Egyptian President Stands with Argentina in Fight Against Vulture Funds
August 15, 2014 • 8:38AM

Egypt stands with Argentina in its fight against the "speculative funds, which are an obstacle to the debt restructuring efforts of the developing countries," Egyptian President Abdelfath el-Sisi stated in a letter to Argentine President Cristina Fernandez de Kirchner. "We assure you of our full support for your tireless efforts to achieve the well-being of the friendly Argentine people."

El-Sisi's letter, released by Argentina's Telam news agency yesterday, is yet another sign of the global uprising underway against the British Empire's dying monetarist system.

El-Sisi wrote in reply to a June 26 letter from President Fernandez, informing him of the status of Argentina's debt- restructuring process, on the eve of the vulture funds' effort to drive Argentina into default.

"In thanking you for the information provided on the evolution of this important question, I wish to attest to the firmness and strength of the ties which unite our brother peoples, and the pride which we feel in the history of our common struggle since the establishment of diplomatic relations between our countries in 1947 in pursuit of freedom and independence," el-Sisi wrote.

Egypt's suffering under IMF conditionalities which denied even bread to its people, is notorious, and Argentina's success in standing up to the IMF system has not gone unnoticed:

"We, in Egypt, are following with utmost interest the great efforts made by your friendly country to achieve your development, the firm policies and broad economic reforms which made it possible for Argentina to pay in 2005, even before it came due, its debt to the International Monetary Fund, and your effort to pay your debts regularly, thus restoring confidence in the Argentine economy," el-Sisi reported.

"The question of managing sovereign debts was, and continues to be one of the most important matters inherent to the growth of developing countries, due to its multiple effects on the economic and social development of these countries. In this context, it is pertinent to refer especially to the phenomenon of the speculative funds, which are an obstacle to the debt restructuring efforts made by the developing countries. During the last summit of the G77+China held in Bolivia, we pointed out the need to prevent such funds from affecting the efforts to develop our countries, an issue clearly reflected in the Summit Document." (Emphasis in the original).