Ambassador Argüello says Argentina will not pay the price of the ‘North’s financial irrationality’
Argentina’s Ambassador to the United States, Jorge Argüello, assured on Monday that “Argentina will not pay the price for the financial irrationality of the North“, and under no circumstances ”will tolerate the vulture funds’ blackmailing.”
The diplomat also stated that “Argentina has been following the rules of the international financial system. We’ve been paying with no delays to all our creditors of the 2001 defaulted debt.”
“We will not tolerate the blackmails of NML Capital “vulture” fund, which rejected a debt restructure twice” underlined the ambassador.
The harsh words of the Argentine diplomat came in response to an editorial comment published by The Chicago Tribune in which the government of Cristina Fernández is accused of conducting “populist economic policies” that see “a country of such great economic promise swerving off the road to prosperity again.”
Straight to the point the US newspaper bashed Cristina Fernández: “She restricted international trade, violated contracts and pumped out phoney data to disguise the soaring inflation her policies brought about. All the while she scored cheap political points by blasting the rich countries of the north for their supposed economic imperialism”.
The controversy takes place when Argentina goes to an appeals court in New York to challenge the ruling of US Judge Thomas Griesa, who last week issued a decision that raised the spectre of a technical default.
A decade after committing the biggest sovereign default in history, Argentina faces another crisis after a US court ordered it to pay 1.3 billion dollars by December 15 to holders of defaulted bonds.
Last Wednesday Judge Griesa ordered Argentina to pay the holdouts. Rather than trying to chip away at the edges of Griesa’s order, Argentina’s lawyers plan to challenge this Monday the whole opinion in the US Second Circuit Court of Appeals.
About 93 percent of Argentine bondholders agreed in 2005 and 2010 to swap defaulted debt from the 2002 default for new paper at a steep discount. So-called “holdout” creditors who rejected the swaps continue to battle in the courts for full repayment.
The argument to be put forth by Argentina “is simple and compelling,” said an article published in Página/12, a local daily newspaper with close ties to the Kirchner government.
“If the court accepts Griesa’s view, no country will be able to successfully restructure debt, as Argentina did, with a significant reduction in interest and an extension of payment schedules,” the story said.
“None of the owners of defaulted bonds would enter the exchange pending a court ruling that allows recovery of the whole of their claims,” it said.
Griesa’s decision on November 21 cited an appeals court ruling that said Argentina had discriminated against the holdouts. Now the Second Circuit Court of Appeals will decide if Griesa’s order should be carried out, considering the ramifications to the financial system.
At stake for all exchange bondholders is a potential technical default on approximately 24 billion dollars worth of debt issued in the 2005 and 2010 exchanges. Principal and interest payments due to those bondholders next month total more than 3 billion.
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But this brings up the point I said when I first started participating here long ago this year...
If bondholders can recover 100% of their money when a country defaults, then there is no point in defaulting. What I said would happen then is that countries would simply just fudge numbers until one day suddenly they blow up, and can't pay anyway.
No transparency, no warning, no recourse for the bondholders. They will end up with nothing from now on, by having made the act of default basically invalid.
To top it all off they then go round bragging they have billions and billions of dollars sitting in reserves (whether true or plucked from CFL's rectum)
No, it isn't. It's just “simple”. as in “retarded”. Pay up, you crooks. You've already said you CAN pay.
Yes it's tragic, but emerging market bonds are not a bank deposit at Uncle Joe's Community bank.
There is a risk, and sadly for them the risk failed.
With everybody’s permission, I would like to recycle one of my earlier posts.....:
All the money in my wallet........
A 100 Argentinean pesos bill....
12 Argentinean pesos in coins ( no Malvinas coin, sorry)
And a 5 Euro bill I apparently forgot to put away........ on a rebuttal of US Judge Thomas Griesa's ruling on the New York Appeal Court....
The winnings will be donated to ones favorite charity.....
Any turnips who wish to lose some money?
Chuckle chuckle©
You have no investments.
You have no job.
You have no possessions (you crowed about this a few months back).
You told us you have no money and your poverty sets you free.... well your stupid-as-pig's-dribble President will ensure the majority of Argentines are dirt poor whilst her Kirchner oligarchy will live out their lives in luxury and richness you could never achieve.
Sounds like the way your politicians live while they give themselves raises and cut the salaries of all others...
Sounds like you should be happy Argentina is taking the express lane to become the UK/Europe.
When you refuse to pay your debt based on a legally binding contract, you are not and never have followed the rule on the international financial system, which is why you are a pariah state.
“We will not tolerate the blackmails of NML Capital “vulture” fund, which rejected a debt restructure twice” underlined the ambassador.”
Apparently the air head does not know that creditors and NOT required to take a cut and reduce what is owen and if they don't, the debtor wins and owes nothing. COme on argentina, you said you play by the rules yet you contradict yourself in the same breath. BTW.....look up blackmail also.
All I can say is that argentina should be greatful they are not defaulting in the winter. You can deal without air conditioning.....you can'ty deal without heat. Six months from now..........bad....bad.
titti boi there are really good meds for dissociative identity disorder (DID) As many as 98% to 99% of individuals who develop dissociative disorders have recognized personal histories of recurring, overpowering, and often life-threatening disturbances at a sensitive developmental stage of childhood. Pulled from mommas tit too soon.....kicked out
It's the first time I've said this, but you are obsessed with tits. Never had any have you.
I love your mis-guided, ill thought out rant. The point you seem unable to grasp the simple idea that Argentina borrowed money and now they have to pay it back. Simple right????
You are a bankrupt nation, all you have now is pride and that is all you can be proud of. You can only ever be proud of being proud.
How is pride going to repair your credibility with the nations that you have stolen from?
How is pride going to repay the life savings of thousands of people who trusted in Argentina?
How is pride going to keep you warm in winter when you've no money to pay the bills?
.............................Clowns..............
Oh but how a bankrupt nation is farking all over you Northern Irrationals.
That's a good name to adopt, thanks Ambassador. The north is nothing but a bunch of irrationals.
The impact of your country (whichever it may be) on us is below negligible. Which is why we keep behaving the way we do.
And the point is?
No nationa has any impact on argentina, anus breath poutlawed imports........everyone in argentina is feeling the pain for that asshole you call a leader. The is a 7.62 150 gran round out there with the “ KFC......for all you do, this one's for you, with love, your people”
Nothing of the sort, that is your hyper-biased opinion suffused with personal animus and imbued with emotionalism.
Hardly a reliable source. Why can't you accept that?
But no, your countries are sooo united! lol. Here we have an American saying this. Oh well.
It's 150 “grain” you turnip.......
Repeat after me: G-R-A-I-N.
Comprende?
lololololololololololololololololol I make typo by being a poor typer........cuntina “the asslip” kirchner destroys your country with imcompetence and you zone in on a typo. No wonder you contry is the cesspool of south america......as I overheard a Brazilian once say
Ok....
I'lllet you of the hook this time....
But don't let it happen again...
“150 gran”... Pffffff........
Chuckle chuckle©”“”
not me, I've also said for some time that this ruling has no guarantee whatsoever, of going through.
You're still a big numpti-tard though. :-)
---------
“But no, your countries are sooo united”
*cough cough*
recent argentine protests
*cough cough*
(seriously amusing that you're trying to portray argentina as totally united after all the recent protests! Its absolute, total denial of reality!)
------
“”“”Nothing of the sort, that is your hyper-biased opinion suffused with personal animus and imbued with emotionalism.
Hardly a reliable source. Why can't you accept that?“”
LOLOL
Well, that applies especially well to YOU ...far more so than to whom you directed it at tbph. ;-0
It's ok, don't worry about it, Argentina, by her own actions is about to slip into oblivion.
She is about to bow out on the international stage, all because of the criminal incompetence of her government. Hopefully the ordinary Argentinians will throw the lot of them in jail, there, may they to man rot in hell.
shame the ordinary Briton couldn't do that with Tony Blair for Iraq and Gordon Brown for the ”light touch” that led to global economic meltdown - they both deserve to be in the cells....possibly more so than CFK she's just inept, corrupt and incompetent..... they were far worse.
Again the world picks on us
It’s all your fault,
Argentina is innocent and done nothing wrong,
It’s all a conspiracy against us.
Bla bla .
the bonds are moneyterising the atlantic..
LOL
Agreed!!! But I still stand by the invasion of Iraq. I realise that I am flying in the face of public opinion when I say this but I think we did the world a great service when we turned Iraq of to it's people and hunted down that murdering son-of-a-bitch.
Remember what we were saying earlier about “Self-determination”? well, now the people of Iraq have it. Thanks to America and the UK.
No thanks the to French, how are a bunch of money grabbing, self-important cowards, both militarily and morally.
Oh, and Gordon Brown? yeah, you can hang him upside down in a cell forever by his big toes. Death is too quick for that motherf**ker.
we should have done it years earlier at the end of the 1st iraqi war..it was pretty bloody shameful that we encouraged rebellion and then failed to support it.. leading to the deaths of thousands of anti-Hussein supporters.
and then years alter, now a multi-multi-millionaire Blair turns all religious (catholic) and says “God told me to do it”.... ...... grrrr.......
Think dropped the ball earlier on this evening, and now you've gone and let your Spanish speaking origins slip. Not for the first time either. You'll be needing a new handle pretty soon.
“They at least almost comprehend the consequences”
Consequences?
for whom?
Because if I owe you 24bn and I don’t pay you I will make and nice hole in your finances.
And what are you gonna do but crying like baby?
You personally think you are brilliant for justifying and rationalizing argentina's actions of default......I have never in my wildest dreams could have imagined such a large group of people adhering to and encouraging such a criminal philosophy behavior. Though I do knw that not all Argentine's swim in your cesspool or lacks character and values to the levels you do, because not everyone drank the kool aid.
Plenty of annoyance displayed but what about your remedy.You don't have one?
I know it was a just cause, done for all the wrong reasons and, the cynic in me thinks that if Iraq didn't have any oil to offer the world, then Saddam would still be in power no matter what kind of threat he was to the rest of the world.........
But you're right, it could have done without Tony Blair showboating like it was his idea and hat HE alone was the saviour of the day.
You're right, the only question I was left asking was......... “why didn't you do it sooner?”
Another Yuleno post - heavy sarcasm and NO substance.
Just a windup artist, nothing more. He will never make a definite statement or answer any questions.
Witnessing and reporting theft or unethical, foolish, or aggressive behaviour does not carry with it an obligation to present a 'remedy'.
Perhaps instead, ask Yuleno why CFK's actions are justified or the correct and ethical thing to do??
I see you come to puppy's aid.But he copes better without your regressive contributions.Dont be a liability to his gallant efforts.Are you anti Argentina also or do you just feel sorry for puppy.
As for what the gvt of Argentina should do,I think you can see.The gvt is criticised more by the depressed economies of the north than by its electorate.It will be a long journey to shift from the current location of power in the north to its wider distribution globally.I think there is a saying that you only live once,in the less religious north,but don't expect the rest of the world to live it by their rules.
Now stand aside and let puppy speak for himself,he can do that quite adequately without the help of a colonial minded Brit!!!
You are wrong Mr. Poopy the financial world works with that rules.
If you have doubts ask JP Morgan, Citi bank, West Fargo, etc why the have so many lawsuits for fraud over derivatives, CDS no paid, and fraud to customers over SPM.
Your own govt is also suing them for fraud money.cnn.com/2012/10/02/real_estate/jpmorgan-lawsuit/index.html
The latest star of US fraud I guess is Bernie Mad-Off en.wikipedia.org/wiki/Bernard_Madoff
Do you remember him?
Don’t worry Poopy about Argentina instead I recommend you to be wary about your own business like your external debt and deficits. Because you still have to face 4 years more of ObamaDebt.
You current debt growth to the crazy sum of $16.3 billions and growing faster and faster.
Bloody ‘ell mate I should be f@king scary is I would be you because even in Tijuana will see you as a poor miserable Yank when your country collapse.
www.usdebtclock.org/
BTW why of these numbers in red are changing so fast?
Here you have a good looking chart illustrating the evolution of US debt since 2000.
keepingamericagreat.org/u-s-public-debt-ownership/
Any idea what that means? I guess is not good isn’t it?
And you are concerned about Argentina?
So be prepared and act faster because when US collapses you will not be even able to take a fight to Puerto Rico without suffering an embargo I guess.
Would you like a loan of a few Roubles, Think?
At the moment l have quite a hoard of different currencies in my bag.
Need to thin them out a bit.
snigger, snigger.
It is not comedy otherwise a “Greek Tragedy” called “US going faster to the drains and not to be able to avoid collapse chapter II from ObamaDebt book”.
Do you know is happening in Japan since the 90? Nope?
They face a financial crisis like US and the Japs despite what the world have advised to them they go ahead to save the banks. Since then Japan is in stagnation with a GDP shrinking to new level records every year.
US, UK, EU at that time told the Japs to allow the banks to go burst (good advise) but the Japs refused and they gave bailouts for everyone. US, UK and EU were accusing them of nepotism and that the political and baking sector are very close relatives, etc, etc.
Now here we are seen US doing the same thing like a twin sister but the ugly one. Because Japs are one of the most saving people in the world unlike Americans that want to expend even what they don’t own.
So while Japan is rising debt at home using own saving US depends the willing of the investors abroad that one day they will demand more % over US debt.
And that will be the start of the end of the US Casino dream...
Still no substance to your posts, just sarcasm and insults - the usual.
“.The gvt is criticised more by the depressed economies of the north than by its electorate”
Not true, the 'North' en masse, does not even notice Argentina, much less criticise it.
Your electorate, in contrast, is participating in grassroots protests a million strong.
Isn't that why CFK feels the need to enact a gag law to clamp down on Freedom of the Press, and she has a whole propaganda corps of La Campora Trolls like you and little Dany Berger??
Christmas is looking a bit bleak for you.
Are you so fed up with the recession your heroes created that you have difficulty opening your eyes.
The recession wasn't in every country only in some.And it's not gone yet.You have to face reality a while longer,while other countries continue to grow.Not as fast because they face unfair trade but they are growing.
Now take you hands off the cake and eat your soup,silly boys
www.bbc.co.uk/news/uk-20543936
“Recession not in all countries, just some ”
Yes. Yuleno, it has much to do with their individual management of their economies and their banking policies. An example, Canada is streaks ahead of the rest, and Argentina. BTW, smaller population and similar agricultural and oil resources.
No getting away from it, you are responsible and accountable for your own folly.
Again, your posts are angry and full of very empty bluster.
Argentina is noting a recession.
Why are you mumbling about Canada?
Are you of the opinion that Argentina has been in recession for 5years or are just wandering mentally with the frustration that the USA is still not achieving sufficient growth to get a few young people into work for the first time.
Well it will happen eventually but these other countries are still growing faster than the USA.You are in decline but not as clearly as the poor old Brits yet.
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