Thursday, January 31st 2013 - 07:20 UTC

Argentina in the process of quitting from World Bank investment disputes centre

Argentina says it plans to withdraw from the International Centre for Settlement of Investment Disputes, ICSID, a World Bank body designed to arbitrate between states and foreign investors.

Eduardo Barcesat, chief legal advisor of the Argentine treasury: ICSID, “a tribunal of butchers”

This follows similar decisions by several other countries in Latin America like Bolivia, Ecuador and Venezuela,

Eduardo Barcesat, the chief legal advisor to Argentine’s Treasury, is working on this project. He says ICSID is quote: “a tribunal of butchers” that only rules in favour of multinational companies. Barcesat believes quitting the Center would be a key move to recover Argentina’s legislative and jurisdictional sovereignty.

Argentina currently faces 43 cases at the ICSID with an overall value of 65 billion dollars, most recent of them filed by Spain’s Repsol after president Cristina Fernandez announced the nationalization of the Spanish firm’s majority stake in the energy giant YPF.

Despite fears of uncertainty predicted by private-sector analysts and opposition sectors, Barcesat believes that a joint strategy by regional allies would not lead to a much-feared loss of investments.

According to officials, the political decision to remain outside the jurisdiction of the World Bank arbitration proceedings will also reinforce Argentina stance against pro-vulture funds (hedge funds) rulings.

In December, the New York federal judge Thomas Griesa favoured the US firm NML Capital in a billionaire dispute over Argentina’s defaulted bonds a decade ago.

However, the New York Court of Appeals suspended the sentence. This made President Fernandez accuse ‘vulture funds’ of quote: “speculating with people’s despair and the tragedy of death”.
 

32 comments Feed

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1 willi1 (#) Jan 31st, 2013 - 07:45 am Report abuse
of course they want to leave. they feel unhappy in an honest company. thieves and robbers don´t like to live with judgements in the neck to pay their debts. same situation was with the nazis in germany in 1935.
2 Idlehands (#) Jan 31st, 2013 - 07:59 am Report abuse
Run rabbit, run rabbit, run! run! run!
3 Xect (#) Jan 31st, 2013 - 08:00 am Report abuse
So essentially steal a company (REPSOL) know you're screwed in any fair court case after all theft is theft regardless of what you call it and then reject the courts because you already you know you are going to lose.....

And then act confused why nobody will invest in your newly stolen company.
4 LEPRecon (#) Jan 31st, 2013 - 09:25 am Report abuse
Argentina refusing to acknowledge the authority of an international body that they promised to abide by, by signing treaties?

Never! Oh wait, standard practice in Argentina.

Personally, once they cede from these things, they should be forced to cede from the whole thing, i.e. the World Bank.

Refuse to accept the judgements of the International Court of Justice? Then boot them out of the UN.

It works for me.
5 DanyBerger (#) Jan 31st, 2013 - 11:01 am Report abuse
Lovely news and don't forget to get out of IFM and WB also.
Cost money and are not useful at all.

Unsur bank would replace those good for nothing institutions.

Viva Peron...
6 Idlehands (#) Jan 31st, 2013 - 11:13 am Report abuse
5 DanyBerger

How is the Institute of Fisheries Management leaving you out of pocket? Is it stopping you robbing the oceans?
7 reality check (#) Jan 31st, 2013 - 12:01 pm Report abuse
By all means leave these institutions, but don't forget to clear your overdrafts before you do so. Oh that's right, you can not, try Zimbabwe, they might give you a consolidation loan, at very reasonable interest rates, no doubt. How much would you like, they can stretch to a tenner!
8 Shed-time (#) Jan 31st, 2013 - 12:26 pm Report abuse
This is just in anticipation of the 'tribunal of butchers' quite rightly finding in favor of REPSOL, from whom they stole $bil?

I don't seem to understand Argentine ethics or morality, and I'm in any way convinced they even have any.
9 Pirate Love (#) Jan 31st, 2013 - 12:35 pm Report abuse
boo f*cking hoo, run away argentina you are good at that, talk about leaving a legacy she is well and truly screwing her country and its GGGGGGGREAT!!!!!!
how much is shitty peso to the US dollar today?,
and the cost of daily food basket? :)
i might start exporting wheelbarrows to argentina they are going to need them just to buy a manky lemon.
maybe she is auditioning to be the champion of mercosur the rapidly evolving membership of dictators after all argentina has nothing else to offer except a gobby bitch.
10 Conqueror (#) Jan 31st, 2013 - 12:58 pm Report abuse
@5 Glad to see you following Nostril's isolationist plank. Get out of everything! Could it be that if you don't, WE might make you? You're not worth anything and you're not welcome amongst honest people. Join the NEW grouping. Iran, North Korea, Zimbabwe, Tajikistan, Azerbaijan, Venezuela, Nicaragua. POTW. Pariahs of the World.
11 DanyBerger (#) Jan 31st, 2013 - 02:39 pm Report abuse
@Conqueror

Ha ha ha

The guy claiming louder to get out of the EU and turn UK into a pariah island in the middle of nowhere calling ARG isolationist plank.

Are you joking mate.

A country with a size close to Western Europe like Argentina and with borders with so many countries, etc. Even with barriers in her borders is less isolated that little island in the middle of nowhere called UK.

I UK everything coming from 10 minutes walk is overseas, ha ha.

You live in isolation mate.
12 Nostrolldamus the 8th (#) Jan 31st, 2013 - 02:40 pm Report abuse
You people refuse to believe, due to your pathetic cultural pride, but I told you all there was a massive isolationist, anti-foreigner swell sweeping Argentina.

We want nothing to do with any of you tossers. None of you ever wanted to deal fairly with us, so good!bye.
13 toooldtodieyoung (#) Jan 31st, 2013 - 03:04 pm Report abuse
11 DanyBerger

How is leaving the EU “isolationist” Last I heard, we were keeping up our membership of international organisations.......Clown

12 Tito The Clown Troll

Just as well, 'cos we want nothing to do with ANYTHING Argentinain. Your country is ruined, your diplomates are an embarrassment and your leader is insane. So the feeling is mutual, wouldn't you say?
14 Raven (#) Jan 31st, 2013 - 03:17 pm Report abuse
@12 Nostr

If you don't want anything to do with the rest of the world, why do you keep coming on here to tell us about it?
15 andy65 (#) Jan 31st, 2013 - 03:22 pm Report abuse
@Nostrolldamus the 8th Your secret lover Hector tinman is coming to London next week to get a tongue lashing from 2 members of The Falkland Islands Government,why dont you hitch a lift with Hector the Thames is very inviting this time of year YOU P..... OF S....
16 Nostrolldamus the 8th (#) Jan 31st, 2013 - 03:35 pm Report abuse
14

One must keep their enemies closer. Simple.

13

Argentina ruined? Triple dip, double dip...
17 Pvdv (#) Jan 31st, 2013 - 04:36 pm Report abuse
THat is how they are... first go to court.. when they loose.. they want to cancel the agreements... funny people ... Who is going to invest in such a country??? Dumber than dumb.. but offcourse, they will feel like there fighting against the great evil.. its nothing but their own nonsens that brings that country backwards..
18 agent999 (#) Jan 31st, 2013 - 04:58 pm Report abuse
It is great to see Argentina following the those great democratic countries like Bolivia, Ecuador and Venezuela
19 briton (#) Jan 31st, 2013 - 07:38 pm Report abuse
Is less isolated that little island in the middle of nowhere called UK.
Yes buy yes.lol

It was that little tiny incy wincy island,
That put your big mighty Argentina in it place,
Was it not.
Lol.
.
20 Ayayay (#) Jan 31st, 2013 - 08:14 pm Report abuse
Yeay!!
this will end at least $4B a year in World Bank loans to the Arg gov for sanitation, but it's better for ppl who may not act in accordance international principles to try & do it on their own.
21 yankeeboy (#) Jan 31st, 2013 - 09:34 pm Report abuse
Talk about a nail in the coffin for Argentina, there is no way any Int'l company will be able to invest in Argentina and I would bet some of them will be forced to pack up and leave ie GM FORD FIAT.
They can't won't be able to get loans or insurance.
Wow what a way to ruin a country!!
Simply breathtaking.
22 surfer (#) Jan 31st, 2013 - 10:18 pm Report abuse
This, no way any entity will want to invest a single cent in Argentina now, massively high risk before, criminal now.
23 yankeeboy (#) Jan 31st, 2013 - 11:31 pm Report abuse
Yeah who in their right mind would make a major investment and then have to rely on the Argentine court system?
Good grief!
I doubt very much any public company could invest even if they wanted to it would be negligent.
I would love to see GM and FORD close up and go to Uruguay or Brazil. Whew they really would be like North Korea.
24 Nostrolldamus the 8th (#) Jan 31st, 2013 - 11:50 pm Report abuse
Human rights watch just came out with a report and Cuba, Mexico, Venezuela, and the United States came out awful!!!

I can see why those four countries are common: one is involved in a massive drug war with hundreds dead, another is a police state that has many of its citizens behind bars, another is a country where there is rampant political disfunction...

And Cuba, Venezuela, and Mexico were also criticized!!!!

hahahahahahahaha!!!
25 redpoll (#) Feb 01st, 2013 - 12:35 am Report abuse
Snotty. Leave the G20 at once! Please leave Mercosur also. If not please study how you can kick Uruguay out of that corrupt iniquitious cess pit and most of us will be happy to go
26 Ayayay (#) Feb 01st, 2013 - 07:16 am Report abuse
www.hrw.org/news/2013/01/31/us-injustices-filling-prisons
the human rights watch report on the U.S.

A) The death penalty is Deep South stuff.
The U.S. is a region like the Union of Latin American states.
NONE, of the English speaking commentors here are in the Deep South. Zero. 0.

And b, re-entry to the U.S. is listed as the most common federal crime. Why are people so crazy to get in here?
27 screenname (#) Feb 01st, 2013 - 01:13 pm Report abuse
@24 Nostrolldamus the 8th: your joke might have worked if you had bothered to think about what the 'other' part of the word 'another' means, and then chosen a different word. Didn''t really work, but keep up the attempts at humour.

Why didn't you stick by your goodbye? I was looking forward to comments free of your username, even if it led to more doveoverdover posts.

You couldn't make both usernames vanish, could you?
28 reality check (#) Feb 02nd, 2013 - 01:03 am Report abuse
Stop Press
ICSID Bulletin.
“Thank ferk for that. there is a God.”
29 DanyBerger (#) Feb 02nd, 2013 - 03:47 am Report abuse
And if we make a pyjamas party?
30 ChrisR (#) Feb 02nd, 2013 - 07:04 pm Report abuse
Where do they find ‘advisors’ like the prat on this topic: the SA Mafia?

“Eduardo Barcesat, the chief legal advisor to Argentine’s Treasury, is working on this project. He says ICSID is quote: “a tribunal of butchers” that only rules in favour of multinational companies. Barcesat believes quitting the Center would be a key move to recover Argentina’s legislative and jurisdictional sovereignty.”

I will just repeat the part I found incredulous: “would be a key move to recover Argentina’s legislative and jurisdictional sovereignty.”

First, AR does not have any, and secondly does he really, really believe this is the way to get it back?

They are not shooting themselves in the foot anymore: it’s straight in the ear with a pistol (that’s a revolver OR a semi-automatic for dear old ‘I don’t Think’ aka The Turnip In Chief).

You have to wonder at the sheer bloody mindedness of it all.
31 redpoll (#) Feb 02nd, 2013 - 09:49 pm Report abuse
Any one got a rate for Riechsmarks or Zimbabwe dollars against the Argentine peso?
32 Ayayay (#) Feb 05th, 2013 - 12:13 am Report abuse
@28 lol

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