News Column

ATFA Calls on U.S. Congress to Protect Teachers' Pensions from Argentina's Bad Acts in International Finance

PR Newswire



WASHINGTON, March 11 /PRNewswire-USNewswire/ -- Argentina's debt default and restructuring and its impact on U.S. workers, particularly teachers, was the topic today for the American Task Force Argentina (ATFA) as the group kicked off their educator fly-in on Capitol Hill and held a U.S. Congressional briefing.

ATFA brought in a number of educators from around the country to speak with Members of Congress about Argentina's failure to pay its obligations to holders of Argentine bonds dating from the 2001 default. Because Argentina still owes Americans more than $3 billion, teachers and educators risk losing more than $100 million in retirement savings.

In addition to the Congressional briefing and meetings with Members of Congress, ATFA ran an ad in Roll Call calling on Congress: "Don't let Argentina's deadbeat economics wipe out the retirements of hardworking Americans, like our teachers." To view the ad, visit http://www.atfa.org/ATFA_Teacher_Ad_3.08.pdf.

"The world of international finance often seems far off, but it affects our day-to-day life at home," said Dr. Robert Shapiro, ATFA co-chair and former economic advisor to President Bill Clinton. "The Argentine government's default and subsequent repudiation of its debts has hurt not only our teachers here in the United States, but every other developing nation that needs international help, as well as the Argentine people."

Dr. David G. Tuerck, an economics professor at Suffolk University in Massachusetts, is a pensioner with TIAA-Cref, a pension fund that lost approximately $100 million in the Argentine default, and was among the participants at the briefing.

"As a TIAA-Cref pension holder I am thrilled to be here on Capitol Hill to hear first hand what my Members of Congress are doing to protect hardworking Americans like myself," said Dr. Tuerck. "I am disturbed by the indifference toward the Argentine debt default that has been manifested by lending agencies like the International Monetary Fund and by the U.S. government itself. It is time that U.S. citizens who have been harmed by this the default demand that their government look out for their interests."

"We've spent a lot of time here in the U.S. leaving no children behind in our school systems," said Professor Hugh Hudson, Executive Secretary of the Georgia Conference of the American Association of University Professors. "You can't do that by leaving professors behind; we are asking our Congressional representatives to do what they can do by raising pressure within our U.S government."

"It has been six months since President Cristina Fernandez de Kirchner was elected and we have not seen her take one step toward resolving this issue," said ATFA Executive Director Robert Raben. "It is time for the Argentine government to act."

Made up of an alliance of organizations, ATFA's leadership includes its two co-chairs, the Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001. The Executive Director is Mr. Robert Raben, former Assistant Attorney General during the Clinton administration.

For additional information, please visit our new website at http://www.atfa.org/, or contact media@atfa.org, or +1-888-662-2382. American Task Force Argentina

Web Site: http://www.atfa.org/



Source: PR Newswire


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