Havana, June 27 (RHC)-- Cuba has expressed its support of Argentina against the so-called vulture funds and warned of using such speculative mechanisms against Latin American and Caribbean integration.

The Cuban Foreign Ministry backed the denunciation of Argentinean President, Cristina Fernandez, regarding the ruling by the U.S. Supreme Court and by a Court of Appeals, which run contrary to Argentinean interests.

In a statement published on the front page of this morning's edition of Granma newspaper, the Cuban Foreign Ministry said that the action is a new aggression against South countries, fueled with economic conditions caused by the foreign debt and the crisis of capitalism.

By defending Argentina, we are defending the rights of South Nations to sustainable development and fair international economic order, the statement read.

Cuba warned that Argentina has been placed on the edge of an unprecedented crisis of sovereign debt, which is worse than that of 2001 which plunged half the Argentinean population into poverty, as the government of that country has denounced.

This is not the first time that courts in developed countries favor the owners of vulture funds. This issue was exposed and denounced in 1986 by Cuban Revolution leader Fidel Castro during his struggle against foreign debt in the Third World, the statement added.