Argentina admits Libertad is the 29th asset impound case by ‘vulture’ funds
Argentina finally admitted that the retaining of the training frigate ARA Libertad in Ghana is not an isolated case since the so called ‘vulture’ funds have managed to impound a total of 28 assets including the presidential aircraft Tango 01, bank accounts, property and even a satellite.
These 28 assets belonging to the Argentine State have been impounded by the vulture funds which refused to join the swap of defaulted sovereign bonds during the presidencies of Nestor and Cristina Kirchner, admitted Foreign minister Hector Timerman speaking at Government House, Casa Rosada,
“Until the case of the frigate ARA Libertad, the vulture funds managed to impound 28 assets from the Argentine state”, said Timerman, but in all those cases Argentina managed to recover the disputed assets.
Timerman also announced that the government has decided to litigate in international courts the release of the frigate retained in the port of Tema. Three options are under consideration according to diplomatic sources: the Law of the Sea international tribunal; the International Court of Justice in The Hague or arbitration.
After reading the list of impounded assets (and recovered), Timerman pledged that “we are going to recover ARA Libertad as we recovered all of the other government assets”.
The impounded assets also included the SACD/Aquarius satellite jointly developed by Argentina with NASA and orbiting since last year and patents from scientific research centres involving atomic energy plus agriculture and industrial technology. However all cases, tangible or non tangible, referred to assets in the US or in Europe.
Timerman’s announcement comes after the failed political attempt in Ghana when top officials from the Foreign and Defence ministries were sent to Accra and later with his own non performing lobbying at the United Nations.
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In Europe and USA, international law is (still) respected. No way the fregata goes to the vultures, especially not in Hague ;)
So, I take it back, don't keep the fregata, Argentina takes it back ;)
... and the mouse beat the cat?
The score is then:
28 -0 to Argentina.....
Waiting for Messi's 29-0
:-))
It seems the 'vulture funds' are winning by successfully impounding various Argentine assets.
I'm interested in the case of Tango 1, is it still impounded? And when did it happen.
Argentina could just pay the money it owes and none of this would be necessary.
None of the assets that they seized are still impounded. The vultures have been living of air so far.
I'm Uruguayan, win-draw for me, I can't loose ;)
They paid to get the items back???
It means a no-go for the vultures. Assests protected by international law.
Means loads of moaning from you lot, and further explaination from our. It's ok, we'll explain you the laws you lot came up with, and while we are at it, we explain you what things means in english as well...
No, the vulture Funds LOST in court.
In all 28 previous cases.
Inform yourself.
(And they even had to pay the legal fees.)
The idea is to publicly shame and embarrass Argentina which its been very successful at. After all you can't imagine they want to keep junk like the Libertad because selling it would only results in pittance.
I'm not sure I agree with the harassment but given Argentina is ignoring court orders and has refused to pay every time this is how they ratchet up pressure to get them to pay.
I so hope that the Liber'tard' ends up getting auctioned off, unlike most other occasions Ghana have refused to let politics get involved (and quite rightly so!). Great Britain needs to do something to celebrate coming out of recession, I'd say buying a new floating target for our spanking new destroyers would be a fitting treat!
Imagine having to dodge around the world being chased by the bailiffs? Does CFKC really want to keep humiliating the proud Argentine people? Just start paying. Make small but regular payments and stop behaving like a bunch of Chavs.
You can't call them Chavs,
Chavs have their pride you know.
They speculated with their money buying bonds of a country going down the drain. Well, it went down the drain, and as any bad speculation, people lost money.
The plan Brady was and still is the only thing the Argentines should be ashamed of signing.
But the worst thing is, that the Argies apparently find it an honorable act not to pay off it's debts. ... and here comes the new word I just learned the other day....criollas!
Criollas is feminine and plurale of the word criollo.
Criollo can means 3 things. A person born in a country with parents from another country, a person that lives on the country-side (reference), or a dialect of spanish.
What did you learn “the other day”?
That's right. Let's be fair. At least Chavez keeps paying his sovereign debt, precisely, on time.
Reddite quae sunt Chavezis Chavezi et quae sunt Australis Kretinae Australi Kretinae
Mayhaps, but the vultures keep going hungry :)))
This won't go away. A country is not like a person. It never dies - no matter how hard its leaders try to make it.
This is where I agree with you, and that discussion, I take with the Argentinians...
I think this revelation tells us that NML are not going to give up.
@15 Fair point. : )
It's the Argentine way. Scream and scream and scream to whoever will listen.
The fact that the strategy has never worked in the past is not empirical evidence that it won't work one day - apparently
ya cant stop,
what other secrets is CFK hiding from her people.
American military on argentinian soil, right here,,right now.??
about going through the appropriate courts ... THE ARGENTINE WAY !
Actually, no surprise: just expect the most shameful and idiotic from the Ladroprogresista regime, wait for a little time and ... magic! ... it will happen!
Latest news from ICSID:
“Mr. Nicola Stock, President of TFA, states: “Argentina’s refusal to pay its arbitration costs reveals once again its failed strategy to impede the proceeding and deny the bondholders justice.
Argentina’s latest ploy did not work: the proceedings move forward with the critical merits and damages phase as scheduled.”
Argentina has failed to pay its one-half share of the latest arbitration costs in the ICSID proceeding, the World Bank Tribunal presiding over the case has ruled. Argentina refused to make its required payment – and failed to account for its repudiation of this basic obligation under the World Bank’s ICSID system. Argentina’s refusal to pay is the latest manifestation of its bad-faith efforts to obstruct and delay the case, as reflected in multiple Tribunal orders.
... etc. ”
that is about a US$ 1.3 billion case ... PRINCIPAL amount of course. If World Bank arbitrators follow US and UK court, in one year time there will be another judgment ... just approx. US$ 2.5 billion to pay ;-) ... just peanuts for Argentina that keeps (RGs say) $ 45 billion in Switzerland ... so it will wire funds as required next day, won't it ??? LOL
If they have U$10B by now I would be shocked!
They are bankrupt and robbing peter to pay paul has just about come to an end.
Patacones or add zero to all the Peso bills
hmm
anyone remember the Austral?
Zabalza once burned a US flag in Uruguayan TV. When they asked him why he burned a US flag, the answer was “because I didn't have two...”
we willcatch him later.
NB The Hedge fund hasn't been “proved wrong on 28 occassions” - it just hasn't been able to find assets that are eligible for seizure. It can't decide that in advance - that is down to the courts. The courts have never said they aren't owed the money.
briton asks a fair question.
You are the one that has stated that courts have proven 28 cases have been wrong.
You say:
“And so I query, why on earth did they go to the UN straight away when they know the appropriate forum? …… It would be a little like me trying to sue my Polish builders but trying go through the foreign office rather than the courts…..”
Let me put it this way…..:
Imagine if your Polish builders were some real nasty dudes….
Imagine if all Polish builders were as nasty as your own nasty Polish builders….
Imagine if all those nasty Polish builders were determined to try to ruin your Country….
Imagine if all those nasty Polish builders were determined to ruin many other poor Countries….
Maybe you would then contact the Foreign Office……and the police…. and the courts….
In short, matey……
This is about more than a pretty ship…..
This is about more than some food to some vultures….
This is about World-Wide erradication campaign against Vulture Funds….
Comprende?
(28) yankiboy
You say:
”From what I remember the holdouts were able to seize quite a few bank accounts in NYC over the past few years. So they have had some success...”
I say:
Any link to prove yet another of your ”convenient little lies” or do we have to take your Yanki word for it?
Yup, completely understand that point but it is still the wrong forum. I know it is, you know it is so why decide to be so village and then have to get told on the world stage that you obviously don't understand which forum is for what, that is my point. They just end up looking silly through lack of thought process. Each time someone is going to make an important decision such as this there should be someone sitting back just saying “firstly, engage brain.”
> This is about World-Wide erradication campaign against Vulture Funds….
You're a little behind the Brits in this noble crusade, Robin Hood. But I'm sure we can all believe that your leading the charge against your creditors is an expression of the purest altruism.
Then Timerman blabbed about 'guaranteeing the ship home by December'. Now that is being denied.
And the government realised that evacuating the ship was a serious error looking like surrender. Puricelli (I have nothing to lose now) is calling it wrong.
I think this has caused more trouble than the government cares to admit.
You should visit to another web sités to meet Argentinians
becoúse,there ís no any person from this country at Mercopress.!
Might be,there are any persons who deem themself as Argentinians.
Very normal that Sometimés,i deem myself Roger Fedérer too.!!!!
I know French/Portúguese as foréign language but I don't say I am from
France,New Calédonia,Tahiti,Nijer,,Brazil,Portugal.
*-*-*-*-*-*-*-*-*-*-*
25
I ám waiting your Spanísh Mercopress vérsion.
Clarin
Cristina speaks of the vulture funds and admits that the State ceded immunity
Thursday, October 18, 2012
In what could mean a contrast with the legal strategy that the Argentine government is deploying in Ghana, President Cristina Kirchner admitted yesterday that the country resigned “immunity” of its public assets when it emitted debt under foreign jurisdiction, while clarifying that it had been the decision of previous governments.
That affirmation came in an event with candidates for Buenos Aires province when she referred to the detention of the Frigate Libertad in the African country. “When one sees that some, very few, but powerful, incredibly, put themselves on the side of the vulture funds, but more than just being evil, there is irrationality and a profound lack of love for the country and one’s fellow man,” she said on the matter. “It’s important to understand loyalty in these days of vulture funds lurking over Argentina, as if the lawsuits were against Cristina or against Peronism. They are against Argentina, they are against 40 million Argentines,” she said.
The President said in that case that Argentina had resigned immunity facing the attachments of national assets abroad, in reference to the debt emissions during the administration of Carlos Menem. This way she justified the problems that the Frigate Libertad is suffering.
That statement hits against the brief that was filed by the Defense Ministry before the judge of the Superior Commercial Court, Richard Agyei-Frimpong, who was the one who detained the Frigate by request of the vulture fund NML, taken from U.S. courts. In that text, Minister Arturo Puricelli argued that the ship is a war ship that arrived in those waters by invitation of the Ghana government. The judge, however, found that despite it being a military ship, is also is covered by the resignation of immunity that the President po
rolfjkoch.blogspot.co.uk/2012/10/clarin-cristina-speaks-of-vulture-funds.html
“According to the source, the Court of Appeals is composed of three judges and could take a month to rule. Then, the case would go to the Supreme Court, where in general cases take at least two months. Meanwhile, Argentina will have to continue to bear the cost not only of the Frigate but also for the attorneys it has hired.
According to calculations, to have the Frigate Libertad in the Port of Tema it costs US$49,000 per day, while a good attorney in Accra collects US$550 an hour. Argentina hired Lawrence Otoo.”
Ascribe it as being one of the charming cultural differences between You and Us……
(43) HansNiesund
You say....:
”You're a little behind the Brits in this noble crusade… (against the Vulture Funds)”
I say....:
Is that why you British have concentrated all the Vulture Funds on the British Overseas Territory of the Cayman Islands ???
So you can exterminate them in one blow ???
Ohhhh… You brits are sooo noble and cunning !!!
That's strange because my Agrentinean family are highly competent, organised and efficient which makes it all the stranger that the government are inept...
www.nypost.com/p/news/business/swiss_miss_for_singer_in_argentina_gUE5JIS9GvFTwtEVBqOZ6I
The reason Singer was unable to access the Argentine deposits in the Bank of International Settlements was because “The Swiss government said it had no authority over the BIS”
If they don't then who does!?!?
No jokes I'm afraid, the Mrs’ mum is particularly impressive...
They were just deemed ineligible assets to seize by the courts. The courts did not say the debt wasn't valid.
Argentina is known as a pariah state by international money lenders. Sad state of affairs all due to poor governance over many years and using 'the Great Malvinas Lie' to sidetrack the gullible public.
I was thinking rather of the law passed in 2010 by the UK Parliament to ensure that “the poorest countries in the world can no longer be attacked by these reprehensible investment funds who grow fat from the misery of others.”
news.bbc.co.uk/2/hi/programmes/newsnight/8610062.stm
The law of course was intended to protect such desperate and vulnerable cases as Liberia and the DRC. I guess nobody ever expected that the proud Republic of Argentina would attempt to place itself at that level in order to justify welshing on its debts.
I could go on and on for ever.. That country will never be like USA for example, i've been there too. Nice country, nice people, open and positive.
You went all the way to USA and returned? Why? What have we done to you for you to treat us like that? Threats of returning wasn't enough?
After all they did not get their “funds” and survive in the bad debt business, by making losses.
“Elaineb -Vultures - birds which scavenge on carcasses of dead animals.”
You describe Argentina as a ‘dead animal’ – your choice….
You are recipient of foreign financial aid.
en.mercopress.com/2012/03/01/european-mp-calls-for-end-to-argentine-aid-until-it-stops-threatening-falklands
This is despite Argentina having over $52 billion in reserves
www.indexmundi.com/argentina/reserves_of_foreign_exchange_and_gold.html
UK has provided over £8 billion in foreign aid – to increase to £12 billion – 2013.
www.ifs.org.uk/budgets/gb2012/12chap7.pdf
To portray Argentina as a victim is inappropriate, in the extreme.
While I am not here to blast my own country, but I can walk you around in my country and find the same things. Maybe it's the places you went to versus the places I went too......Ever been to Roxbury outside of Boston? Bedford Styvesant in NYC, my birth City? East Los Angeles? I am not sure what nationality you are, but I find the less travelled people are they tend to think the world is like their own world....their way is the best way.
Argentina lost a bid to reverse lower-court rulings that may help creditors including Elliott Management Corp.’s NML Capital Fund collect on $1.4 billion in defaulted bonds.
The U.S. Appeals Court in New York ruled today that Argentina, which defaulted on $80 billion in foreign debt in 2001, can’t discriminate against holders of the defaulted bonds in favor of holders of the country’s restructured sovereign debt. A three-judge panel upheld orders issued by U.S. District Judge Thomas Griesa in Manhattan.
Extract from NML theme tune.
There have been enough excuses:-
its not our fault.
it was the previous government.
it was the military junta.
it was the lenders fault for giving us the money in the first place they should have known we could not afford to repay it.
At then end of the day Argentina as a country borrowed the money.
Argentina managed to strike a very good deal in that they managed to get the majority of their creditors to accept a repayment of between 26-35% on the original debt.
The fact that 6% of their creditors would not accept this deal is perfectly within in their rights to do so.
Argentina, thanks to the majority of creditors accepting the debt restructuring, is now in a position to have a surplus of funds.
Unfortunately for Argentina the fact that 6% of their creditors did not accept the refinancing deal does not mean that this debt has been written off.
Plan Brady a “very good deal” for Argentina?
Plan Brady was and is blackmail permitted by the law.
actually i have only been there, NY-State and NY city, and the people were friendly.
In Argentina i have been in BA, Mendoza, Cordoba, Tucuman, Salta etc..
Answer me this, Uruguayan, what is a “cante”, and why is it called so?
don't understand that not everybody is a tax evader like you people. In some countries people actually respect laws..
You too are in Uruguay to spend sterlings/dollars. There's no more to it and there is a reason you can't vote. It's because nobody gives a damn what you think the government should do. The same reason you are here posting stupidities, and not in an Uruguayan site...
That free part really kicks your bullocks, doesn't it ;)
But isn't he out of touch ( as usual ) didn't Ol' Turkey Nexk/ TMBOA / KFC say in a midweek speech that while she was president “Argentina would never be 'Blackmailed' by vulture funds” or something like that...... I guess Laughing Boy Timerman wasn't at that meeting or maybe no one told him about it.
I love Argentine politics. No one know who's siad what to whom...... To a man, they are all a bunch of clowns.........
now go back to your country to pay taxes, fucking tax evader!
Hahaha!! I'm in Denmark as a Swede, dumbnut. I'm merely professing my rights as a Swedish citizen. Has nothing to do with your, evaded, taxes :)))
How much of a price does argentina put on saving face?, this isnt about the boat no longer, the price has just gone up Argtards!
you are an argentinian cockroach liar...
“I propose the vulture tax for every import in Argentina, until all money is recovered,”
Alex, do you not have any compassion for the people of Argentina??
How is your father, Alex?
Is he still in prison??
My passports say Uruguayan and Swedish, what you say is nothing I can use for anything...
But ! i remember from ex articles where you couldn't passed the Scandinavian languages test.
Timerman ran off to tell 'Mama' (the UN) that people are being mean to Queen CFKC and was told he is a grown-up and go and deal with it. He then made a rash claim that the ship would be home by December. He is now furiously backtracking.
Puricelli has been told to take the blame (by Timerman and The Harpy) but he isn't going without pointing the finger at them.
If only one of them could engage their brain before speaking.
callate Isolda!
m.guardian.co.uk/business/2001/apr/29/business.mbas?cat=business&type=article
We love you CFK, keep up the good work and watch the headless snake turn the cold lifeless corpses once more.
“ briton aka Isolde
callate Isolda!”
Isolde is not briton, Sussie
@101 PH ALEX VARGAS
How is your father, Alex?
Is he still in prison?
@46 So you're pissed brainless? F*** OFF. PAEDOPHILE!
@47 Vulture = CFK.
@51 Why do you live in faggotland?
@66 More faggot lies.
@83 An argie tax crook hiding in Denmark. Anybody know him? Report the crook. Watch him arrested, deported, charged. Cleanse Denmark.
@89 Note this. A crook. Must be arrested and interrogated.
@93 F*** off, faggot. Looking for you. Count every day before you die!
@95 Nowhere important then! Time for you to die. And the rest of your faggoty slime.
@100 Shit on a broken brick. Still throating, sussie?
@101 What's the matter, alex, the dirty, ignorant, unwashed, argie faggot? Can't remember? Can't think? Afraid that someone will find you? Are you shi**ing yourself? We can follow a sh** trail.
“I propose the vulture tax for every import in Argentina”
Cool. So that being every, will include all spare parts and kit for your armed forces.
That's going to go down well with the suppliers isn't it?
Your bullying threats to the Falkland Islanders, already as effective as a force five fart, will be relegated to a grinnning smile of rotting teeeth and bad breath.
You are fired!,,,,,,, :)
lol
They tried to seize the satellitte, but it is co owned with NASA
Petaludo !!!!
LOL LOL LOL !!
“ It's downright scary here and we soon will see some very horrible things.”
Serious question:
Who do you think will do the rioting?
What do you expect to happen?
Who is likely to be scared ??
www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=254534
Good well written article!
Thanks for posting that article.
Well written and illuminating from the Ghanian perspective.
#86 I can't see the contradiction between not being blackmailed and winning in court!
#112 Africans for vulture funds, sure that campaign will fly!
As Argentina believes by playing by its pompus rules of not paying debts, reneging on agreements, that it will progress in its fairy tale puffy white cloud world.That is to say, it's government.
Argentina's people deserve better than this.
They will never get out of the mess with kirchners and populist politicians, they need real leaders........But then again, don't we all.
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