Argentina saved from a ‘technical default’; court case continues February 27
A US appeals court on Wednesday granted an emergency stay order that gives Argentina more time to argue against making a 1.33 billion dollars payment to investors who rejected two debt restructurings in the nation's 2002 sovereign debt default.
The federal appeals court postponed Judge Thomas Griesa's ruling “pending further order” and set February 27th as the day in which Argentina will be able to present its case against the judge's orders.
The measure lets the Argentine government face a bond payment of 3.3 billion dollars without any risk to holders of its restructured debt.
The appeals court has put off any decision until well into 2013 on whether or not Argentina will have to pay so-called holdout investors who did not participate in the 2005 and 2010 debt restructurings which paid less than 30 cents on the dollar.
Both Argentina and bondholders who took part in the exchange filed appeals to the 2nd Circuit. Oral arguments before the court will occur on Feb. 27.
Wednesday's decision by the 2nd Circuit effectively halts the order by US District Court Judge Thomas Griesa in Manhattan that could have led to a technical default on approximately 24 billion dollars worth of debt issued in the 2005 and 2010 exchanges.
Lead holdout investors Elliott Management Corp and Aurelius Capital Management both declined to comment on the 2nd Circuit's decision.
On Wednesday, the Argentine Government had stated that it would wait for the US court's decision to evaluate Griesa's ruling.
Earlier, Economy Minister Hernán Lorenzino, assured that the decision to reopen the defaulted-bond payment or not is tied to the federal appeals court decision on the case filed by the hedge funds against the country.
“We're waiting for the appeals court decision. We have nothing to add to the case until they reach a decision on the matter,” he added in a press conference.
Lorenzino also said that the Argentine government was willing to reopen the bonds swap agreed on 2010, and invited the holdouts to participate. The decision was to try and avoid a default but was conditioned to the acceptance by the Argentine Congress to lift the so called ‘lock-bill’ which prevents any further negotiations with holdouts.
“A proposal for the bondholders who did not participate in the restructuring, under the 2010 swap conditions, would be in line with the country’s record and could be debated in Congress” said Lorenzino.
Events indicate that by February 27 Argentina most probably will finally re-open the swap option on 2010 terms. Argentina on that year managed to restructure 93% of its defaulted sovereign bonds.
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www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
Things seem to be going your way Malvinenses.
well done Argentina
You need to get rid of the botox queen before any remaing hope is lost
ARGENTINA ALWAYS THE VICTIM.
oh wait your default has been put off til feb 2013, still cannot escape it eh?
i guess when your on death row a few more months would be most welcome.
enjoy the “stay” of execution over the christmas period, i suppose it wouldnt be the christian thing to put argentina out into the streets over the festive holidays,and I think i can guess what argentines will be praying for from santa this year. HO HO HO! :)))
www.debtbombshell.com/
HO HO HO HO
:))))
“Next news soon...“Fragata Libertad” back home without pay a single penny to vultures. just wait.”
To paraphrase SpinalTap, “ it's a fine line between genius and stupid”
:-D
Argentina 2 Pirates 0
www.youtube.com/watch?v=RKWMfK1XcFk
You quickly forget about this - en.mercopress.com/2012/11/27/investors-holding-restructured-argentine-bonds-also-appealed-judge-griesa-s-ruling - and then go on to claim the article above is a victory for argentina.
Lol no wonder you have no fair justice in argentina, as non of you seem to know how a fair justice system works. Just because the judgement has been stayed, it doesn't mean the judgement has be annuled, it just means they have put the judgement on hold till the appeal court hears the appeals and decides whether the judgement should be allowed or apply any admendments to it. The fact is you lost the case, and the appeal court will take that same view, but will also make admendments so that the other creditors that did agree to the restructuring, do not lose out as a result of the judgement, which they would have done if the judgement had not been stayed, as argentina would have been forced to default on its payments next month. Now argentina can pay in december the creditors as per expected, and will not default. But that doesn't mean they won't default after losing the appeal!
After Xmas they will be refreshed and relaxed enough to pursue the case thoroughly and dispense with Argentina's spurious claims of victimisation. Maybe some nice loot will roll in.
CFK will have all Christmas to fret over this, and her people will start losing their patience.
it's completely fine to lend money to Argentina now....
COWARDS! they are nothing better than the arg crooks. ok, februar 13 is not 10 years but the sign of the us-cowardice is a catastrophe. it is like with our german government and judiciary.
i bet that also the IMF will postpone again the presentation of a true arg statistic which should be done on dec. 15. This year!
If arg posters think winning a delay on defaulting is a victory, then their aspirations are as low as their countrys investment rating and Crustinas popularity, and remain blind to the fact that they owe money and will one way or another pay up, lets face it how much has argentina lost through investment being scared away? still think it was a victory? I call it a reprieve.
yet the default looms and they still call it a victory !! however i cant see them pots and pans being put away just yet.
Argentina 2 Pirates
the transformation is complete
But the day will come early in the New Year.
I guess paying them back in pesos will naturally 'restructure' matters for these Argentinians, and the longer the government delays the paying, the more 'restructuring' happens - at the rate of 25% p.a., or 2% decline per month.
Interesting points; what will CFK do during this three month period,..no doubt make some big political hay about vulture funds,etc. Also, Cordoba governor De la Sota is definitely burning bridges with the government. I think people here in Argentina are confused about CFK. She is a marxist, as are her policies, though pretends to be peronist.
Maybe I should criticize people I owe money to, and say that I'm morally opposed to paying them back unless I can screw them over.
@1 If I got a lobotomy and sniffed paint thinner, would I be able to share the same views as you?
boring....
I'm not convinced she follows any particular dogma. She seems to be a totalitarian that reacts off the cuff to events.
Nov 29th, 2012 - 02:25 pm
Being a marxist and a peronist are not mutually incompatible. After all we know that peronism is not an ideology, it is an operating system which quite happily accepts the ultra left and the ultra right as input.
Remember the 1970's, the ERP and Montoneros and the AAA all coexisting under the peronist umbrella!!!!
CFK is neither peronist nor marxist, she is “cristinista”, looking out for number one, and when she and her evil brood consider that they've milked Argentina for all they can, they will slip away to enjoy their ill gotten gains!!!!!!
www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
To them it is inconceivable that they might be wrong in any action they take.
They complain that the US, UK, the IMF, Ghana and the rest of the worlds actions and rulings are damaging Argentina without realizing they, as the leaders, are the ones who are responsible for the mess they have got themselves into.
Cristina has said - there is God then there is me.
good night sussie
good night sussie
KFC / Ol' Turkey Neck / TMBOA The Harpy will open her mouth again, at the wrong time and the merry-go-around will start again.
I love that the Argentine posters think that they have won. They are too stupid to realise that this is just a stay of execution......
The gun is still loaded and the finger has still got first pressure on the trigger. It's not been pulled all the way....YET........................... Clowns.
Relax Rambo.....everything will be all right.
:-)
Argentina 2 Pirates 0
And the brit 5***
@33
“... historically been characterized by state ownership of productive resources in a planned economy and sweeping campaigns of economic restructuring such as nationalization of industry and land reform,..” Ring any bells? Actually, this is part of quote from the subject of communism. Some say Argentina follows the role of Venezula. If you take a walk on Entre Rios (Buenos Aires,) to the communist headquaters, take a look up at the head of the stairs. You'll see a painting of Chavez. I still think CFK is a Marxist.
www.buenosairesherald.com/article/118087/cfk-takes-on-the-wrong-judge
”Her lip quivered as she muttered something in Spanish as Cameron gave it to her (verbely) then walked away”.
WONDERFUL
Please post a link Andy - O would love to hear more on that.
LOL
Any YouTube links??
... wait a minute.
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