the activities of vulture funds for their direct negative effects on the capacity of governments to fulfill their human rights obligations, particularly regarding economic, social and cultural rights and the right to development; and requests the Advisory Committee to prepare a research-based report and to present it to the Human Rights Council.

 

Background:

For more than two decades the issue of foreign debt and its effects on the enjoyment of human rights has been on the agenda of various United Nations Hu man Rights bodies. Moreover, the challenge that excessive foreign debt burden poses on countries for the realization of human rights, particularly economic, social and cultural rights, has been addressed in a number of resolutions and decisions of the Human Rights Council.

The Independent Expert on F oreign Debt, in its report A/HRC/14/21 indicates that vulture funds, through litigation and other means force indebted countries to divert financial resources saved from debt cancellation undermining their capacity to guarantee the realization of human rights of its population.

To illustrate the effects of such activities, the IMF -for example- reports that in some cases the claims by vulture funds constitute as much as 12 to 13 percent of a country’s gross domestic product (GDP).

Since Argentina believes that this is a global problem with potential systemic consequences that may affect any country, but especially developing countries, we have promoted a number of initiatives in different international for a. A few days ago, the General Assembly adopted Resolution 68/304 titled “Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes”, that was presented by the Group of 77 + China and which was adopted by 124 votes in favor, 11 against and 41 abstentions.