Nobel Prize Winner Sides With Argentina Over Debt Swap Issue
Nobel Prize Winner Sides With Argentina Over Debt Swap Issue
BUENOS AIRES, Aug 24 (BERNAMA- NNN-MERCOPRESS) -- Nobel Economics laureate Joseph Stiglitz considers the Argentine government's move to reopen the debt swap and replace the Bank of New York Mellon with local bank Banco Nacion as a "good call".
"If I have an asset and want to voluntarily change it for another asset, I don't see why not. It is the basis of the economy," Stiglitz explained as he questioned the position by US District Court Judge Thomas Griesa in the legal dispute.
"From a global perspective, it is not possible to understand why a magistrate gets to have the right to judge about any bond in the world. Extraterritoriality should be unacceptable," the university professor at the Columbia Business School said.
In an interview published here, Stiglitz said that debt restructurings are "in general" followed by a "rapid" return to international markets.
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