13th June 2012
Argentina has an outstanding debt owed to the World Bank of 16.2 billion dollars. The total of the UK’s share of Argentinian debt through the World Bank exceeds £225 million pounds. In an age of austerity this is certainly money that is much needed.
The situation of the UK taxpayer funding Argentina is made all the more frustrating by the fact that the Argentinian Government has asked companies to boycott British goods. This is in contravention of World Trade Organisation regulations but yet we, and the rest of the world, seem more than happy to support them. However, the tide is turning against Argentina. The US is not prepared to lend to Argentina due to it owing millions of dollars to creditors. The EU is also considering sanctions against Argentina for forcing the nationalisation of the oil company YPF owned by the Spanish company Repsol earlier this year.
With the prospect of sanctions you would expect Argentina to keep a low profile but the sabre rattling over the Falkland Island continues. This is a pathetic attempt to intimidate the Falkland Islanders who just want to get on with their lives. Their policy of turning away British and Falkland flagged vessels is disappointing, especially during the 30th anniversary of the Falklands conflict.
This recent bullying of the Falklands is obviously a ploy by the Argentinian Government to draw attention away from their faltering economy. We should stand up to this bullying and I call on the British Government to vote against any further World Bank loans to Argentina.
Join the campaign and sign the petition at www.stopfundingargentina.org