Back to Headlines Print Version Buzz Up Stumble it Tweet it Facebook LinkedIn

Argentina's Economy Min Calls On US To Isolate 'Vulture Funds'

BUENOS AIRES -(Dow Jones)- Argentine Economy Minister Amado Boudou on Tuesday called on the U.S. to isolate "vulture funds" that operate out of tax havens abroad.

After a meeting between Boudou and U.S. Ambassador to Argentina Vilma Martinez, the Economy Ministry issued a statement describing the meeting.

"The minister talked to the ambassador about the need to isolate so-called 'vulture funds,' which are located in tax havens, and don't even help the U.S.," the statement said.

An Economy Ministry spokesman said he couldn't name any funds in particular that ought to be isolated.

The spokesman said Boudou was referring to funds that have bought defaulted Argentine bonds with the sole purpose of legally forcing the Argentine government into acquiescing to the funds' demands regarding the debt.

Argentina defaulted on a massive amount of sovereign debt in 2001 and has been battling with bondholders ever since in a bid to bring closure to its outstanding debt problems.

A spokesperson for the U.S. Embassy was not available for comment.

-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com

  (END) Dow Jones Newswires
  11-03-091947ET
  Copyright (c) 2009 Dow Jones & Company, Inc.