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.
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”.
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32 comments Feed
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And then act confused why nobody will invest in your newly stolen company.
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.
Cost money and are not useful at all.
Unsur bank would replace those good for nothing institutions.
Viva Peron...
How is the Institute of Fisheries Management leaving you out of pocket? Is it stopping you robbing the oceans?
I don't seem to understand Argentine ethics or morality, and I'm in any way convinced they even have any.
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.
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.
We want nothing to do with any of you tossers. None of you ever wanted to deal fairly with us, so good!bye.
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?
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?
One must keep their enemies closer. Simple.
13
Argentina ruined? Triple dip, double dip...
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.
.
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.
They can't won't be able to get loans or insurance.
Wow what a way to ruin a country!!
Simply breathtaking.
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.
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!!!
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?
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?
ICSID Bulletin.
“Thank ferk for that. there is a God.”
“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.
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