Tuesday, November 27th 2012 - 21:02 UTC

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.

Minister Lorenzino called Judge Griesa’s ruling “contrary to common sense and Argentine Law”

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”.

35 comments Feed

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1 ProRG_American (#) Nov 27th, 2012 - 09:16 pm Report abuse
Good News!!

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.
2 Xect (#) Nov 27th, 2012 - 09:21 pm Report abuse
Ah hello my Argentine friend.

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....
3 ProRG_American (#) Nov 27th, 2012 - 09:51 pm Report abuse
I am not argentine and I don't seem to have you on my list of friends. Am I on yours?
I suppose that you can add a sizeable oil find in “the Falklands” to my list. LOL
4 Pirate Love (#) Nov 27th, 2012 - 10:07 pm Report abuse
@1 i thought this was much better news,


good news, Yes!
5 Troy Tempest (#) Nov 27th, 2012 - 10:08 pm Report abuse
@01 PRO Arg Troll

Are you going to SPAM that post on all the threads??
6 Xect (#) Nov 27th, 2012 - 10:12 pm Report abuse
He's not Argentine.....Sure.......

Its funny because he's so desperate copying and pasting nonsense on all of the threads.
7 Pirate Love (#) Nov 27th, 2012 - 10:20 pm Report abuse
Argentina has been downgraded by fitch across the board, im sure fogl share prices will go up and down but i cant see argentinas recent downtown reversing anytime soon , before long they will find it hard to upgrade a phone.
link in prev post.

great timing!
8 slattzzz (#) Nov 27th, 2012 - 10:24 pm Report abuse
@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
9 Nostrolldamus The 2nd (#) Nov 27th, 2012 - 10:45 pm Report abuse
Isolationism in our history books, isolationism for breakfast, and isolationism for 20 generations!!
10 slattzzz (#) Nov 27th, 2012 - 10:58 pm Report abuse
@9 well enjoy your isolationism the whole world will not care
11 Pirate Love (#) Nov 27th, 2012 - 10:58 pm Report abuse
@9 is this the final part of the highly successful kirchner model?, good luck with that,
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.
12 Troy Tempest (#) Nov 27th, 2012 - 11:29 pm Report abuse
@8 slatzzz

“@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.
13 Captain Poppy (#) Nov 27th, 2012 - 11:30 pm Report abuse
Scene 3....final act......
14 ChrisR (#) Nov 28th, 2012 - 12:10 am Report abuse
All this grief could have been so easily avoided by TMBOA keeping that mouth of hers shut and not forcing the Judge to act on her stupidity by requiring an escrow account for the payments by the 15th December.

Or, just paying everyone what they are due. Ha, ha, ha.

USD 46 Bn reserves mi culo!
15 Rob the argentine (#) Nov 28th, 2012 - 01:20 am Report abuse
“The minister described Judge Griesa’s ruling to pay first the hedge funds as “contrary to common sense and Argentine Law””.
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.
16 CJvR (#) Nov 28th, 2012 - 02:17 am Report abuse
@9 - Good! I suggest you begin your era of isolationism by isolating yourself from the internet.
17 Rob the argentine (#) Nov 28th, 2012 - 04:29 am Report abuse
#17 Hi, sussie ... you are another stupid argie, who took my other post thinking I'm from UK. Wrong, I am argentine, living in argentina. Also, some time ago I published my phone number to let anyone proof I am in argentina.
18 willi1 (#) Nov 28th, 2012 - 08:41 am Report abuse
Always the same trash out of the mouth of Lorenzino and his fellows:
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.
19 DanyBerger (#) Nov 28th, 2012 - 09:50 am Report abuse
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20 Idlehands (#) Nov 28th, 2012 - 11:06 am Report abuse
I love this story. Argentines probably regard it as a concession when in fact it completely ignores the fact that it is the holdouts refusal to accept the restructuring offer that has led them to this litigation in the first place.

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.
21 Anbar (#) Nov 28th, 2012 - 11:09 am Report abuse
/irony fail
/sarcasm fail
/humor fail
22 Captain Poppy (#) Nov 28th, 2012 - 11:12 am Report abuse
The conclusion to this chapter of...As Argentina Turns, is playing out and they all refuse to accept it. The can't can't this ending, but they can still rewrite the new chapter.
23 Conqueror (#) Nov 28th, 2012 - 11:30 am Report abuse
I've been trying to interpret Lorenzino's expression. Is it “Please help me, I'm desperate”?

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.
24 Captain Poppy (#) Nov 28th, 2012 - 01:59 pm Report abuse
His statement of thr ruling....“contrary to common sense” He was misquoted....he actually said “contrary to Argentine common sense” A major difference.
25 briton (#) Nov 28th, 2012 - 02:23 pm Report abuse
downgraded by fitch
thats good news for CFK then,,
now she has someone else to blame,

its all fitches fault lol.
26 Troy Tempest (#) Nov 28th, 2012 - 03:56 pm Report abuse
@19 Dunny not Funny Berger

Don't try a career in comedy
27 British_Kirchnerist (#) Nov 28th, 2012 - 11:20 pm Report abuse
Good announcement, Argentina willing to be flexible without capitulating on its basic rights and principles...
28 DanyBerger (#) Nov 29th, 2012 - 03:42 am Report abuse
@Troy Tempest

“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.
29 Captain Poppy (#) Nov 29th, 2012 - 11:16 am Report abuse
Where are they sold, in the isolated BA stock market? That one is funny as private enterprise is an unknown concept in argentina. Tell me.....if they is a male president....is it spelled argentino?
30 DanyBerger (#) Nov 29th, 2012 - 01:42 pm Report abuse
@Captain Poppy

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...
31 Troy Tempest (#) Nov 29th, 2012 - 03:43 pm Report abuse

32 Captain Poppy (#) Nov 29th, 2012 - 04:35 pm Report abuse
keep saying it dickberga.......one or two people outside of south america might believe you. Have you stopped trading with us yet.......I mean anyone outside of argentina?....Brazil....Chile...Colombia.......the significant south american countries.....not the minor ones.....urugauy, paraguay, venezuela, suriname, guyana and of course argentina? Have you always talked with the relevance of a piss hole in a snowbank?
33 Pirat-Hunter (#) Nov 29th, 2012 - 05:15 pm
Comment removed by the editor.
34 Captain Poppy (#) Nov 30th, 2012 - 02:41 pm Report abuse
TMBOA is too sick to go to Unasur......I guess the smack down from Dilma was too embarrassing for her to make a public fool of herslef as usual.
35 St.John (#) Dec 02nd, 2012 - 07:02 pm Report abuse
@ 1 ProRG_American

“Good News!!”

You forgot one: Finding a pot of gold under the rainbow :-D

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