The President of Argentina repeatedly emphasizes that BAD Argentines are guilty of the State’s inability to fulfill its obligation with bondholders. He also claims that Banks, especially in Italy, cheated their citizens in mid 2001 by not warning them Argentina was headed toward default.

But the President forgets to mention that most of those BAD Argentines still hold their seats in Congress and in certain areas of the Executive and the Justice Department.

Those BAD Argentines were direct or indirect players in Argentina’s indebtedness. The Legislative body approved such debt – they signed the authorization for the emission of sovereign debt bonds. And the lawmakers who voted against it should have warned its citizens that these BAD Argentines had legislated in support of a fraud.

Isn’t it time to learn the identities of those BAD Argentines the President constantly refers to? Bondholders, certainly those residing in Argentina, should especially learn who these people are. The Government should make public the names of all Legislators who favored the creation of now defaulted bonds, the names of all members of the Executive whom participated by action, commission or omission, as well as the Justice Department staff who laid the foundations for such fraud to be possible.

At present, local Legislators try to “reason” with foreign governments to have a more sympathetic and compassionate view toward Argentina. At the same time they advice foreign bondholders to both ask their respective governments for answers and make their banks responsible for withholding important information – a strategy also supported by Argentina’s economic team.

In Argentina, not long ago, the Ministry of Economy encouraged citizens through its website to invest their money in sovereign bonds. This idea was endorsed by public and private entities of the local capitals market, public banks and some private banks as well. Some former members of these entities and banks now belong to the current Administration.

The Italian justice has resolved to make their banks 100% liable, fully reimbursing their creditors. The same should be resolved in Argentina by local judges and lawmakers.

Argentines believed in their institutions and in the words and actions of the three bodies of Government. Current members of the Supreme Court, Congress and the Executive allowed for such debt to be issued in the past. How could they allow such “fraud,” as called by our current Administration? The Media Secretary should publish the list of all such BAD statesmen and justice should act accordingly for Argentina to regain its credibility.

In short, everything expressed by the Argentine President and the economic team regarding the situation of foreign bondholders also applies and should apply to Argentina. Local residents were swindled by individuals, some of who still hold public positions, and they need to respond for such past actions in court. That’s the kind of example Argentina needs to set. Otherwise this will be more of the same and we will be facing yet another farce.

Furthermore, we should make sure both old and new BAD Argentines stop implementing their politics of deceit. The Minister of Economy stated in its projection of debt payments that in order to deal with post-default “reprogrammed” bonds, Argentina will only make interest payments to the IMF, slowly and gradually reducing capital debt – so slow in fact that even after discount bonds expire in the year 2033, we would still be indebted to the IMF. The latest rumor speaks of a plan to pay off all its debt with the IMF and get rid of its external auditor. We hope this is only a rumor – otherwise it will be another scheme instigated by old and/or new BAD Argentines.

In 2001 the Economy Ministry advised its citizens to invest in Argentine sovereign bonds (an announcement promoted by a few BAD Argentines). In 2004, the same Ministry declared in a press conference that for payments of restructured securities to be met, it was essential that the IMF would renew most of Argentina’s capital loan expirations for many years to come (an announcement made by a few….?)