Cristina Fernandez criticizes US court and promises all debt bonds will be paid in dollars
President Cristina Fernández returned to stage on Thursday and assured that Argentina's dollar-denominated debt bonds are to be “paid in dollars” whilst criticizing the New York judiciary for its latest ruling against Argentina, in a speech at the Government House.
“It’s a court that evidently does not know enough about its own legislation”, the Head of State said, who considers that a recent ruling made on Friday against Argentina by a New York appeals court “puts 93% of creditors at risk because of the holdouts.”
On Friday, a federal appeals court in New York ruled that Argentina violated bond provisions to treat all creditors equally when it made payments to creditors who accepted the swaps while refusing to pay the holdouts. It said Argentina must pay the holdouts every time it services the restructured bonds.
President Cristina Fernandez statement comes after two credit risk agencies, Standard & Poor’s and Fitch Ratings which (following on the New York court ruling) lowered Argentina’s long-term dollar-denominated debt. Argentina’s country risk soared to 1.080 points on the announcement but then slid to 1.057 on Wednesday.
Furthermore, the President said that her government “is to honour its debts and take care of the funds belonging to its creditors that aren’t Argentine, of which 93% are mostly from the United States and have accepted entering the debt swaps carried out in 2005 and 2010“.
Likewise, the Head of State remembered that ”a great deal for the ‘vulture funds’ would be to see us not meeting our payments, since they, who are very few people, have historically made a bucket full of money every time the Argentines went broke. That's why they want to see us broken. But I have bad news for them: We are going to pay and with dollars because we have them.”
Argentina has restructured about 93% of the roughly 100 billion dollars it defaulted on a decade ago. Holdout creditors who rejected the swaps continue to press in courts worldwide for full repayment on the bonds and one of their latest moves was to impound the Argentine navy’s flagship, ARA Libertad, which remains retained in Ghana.
“When I see what happened with the frigate ARA Libertad and what happened with the court ruling in New York, my advise to anyone wanting to restructure its debt avoid committing the mistake of going to New York”, said the Argentine president.
Cristina Fernandez went on to criticize the “model of the nineties” which had the financial prevail over the rest of the economy and caused the crisis which developed countries are suffering. But “they now are changing the model, and applying what we have been doing since 2003 which is to privilege and accumulate in the domestic market, added value to our production and managing foreign trade, and for which we have been under attack since then”.
“And I repeat, we are going to pay because we have sufficient reserves accumulated at the Central bank; what an example for the rest of the world, a country which doing absolutely the contrary to what we were told and advised to do by the multilateral organizations, we generated domestic demand, jobs, we pay our debts, we promote the domestic market”.
Finally Cristina Fernandez linked the impound of the frigate Libertad in Ghana with the intention of “some local business people” of creating an adverse picture of the Argentine economy and openly accused the International Monetary Fund and the ‘vulture funds’ of an anti-Argentine campaign.
“When you display the whole facts and their repercussions one realises that the picture is clearly and anti-Argentina campaign”, she emphasized.
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Does this mean that she's going to pay Argentina's international debts? I mean, according to the glorious 'Dear Leader' Argentina has loads of dollars, enough to pay off all the debt with some left over for a rainy day.
No, didn't think do.
Pure and simple.
static.foxsports.com/content/fsc/img/2012/10/16/thumbsup-pi_2012101622384681_660_320.JPG
Did she say she is going to theft oil from Iraq and kill Muslims? No
Did she say she is going to kill thousands of Muslims in Libya? No
Did she say she is going to arm Syrian terrorists? No
Did she say she is going to bomb Palestine or Lebanon? No
So why are the thugs up in arms? I mean there are more important things to focus on like paying a restructured debt, I am sure she said it, What's the beef?
but in the end facts are facts, CFK will pay the debt, full stop,
no one cares after that, the debt will be paid, and its goodnight from the them.
meanwhile CFK can shout condem, and even act as the fairy to set an example to the rest of the world, [her comments]
but the debt will be paid.
Frankly, beyond the fact that Argentina owes money, the international community couldn't care less about Argentina.
How many times can the 'Dear Leader' play the 'victim' card?
The average Argentine citizen must cringe every time she does it, because it shows the world the the Argentine government is weak, pathetic, corrupt and completely out of touch with reality.
Of course you have them, because you have been stealing them off your own countrymen for god knows how long.
I notice that she hasn't said when she is going to pay back what Argentina owes though.........
she sure changed her tune though. Whatever happened to ”We don't care about our ship, you can keep it” ?????
“she sure changed her tune though. Whatever happened to ”We don't care about our ship, you can keep it” ?????”
Yes, how many days before the deadline to pay the $20m bond ??
she is anti-argentina by keeping her people dump, making them believe that what she says is true. she keeps her country not only in the dollar-clamp but even stronger in her personal identification clamp.
Argentina is a deadbeat and scofflaw
It is paying the price
Anyone want to bet when add an additional zero to the currency?
The sad part is it actualy works and the people believe it.
Face facts Argentina, your in a mess and you only have YOURSELVES to blame for it. Long live Cristina, you deserve her, vote her in for a third & fourth term, she has proven she is no risk to the Falklands and that's all I care about.
No matey, you just wait til next week. It will be back to “We won't be blackmailed...... You can keep the boat!!”
and then the week after that it will be back to this circus again..........
TMBOA/ Ol' Turkey neck / KFC / The Harpy never fails to amuse!!!
“what an example for the rest of the world” - what, threanting a country with 3,000 people on it is an example to the rest of the world is it? Employing illegal blockades because the local population of an Island doesn't want to be colonised by her sets a good example? This woman is bonkers.
One diatribe against “ruinous orthodoxy” a week is enough !!
Exhausting for her, but debtors are safe everywhere now...
Herewith an example of the Pari Passu wording in question. It is simple and easy to understand. Please can someone explain to me why she think that the courts don't understand thei own laws...
Did she say she is going to theft oil from Iraq and kill Muslims? No
Did she say she is going to kill thousands of Muslims in Libya? No
Did she say she is going to arm Syrian terrorists? No
Did she say she is going to bomb Palestine or Lebanon? No
So why are the thugs up in arms? I mean there are more important things to focus on like paying a restructured debt, I am sure she said it, What's the beef?”
Will someone kindly explain what these questions have to do with the failure of Argentina to pay its contracted debts in full? Does anyone try to connect the Argentine genocides of the 19th and 20th centuries with its failure to pay its debts? I don't think so!
Why must people try and mix chalk and cheese?
shut up Isolde !
Well, that is what my parents brought me up to believe.
..because that person, in particular, is a bit nuts and couldnt organise a sensible counter argument if his life depended on it?
...also... its a fairly standard action practised on these boards, mostly, but not always, confined to Argentine supporters, that whenever you find yourself on a loosing topic, the best approach is to try to change the subject ASAP.
It amazes me how often it works.
The troule is the human being is very adaptable. Look at the Inuit, live in an environment that would see the most of us off. Same with her, lived in shit for so long, she just adapted!!!!!
It is ashame that we do not have another Darwin amongst us today, he would certainly have a logical explanation for it.
hahaha mind your own country the UK 2 trillion dollars debt!
lol
shut up old irish man!
Agreed!! When compared to the likes of Chairman Mao, Stalin and Catherine The Great, she looks the picture of youth.
However if you were compare her to a LIVING world leader she looks like an escapee from a secure old folks home.
Sorry, support your posts but TMBOA lives outside the rules of normal behaviour. It is almost as if she thrives on negative energy, sorry to get all sci fi on you, she just does not seem to behave within the normal rules of society (by the way, have you notice I say she instead of they) the rules you and I and others live by, do not seem to apply. We make the mistake of judging her by the rules of norm, our rules.
To my mind there can only be one reason for this, LMF on the part of her people, lack of national pride. How great can a country be measured, if not by greatness of her people.
On a personal note, commiserations on the loss of your fellow countrymen and women in the recent storm.
Please take an Argentine aircraft to New York and challenge these ghastly vulture funds having the Mordacity to expect you to pay your debts.
Whoops, sorry, got carried away!!!!
There is something culturally different in the Latin Americans. But I can't say they are all LMF, a good portion but not all. The one's that want their dignity returned are outnumbered by peronist. They just don't get the concept of hard work and self reliance. There is a good dose of lack of trust in corporations, developed nations and government. I can't blame with the history in the manner of which they have been lead, historically and currently. I am not very religious, but Jesus did say “ give a man a fish and feed him for a day, teach him to fish and feed him for life”. Kirchner wants to hand out fish to keep them dependent and herself a lifelong president.
Cap
Shes been kissing Chaveses ass for too long. sounds like communism by another name, someone ought to tell her, it don't work. it's been tried and failed.
Agreed, unless they are Argentinian and threatening the livelihoods of British subjects, then the roads of misfortune can happily find a home there.
This scenario is covered by rule #1:
“All roads by nature take you to all other roads. Don't wish the roads of misfortune on others.”
www.buenosairesherald.com/article/115845/south-africa-admits-espora-corvette-could-also-be-impounded
Carn't comment...larfing too much.....
If the spolk opposite you is wished harm, both wheel and time get around to it.
Whataboutism
en.wikipedia.org/wiki/Whataboutism
en.rian.ru/columnists/20120725/174777687.html
More like Eva Braun or Imelda Marcos, or even Winnie Mandela, shadow lurkers who somehow get found by the spotlight and burn up in the heat.
“Ecuador has asked Argentina to seize up to $19.2bn of assets from Chevron in the latest twist in a long-running lawsuit over pollution in the Amazon rainforest.
The oil giant will also have its bank accounts in Argentina seized and gas sales frozen, a judge has ruled.
The 2011 ruling, one of the biggest of its kind in history, stated that 30,000 residents of Ecuador's Lago Agrio region had been harmed by the operations of Texaco, which Chevron bought in 2001.”
www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9646826/Argentina-told-to-seize-up-to-19.2bn-of-assets-from-Chevron.html
What's important here is that Argentine Around the world support CFK 100% and we cheer her policy, we will love to see her run for reelection. Other than that ignore the foreigners when they start to go hungry they will think with their heads.
I'm waiting for her to install Maximo as her successor, then she shall be the evil Empress Dowager .
Nov 03rd, 2012 - 01:38 pm
I wouldn't make too much noise about Chevron, CFK was giving the Chevron board a blow job with the hopesw they would invest in YPF. You could be ruining her... foreplay!!!!!
a bitch! stop pretending you didn't know that!
Great, so when she is not being ill ( yeah...sure ) she is playing “find the sausage” with the very people she is now trying to sue!!!!
Nice going!!! Oh you couldn't make this up!! you couldn't!!
TMBOA / Ol' Turkey Neck / KFC / The Harpy now the international whore!!! how wonderful!! It gives hope to all those “Ladies of the night” plying their trade in downtown BA doesn't it?
Social worker to call Girl “If you go on the game, you won't be nothing”
Call Girl “I could be President of Argentina!!”
#61&64 Simon was just being metaphorical, tooold. Weren't you Simon? I mean otherwise you'd sound ridiculous...
Hurts, doesn't it!
Actually, not just “bitch”.
puta = Bitch, whore, slut, hooker !!!
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