Monday, November 5th 2012 - 13:02 UTC

Argentina calls on G20 for global action against ‘predatory’ actions from ‘vulture funds’

Argentine Economy Minister Hernán Lorenzino called for developed countries to set limits to ‘vulture funds’ and credit rating agencies as “promoters of the global crisis,” as he addressed the G20 Finance Ministers meeting in Mexico on Sunday.

Lorenzino and Marcó del Pont (L) accused the funds and risk rating agencies of the current global crisis.

“We hope that the G20 countries understand that the path of the latest events could affect the restructuring of sovereign debt. In the current international context, all countries should pay attention,” Lorenzino stated in a communiqué.

“Vulture funds will go down the same path credit rating agencies did. While a few years ago we were looked upon as if we were insane when we warned about the behaviour of hedge funds, today they must say we were right and set the issue in the agenda,” he added.

“The G20 must tackle the sovereign debt issue and the actions of vulture funds in particular. The complete and timely implementation of all G20 commitments is essential to reduce the speculative risks that all States are victims of” said Lorenzino who added that “the abusive behaviour of vulture funds, which go against all good principles and practices that rule over sovereign debt and international law, pressure over different courts and obtain results that only contribute to encourage further speculative attacks.”

Argentina refers to investment funds which have ‘holdout sovereign bonds’ and demand full payment of face value plus interests. Argentina rescheduled in two legs 93% of its 2002 defaulted debt of around 100bn dollars, but a few of these investment funds hold an estimated 1.6bn dollars and never accepted the terms of the restructure with a deep shave in value and maturing time.

Precisely one of these, NML Capital has Argentina’s flagship ARA Libertad impounded and retained in Ghana, and a second vessel ARA Espora, in South Africa delayed because of mechanical problems is exposed to a similar action.

Argentine Foreign Minister Hector Timerman admitted recently, in the midst of the frigate impound crisis that Argentina has successfully, so far, managed to overcome 28 impound cases presented by the investment funds holding Argentine sovereign bonds. In the case of ARA Libertad Timerman even went knocking doors to the UN Security Council and UN General Assembly to no avail, but words of solidarity.

Minister Lorenzino and Central Bank Governor Mercedes Marcó del Pont headed the delegation to the G20 in Mexico and took part of different meetings during the weekend. Lorenzino on Saturday night shared dinner with fellow Finance Ministers including IMF chief Christine Lagarde and World Bank president Jim Yong King.

Banker Marcó del Pont also took aim at the ‘vulture funds’ and risk rating agencies during her participation at the event and argued for a concerted action against since they have become a global cause of concern.

“The actions of vulture funds should be a global cause of concern, not only for Argentina, due to the negative impact of their predatory behaviour on financial stability,” Marcó del Pont said.

“The actions of these funds must be analyzed with the same criteria that have been applied to judge the irresponsible behaviour of credit rating agencies, which we have been reporting for some time, and should be a part of the global agenda to preserve financial stability,” she added.

Regardless, “Argentina will keep on growing and complying all its obligations stemming from the debt swap, despite the discrimination of those who were responsible of the brutal indebtedness and the subsequent breakdown 10 years ago,” she continued.

“The discriminations, criticisms and even threats against Argentina endures from the moment the country began this model of development with inclusion, and even continue today,” stated Marcó del Pont.

The G20 group represents 85% of the world economy and includes the following countries: Germany, Canada, US, UK, France, Italy, Japan, Argentina, Australia, Brazil, China, South Korea, Russia, South Africa, Indonesia, India, Mexico and Turkey.

44 comments Feed

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1 ChrisR (#) Nov 05th, 2012 - 01:29 pm Report abuse
“It's not our fault, honest mister”

Yet another example of the desperate attempt by AG to fool the world.

Heh Ho. They should be out of the G20 within 12 months.
2 Huntsman Extraordinaire (#) Nov 05th, 2012 - 01:32 pm Report abuse
In the words of my french missus 'pppffffft'.

The G20; you might as well go complain to the IMF. Oh wait, they are conspiring against you. But hang on a minute... G20... 84.4% of the worlds GDP... probably have a good say in the way the IMF is run...

How many of the G20 countries have outstanding complaints to the IMF, etc against RGland?

3 Guzz (#) Nov 05th, 2012 - 02:05 pm Report abuse
Can any of your 192 in IQ explain to me what IMF has to do with the vulture fonds?
4 Huntsman Extraordinaire (#) Nov 05th, 2012 - 02:11 pm Report abuse
142 tard. They have very little to do with the IMF, the G20 has everything to do with the IMF, and Argentina are naughty boys and girls who have the IMF wagging their fingers at them. You would do as much good complaining to the IMF as you have to the G20 - ie. they will quietly snigger making funny little remarks to each other while some RG representative beats his chest and does the Tarzan cry.

How many of the G20 members have outstanding complaints against Argentina? Any point whinging to them then? Save some money on the hotel/food/travel expenses/wages of your representative and go home with your shame on your shoulders. Job done.
5 Condorito (#) Nov 05th, 2012 - 02:14 pm Report abuse
Lorenzino says:
“all countries should pay attention”

Why? Because Argentina is now a victim?
How much attention did Argentina pay before it directly affected them?

Whereas, EU nations (UK in particular) have taken action in the past to stop vulture funds attacking 3rd world countries.
6 Britninja (#) Nov 05th, 2012 - 02:17 pm Report abuse
Argentina whining to the G20 is a bit like a thief calling the police after some bailiffs repossess his stolen goods. Turkeyneck and her minions have no shame or dignity.
7 yankeeboy (#) Nov 05th, 2012 - 02:20 pm Report abuse
I think the civilized world is just about done with these half wits. We gave them plenty of chances to grow up and they have shown they are not adult enough to sit at the big boy's table.
December should be the first nail in the coffin as the lovable Think says.
8 LEPRecon (#) Nov 05th, 2012 - 03:43 pm Report abuse
G20 calls on Argentina to honour its debts and cough up some dosh.
9 toooldtodieyoung (#) Nov 05th, 2012 - 05:31 pm Report abuse
3 Guzz

Can you use some of your obviously negative IQ to at least try and spell correctly?

what IMF has to do with the vulture fonds?

So far as anyone knows, the IMF is not “Fond” of Vultures at all...........Clown
10 Conqueror (#) Nov 05th, 2012 - 05:41 pm Report abuse
@3 Why don't you do your own research? You're so clever. You keep telling us.
Isn't it strange how there is only country whingeing about hedge funds? Lying, thieving argieland. If argieland rescheduled 93% of its debt, why is it so concerned about 7%?
11 Guzz (#) Nov 05th, 2012 - 06:07 pm Report abuse
I really couldn't care less if you understand or not, as it has nothing to do with my spelling ;)
12 Pirat-Hunter (#) Nov 05th, 2012 - 06:49 pm Report abuse
I urge Argentina to place a import tax of over 50% on nations giving support and refuge to vulture funds, Let the nations decide if they will settle for a one time pay day or gain a strategic partner.
I think we should expropriate the land of every foreign firm polluting our land and water, Like barrick gold in San Juan Argentina.
13 briton (#) Nov 05th, 2012 - 07:54 pm Report abuse
if the G20, stopped Argies from attending, they wouldn’t embarrass everyone by using the begging bowl.

When are the Argies going to drop outside help,

As their bloggers wish..
14 slattzzz (#) Nov 05th, 2012 - 07:58 pm Report abuse
Ph you forgot 100% nuclear weapons....... Your slipping
15 Troy Tempest (#) Nov 05th, 2012 - 08:25 pm Report abuse
PH, ???

The WMD ??

WHAT is happening with those ???

How 'bout them Muslim's ?
Are you abandoning them to their fate at the hands of the “White Man” ???

You MUST be rattled, now !!!

Did you get your new Emergency Script from La Campora Juvenil, yet ????

What is in it?

Anything about the Falklands picking on CFK or causing the collapse of Argentina???

Maybe a website showing Cameron deliberately torturing puppies and kittens ???

Oh, no, sorry. Strike that ! That's you, isn't it ??
16 Pirat-Hunter (#) Nov 05th, 2012 - 08:31 pm Report abuse
We don't want nuclear weapons in Argentina but we do support a nuclear defence program. Unlike USA and UK we don't want it to threaten people but to liberate islas Malvinas Argentina.
We think a 50% tax on all imports coming into Argentina from nations giving help and refuge to vulture funds will be a better tool to get out tax revenues back from pirates.
17 Troy Tempest (#) Nov 05th, 2012 - 08:36 pm Report abuse
@16 Pirat-Alex

“We don't want nuclear weapons in Argentina but we do support a nuclear defence program. Unlike USA and UK we don't want it to threaten people but to liberate islas Malvinas Argentina.”

“We don't want to threaten...”
So, Alex, you plan to explode them then ???
18 Pirate Love (#) Nov 05th, 2012 - 08:39 pm Report abuse
Argentina has made its bed now lie in it...
its not our fault that Argentina has sh1t its bed,
thats kirchnerism for you spend spend spend .....Default default default, this must be the great model their dear leader keeps harping on about.
another day of scrote throat another day of argentine demolition, LOVE IT!!!
19 Troy Tempest (#) Nov 05th, 2012 - 08:52 pm Report abuse

“We don't want nuclear weapons in Argentina but we do support a nuclear defence program. Unlike USA and UK we don't want it to threaten people but to liberate islas Malvinas Argentina.”

Well, Alex, “defender of Muslim women and children”, you seem to say you want to drop a nuke on a civilian population.

Is your mother proud?

What would Cristu think if he knew you were like that???
20 Pirat-Hunter (#) Nov 05th, 2012 - 09:21 pm Report abuse
#17 is this alex guy someone who broke your anal cavity? Or are you just hoping he will.

#18 we Argentine love CFK and support her 100% all around the world, she is cleaning up my country, thanks for the help but we don't need any outside help Mind your own country, unless you want to give us money to lose it, your choice don't come crying after like the retards do.
#19 pirates are not civilized people they theft and murder people we want nothing to do with them criminals they should all be executed. And we want to end the illegal occupation of Islands Malvinas Argentina. Did you find your homo lover alex or are you still hopelessly looking for him? As usual.
21 CJvR (#) Nov 05th, 2012 - 09:50 pm Report abuse
@16 - “Unlike USA and UK we don't want it to threaten people but to liberate islas Malvinas Argentina.”

How is that not a threat?
22 ProRG_American (#) Nov 05th, 2012 - 10:00 pm Report abuse
Ooops! Just in. A large unidentified aircraft made a low bypass of Tema harbor after sunset today. Will the insurers start getting nervous now?
23 tempest_ttt (#) Nov 05th, 2012 - 10:00 pm Report abuse
@15 troy
mind your own country the UK
24 Troy Tempest (#) Nov 05th, 2012 - 10:28 pm Report abuse

“ Did you find your homo lover alex or are you still hopelessly looking for him? As usual.”

You know what, I did find ALEX VARGAS !!
He is difficult to track down. He doesn't actually live in Argentina. I'm sure you know him well, he was previously an Argentine who has lived in Toronto for many years.
He didn't give out his address for some reason, but I came across him giving a blowjob to another homeless man near an Argentine deli in North York, a grotty borough of Metro Toronto. I recognised him because he was wearing an Argentine flag and wiping up the 'mess' and blowing his nose with it. You were right, he is a homosexual - you know him very well.
25 Hook (#) Nov 05th, 2012 - 10:50 pm Report abuse
“narcissistic personality disorder” is the people's disease of Argenina
26 British_Kirchnerist (#) Nov 05th, 2012 - 11:02 pm Report abuse
Great news, its nice to see someone telling the truth about the financial vultures on the G20 stage. I hope and expect Cristina will also appeal to global civil society who will be more likely to heed the truth, and in the long term more powerful...

#22 You've got me interested =) If this is what I get the impression it might be, it could make a 3rd term for Madame President a near certainty =)
27 ChrisR (#) Nov 05th, 2012 - 11:19 pm Report abuse
22 ProRG_Argie

No, sorry to disappoint you it was Singer in his personal 747-300 having a look at his new toy.

Ha, ha.
28 Pirat-Hunter (#) Nov 05th, 2012 - 11:23 pm Report abuse
#25 can you blame us ? Look at all the attention we are getting, and we don't even posses a nuclear defence program yet, or a major army for that matter. All we did is expose our sincere opinion. I support CFK 100% and I encourage my countrymen to do the same.
29 British_Kirchnerist (#) Nov 06th, 2012 - 12:13 am Report abuse
#27 But if it was his new toy, then surely mercopress would have reported that =)
30 ChrisR (#) Nov 06th, 2012 - 10:08 am Report abuse
@29 Blind_Scottie_Kirchnerist

I think, no, I know you are confused over this matter.

Singer already has a judgement re the Libertad. That's his new toy not the plane.
31 Pete Bog (#) Nov 06th, 2012 - 12:27 pm Report abuse
“We think a 50% tax on all imports coming into Argentina from nations giving help and refuge to vulture funds ”

Hey pirate, why don't you impose a 500% import tax resulting in no defence related imports?

Then in opposition to shiplaunching ceremonies in the UK,(where the ships go into service) the Argentine Navy could have a special ship scrapping ceremony , where CFK smashes abottle of Argentine wine on the ships hull before they are sunk in the South Atlantic, but near to the Falklands so that you can make another half baked reason for claiming them for being near to your ships.

And when your import tax has screwed up the FAA and the aircraft are unserviceable you could set up a few aircraft museums.

That might leave you with some infantry which the FIDF could p1ss all over in any case.

Also you might have problems importing other goods as your country isn't exactly the most prolific of manufacturers.

At least then the UK forces would be able to de-militarise the South Atlantic apart from the odd sub to make sure you don't launch any rowing boats against the islands.
32 Pirat-Hunter (#) Nov 06th, 2012 - 07:00 pm Report abuse
#21 self defence is a legal argument when you consider the threat to Argentina from UK missile test in islands Malvinas Argentina. Specially now that our navy is having this problems, we can use a nuclear “defence” program.

#23 you keep reminding him he needs all the help he can get.
#24 homo-terrest stop going to that gay clubs looking for your boyfriend alex why don't you just pay someone and get it over with, you comments are starting to make you sound like a rejected flaming homo.
#29 ask yourself! do cheer leaders determine the outcome of a game?
#30 if Libertad is singer new toy why is he refusing to move it ?.LOL
#31 i want to collect the U$ tax revenues back with a 50% import tax, not loose it all do to a 500% import tax do to greed. Didn't you noticed that the vulture fund made that same mistake, I want to collect not hunger them, I don't know if you understand what building a nuclear defence program 100% made in Argentina means. And don't forget that I rather have coca cola run Islas Malvinas Argentina. Then some no name corporate from UK.
33 briton (#) Nov 06th, 2012 - 07:50 pm Report abuse
UK 'is owed £800m in weapons loans'

Egypt is repaying £12m a year on defence loans of just over £100m

Argentina ,, was lent more than £50m to pay for defence equipment, including £45m which was loaned in 1979 to buy equipment later used in the invasion of the Falkland Islands. Argentina has debts to the UK totalling £130m but has made no repayment arrangements.
Iraq was shown to owe £5.5m for equipment

Zimbabwe had been loaned £35m for five Hawk jets between 1989 and 1992.
Just an expensive thought ..
34 ChrisR (#) Nov 06th, 2012 - 09:21 pm Report abuse
@33 Briton Then I demand we go and put a 50% tax on something, somewhere, to pay for the £130M that AG has stolen.

Do you think this sounds about right?

35 Pete Bog (#) Nov 06th, 2012 - 11:46 pm Report abuse
“I don't know if you understand what building a nuclear defence program 100% made in Argentina means”

It means you have a vivid imagination but nil powers of factual logic.

If you launched a nuclear weapon at the Falklands (after the 100 years it would take for you to make the decision to do it, let alone actually build anything), a Sea Viper missile would be able to destroy the missile before it left Argentine airspace with disasterous consequences for your country.

“self defence is a legal argument when you consider the threat to Argentina from UK missile test in islands Malvinas Argentina.”

The threat to Argentina (nearly 400 miles away from the Falkland Islands) from a missile with a range of 4 miles that is designed to hit aircraft, not ground targets) is by virtue of the mathematics that you don't quite get, is nil.

You need to learn your 4 X table which perhaps for you would be an insurmountable challenge.

Have you got a kindergarten you could visit in Canada?
36 briton (#) Nov 07th, 2012 - 12:44 am Report abuse
Agreed lol.
37 British_Kirchnerist (#) Nov 07th, 2012 - 12:39 pm Report abuse
#30 “Singer already has a judgement re the Libertad”

So why hasn't it been reported on mercopress? Pro-Cristina bias?!
38 ChrisR (#) Nov 07th, 2012 - 05:47 pm Report abuse
@37 BSK

Where have you been, on holiday?

The judgement by the Ghanaians to dismiss the AG claims against Singer was thoroughly reported on MP, in BsAs Herald and Clarin.

We had a real laugh with the Malvanistas who thought that if they said it was wrong, then that was it.

The only thing I am concerned about is that Singer could have applied for a Warrant of Possession, given that TMBOA disavowed the ship, without waiting for the 90 days to pass. Perhaps he is just being the nice guy we know him to be!
39 Guzz (#) Nov 07th, 2012 - 08:16 pm Report abuse
You have close ties to Singer, don't you? You are obsessed with the thought of making him richer...
40 ChrisR (#) Nov 08th, 2012 - 10:39 am Report abuse
@39 Guzz

What is it with you?

You accuse me of bashing AG for the sake of it: I do it because TMBOA REALLY makes life uncomfortable for the Falklanders ALL for her personal purposes.

As for Singer, he has a legal right to do what he does for a living. AG decided to issue the bonds and knew they could not sell them without waiving sovereign immunity. Then THEY defaulted and decided the bondholders should lose their money.

If AG thinks they will beat Singer (and Dart) then they are really delusional. He could lose all the money he invested in the bonds without feeling it, so he has nothing to lose by harrying TMBOA and her gang of juvenile crooks. He has a large team of professional debt recovery specialists and the best lawyers money can buy.

Singer has no need of my support, he’s doing alright as it is. AG will eventually have to settle, mark my words.
41 Guzz (#) Nov 08th, 2012 - 02:33 pm Report abuse
The day a Chinese Singer does the same to the UK, you will come up with some good founded excuses as to why it is ok to vulture on Argentina, but not on the UK.

Stop defending hedge fonds only to bash Argentina. The whole world agrees on that buying unpaid bonds for patacones in order to make money on defaults is morally wrong. Heck, your beloved UK is at the front trying to stop this way of making profit...
42 British_Kirchnerist (#) Nov 08th, 2012 - 03:13 pm Report abuse
#38 I've seen everything reported on mercopress and nothing to suggest the story is over yet
43 ChrisR (#) Nov 08th, 2012 - 07:39 pm Report abuse
@42 BSK

That's only because TMBOA wont admit the reality of the situation and the rest of her muppet government are too scared to tell her to get a grip on the facts.
44 British_Kirchnerist (#) Nov 08th, 2012 - 11:04 pm Report abuse
#43 And they control mercopress now?

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