SPEECH OF PRESIDENT CRISTINA FERNÁNDEZ DURING THE UNITED NATIONS GENERAL ASSEMBLY, 69th session
Tuesday, September 30, 2014Summary CRISTINA FERNÁNDEZ, President of Argentina, said
most of the problems facing the world today resulted from a lack of democratic multilateralism. In that context, she welcomed the vote by the Assembly on resolution 68/304, to restructure the foreign debts of all countries. That had long been before the Assembly, which had called for reform of the international financial system and the Security Council. Argentina had previously experienced the kind of economic and financial crisis that had spread throughout the world in 2008, when, in 2001, it had been forced to default on its sovereign debt. Contributing to that collapse were the creditors’ terms that had been forced upon the country. As a result, there had not only been economic collapse, but a social and political implosion as well. Argentina owed 162 per cent of its GDP. Its creditors, having contributed to that, were obligated to shoulder some of the burden.