Argentina prepared to reopen bonds’ swap under certain conditions
Economy Minister Hernan Lorenzino described the appeal presented on Monday by Argentina against the ruling of New York Judge Thomas Griesa as “very forceful”, and pointed out that if the magistrate had proposed to treat hedge funds demands under the terms of the 2010 debt-swap, the Argentine congress might then address the option.
Lorenzino said that he does not rule out a possible third debt exchange for those who did not enter the 2005 and 2010 swaps “if required by the Justice of the United States, but only if it contemplates an offer similar to that of 2010 and if the Argentine Congress passed a law approving it”.
The Argentine congress voted a law which clamped any possibility of further negotiations with those bond holders who did not accept any of the swaps.
Lorenzino added that “the solid presentation Argentina filed on Monday in New York underscored the country's sovereignty to dictate its own rules and from that perspective could make a proposal to those bondholders who did not agree to the exchange terms of 2010 but that would be in line with the regulatory background of our country and a thorough Congressional debate”.
The minister described Judge Griesa’s ruling to pay first the hedge funds as “contrary to common sense and Argentine Law” pointing out that a proposal similar to the 2010 exchange “would be in line with the legal system background of Argentina and congressional sovereignty”.
It is crucial that Judge Griesa’s ruling is ‘suspended’ to that Argentina can comply next December 15 with payments to the restructured bond holders as Argentina has been complying regularly since the swaps were agreed”.
The ruling Argentina is appealing refers to Judge Griesa latest decision indicating that the hedge-funds must be paid first and that Argentina must deposit by December 15 the funds in an escrow account.
Lorenzino insisted on the ‘irrationality’ of pretending the ‘pari passu’ clause is applicable, since this is “the closest thing to an arbitrary and unfair decision”. He also revealed that the Argentine writ requests an ‘urgent’ consideration of the matter so “we expect that in the coming two to three days we have a reply from the Appeals court so that we can address payments as we have been doing”.
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www.buenosairesherald.com/article/117937/falkland-oil-and-gas-loses-half-its-value-on-malvinas-disappointing-results
What Next?
Judge Greisas Ruling overturned by appeal?
ARA Libertad is freed from captivity?
Grain Prices Soar?
New Major oil discovery in patagonia?
World Bank says Argentina rduced its poverty by 50%?
World Bank says Argentine middle class the fastest growing in the region?
Argentina pays it's cooperative bond holders on time?
Cristina's chances for reelection suddenly skyrocket?
HOOOoooooo! Shrugging shoulders......It gives me chiiiils all over my body.
You can certainly live in hope as unlikely as what you suggest maybe. I'd hazard you've got more chance of winning the lottery for 10 weeks straight than all of that coming true.
Still you've always got your hope lol....
I suppose that you can add a sizeable oil find in “the Falklands” to my list. LOL
www.reuters.com/article/2012/11/27/idUSL1E8MRA6520121127
good news, Yes!
Are you going to SPAM that post on all the threads??
Its funny because he's so desperate copying and pasting nonsense on all of the threads.
link in prev post.
great timing!
Oh you have just been downgraded heavily by fitch in 6 financial areas, congratulations, im sure isolation will be great for your country,
its working a treat so far.
“@3 WTF sussie so now your not Argentinian? You been bleating on for months on here that you are make your mind up you sad individual”
Slatzzz, yup, I too think PRoSLAG and Sussie are the same person.
Or, just paying everyone what they are due. Ha, ha, ha.
USD 46 Bn reserves mi culo!
I always supposed “common sense” is to pay my debts. And who cares about “argentine Law” when argentina have agreed to accept the American Law?
All we must do as argentines is to pay our debt.
IT IS UNFAIR TO SUE THE DEBTOR TO PAY HIS DEBTS ACCORDING TO BOND CONTRACTS!!
IT IS UNFAIR TO SUE CROOKS BECAUSE IT IS AGAINST ARGENTINE LAW!!
What kind of “law” is that? What kind of people make this “law”?
There are milliones of Argentinos and Argentinas who feel ashamed to be represented by this governmental gang. 'BUT: There are over 50 % lawmakers under the political delegates who accept this policy because they take advantage of the law. That´s the problem.
Are you ready Islanders with some capital and entrepreneurial spirit to change your life and get rich?
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What is even funnier is that it implies they might not pay the holdouts even if they agreed to the swap that they previously refused.
/sarcasm fail
/humor fail
However, it's good to see that the suspension of Judge Griesa's ruling is “crucial”. December 15 should be fun. Since the Appeal Court already agreed with Judge Griesa's ruling and only sent the matter back for clarification of the payment method, I reckon we can bet on the outcome.
thats good news for CFK then,,
now she has someone else to blame,
its all fitches fault lol.
Don't try a career in comedy
“Dunny not Funny Berger
Don't try a career in comedy”
Not Funny?
Buy some shares of my fund and you will see how I will laugh like the guys that sold shares of oil exploration in FI.
Sorry Poopy but we are not taking orders from subject living in indebted and risky countries... You know?
May be if you move to Tijuana and don't say that you are yank... Who knows...
yawn
“Good News!!”
You forgot one: Finding a pot of gold under the rainbow :-D
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