UN chief, Argentine president meet on debt issue

UN Secretary-General Ban Ki-moon on Monday met with Argentine President Cristina Fernandez on the country's debt and its implications for sovereign debt restructuring efforts.

"The secretary-general stated his belief that this was an important issue for member states to discuss further," Ban's spokesman told reporters here.

On Sept. 9, the 193-member UN General Assembly agreed to negotiate and adopt a multilateral legal framework for sovereign debt restructuring processes to improve the global financial system, spurred by Argentina's debt crisis.

Argentina defaulted in July after a New York court that governs some of its original bond contracts blocked a coupon payment. Argentina, in a battle with hedge funds, has since proposed swapping into local law bonds as a way of trying to get around the U.S. court orders.

"The secretary-general also expressed appreciation for Argentina's important contributions to the United Nations, including to peacekeeping and as a member of the Security Council, " the spokesman said.

At present, Argentina is one of the 10 non-permanent members of the 15-nation UN Security Council, which has the primary responsibility for maintaining international peace and security.

The two leaders also exchanged views on global issues, including women, youth and education, said the spokesman.

Fernandez is in New York to attend the UN Climate Summit, which is scheduled to open on Tuesday.