Published December 04, 2012
BUENOS AIRES, Argentina – Argentina's president has found an ally in Ecuador in her billion-dollar debt showdown against so-called "vulture funds" in New York.
Cristina Fernandez is proposing that the UNASUR group of South American nations take a common stand against "judicial colonialism." That's her phrase for a U.S. judge's remedy that would force Argentina to go into default on billions of dollars in debt if it doesn't pay the funds.
Ecuador President Rafael Correa says he's "totally in agreement with Cristina."
Correa, meanwhile, says he wants Argentina's courts to force Chevron Corp. to pay a $19 billion judgment over oil spills in Ecuador.
Chevron said this week that an Argentine judge's seizure of its local assets has clouded Argentina's energy future.