Question
To ask Mr Chancellor of the Exchequer, pursuant to the Oral Answer of 17 November 2014, Official Report, column 49, what workarounds the Government is proposing so that Argentina can avoid technical default without paying vulture funds in full.
Answer
Securing the resolution of its sovereign debts is a matter for the government of Argentina. We encourage Argentina and its creditors to work towards a negotiated resolution.
The UK continues to actively engage in ongoing discussions to improve the operation of sovereign debt restructurings in international fora, including supporting the International Monetary Fund’s work on the contractual framework that has proposed new measures to reduce the power of holdout creditors in future debt restructurings.