Thursday, September 5th 2013 - 02:46 UTC

Cristina Fernandez anticipates she will address ‘vulture funds’ issue at G20 summit

After arriving in Russia for the two-day G20 summit, Argentine President Cristina Fernández stressed she will be addressing the “vulture funds issue” during the summit despite the US rejected to mention it in the final statement.

The Argentine president said ‘vulture funds take advantage of everyone”

“Vulture funds take advantage of everyone, not only Argentina” she told reporters adding Argentina will discuss “employment creation, production and investment“ which are ”the elements which will save the global economy amid a context of crisis”.

“I was reading that in Greece the government has allowed the sale of food with expired dates and over a million government staff despite not having been paid for the last year, still go every day to work fearing the loss of jobs”, added the Argentine president.

“These are the things we should talk about and deal with the ‘vulture funds’ which take advantage of countries close to defaulting or indebted as us” insisted Cristina Fernandez. “This has happened to the Greeks and the Spaniards and the Portuguese and in Spain vulture funds also purchased junk sovereign bonds at rock bottom prices and will be asking for full face payment”.

The Argentine leader said Greece is going for its third debt restructuring with ‘shaves’ and yet has been unable to pay, “and to us who have agreed with 93% of bondholders and have been paying regularly since 2005, they want to beat us down”.

“The St Petersburg summit is very special since it takes place at a delicate and serious moment of world affairs, not only because of the economic crisis but also because of the complicated global institutional situation such is security in the Middle East”

The Argentine head of state is expected to hold bilateral meetings with Russian leader Vladimir Putin and China’s Xi Jinping.

Secretary General to the presidency Oscar Parrilli also informed Cristina Fernández will be meeting Indian and Japanese leaders Manmohan Singh and Shinzo Abe respectively as well as South African head of state Jacob Zuma in the margins of the multilateral reunion.

With her Chinese counterpart, the Argentine leader will be signing three agreements that aim at strengthening bilateral ties in strategic areas such as economy and food.

Cristina Fernandez will also receive at a special meeting the new chief of the World Trade Organization, Roberto Azevedo.

According to government sources, Cristina Fernández de Kirchner will be taking to the G20 table the official decision to reopen the debt swap (which already has half-approval and is supported by the opposition) –facing a 1.3 billion dollar legal dispute against US-based vulture funds-, calls to reform the international financial system, the fight against tax havens, and the creation of employment as a key element both to face and overcome the global crisis hitting the world since 2008.

Russia occupies this year the rotating chair of G20 and is hosting the St Petersburg summit at the St Constantine Palace. Putin said that the summit agenda will concentrate on uniting efforts to prop global economic growth and promote employment by creating jobs.

 

44 comments Feed

Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Comments should refer to article. Thank you.

1 british bomber (#) Sep 05th, 2013 - 03:09 am Report abuse
The rgs are going to get away with defaulting. America should start sanctions against rg land now like Iran.
2 ElaineB (#) Sep 05th, 2013 - 05:06 am Report abuse
As I said when I read this yesterday, CFK was always going to make this all about Argentina. She has admitted Argentina is on the brink of default.

Not one of the agreements she is signing is of any real significance. Agreements to strengthen talks and trade but nothing solid.
3 Welsh Wizard (#) Sep 05th, 2013 - 05:18 am Report abuse
“Cristina Fernandez anticipates she will address ‘vulture funds’ issue at G20 summit” and none of the decision makers will listen. The courts have made it abundantly clear in their rulings that they are not trying to set a precedent here and that this is a policy decision. Argentina is a regularly in default and on this occasion it went to NY to issue debt so that it could fill its boots whilst paying a lower coupon on the bonds. A vast number of academics and lawyers, having looked at the judgement, have realised that this ruling is not a blueprint for future similar situations. Whether you agree or not with the action taken by the funds, the legal community now realises that Argentina is being punished by the NY courts for it attitude towards restructuring and towards to courts themselves. Argentina is being made an example of because of the way that it has tried to take advantage of a different legal system but not abided by it when required. At the very simplest level this is about benefits and obligations. When a court sees you just trying to gain the benefits of a contract without living up to your obligations they will find against you. It’s called equity. I know that there are arguments to say that the debt was illegal and that once in the country it was misused but that is a non argument akin to a “knowledge of the law” argument. If your previous government was so useless as not to be able to keep track of payments so that they weren’t filtered off then it isn't the investors fault. After all, each country deserves the governments it votes for and whilst this was going on, you had a shocker which you voted for and fully deserved.
4 zathras (#) Sep 05th, 2013 - 05:41 am Report abuse
Funny how she bangs on about 93% of Bondholders accepting the cents in the dollar. Yet she fails to accept 99.8% of Falkland Islanders wanting to remain a BOT. One rule for one... Oh and anyone notice anything positive happen at the UN security council last month, with it's temporary chairperson.
5 screenname (#) Sep 05th, 2013 - 06:25 am Report abuse
People owed money will expect it back from everyone, not only Argentina!

If the old loon starts squawking a line along this theme how much sympathy does she really expect?

The real victim here are the original investors, not Argentina. If a hedge fund steps in and takes these theives on then great: Not better than the original investors getting their money, but a hell of a lot better than Argentina getting their own way without a fight.
6 ElaineB (#) Sep 05th, 2013 - 06:47 am Report abuse
'Vulture' funds is not even on the agenda but that won't stop her whining. What does she think is going to happen? Putin is going to demand the fund drops its claim? Nothing will happen because it is not on the agenda and no one much cares anymore. CFK's big mouth and penchant for talking to much about off agenda topics that are all about Argentina has marginalised the country. Her rudeness and disregard for the US courts is mirrored in her tardiness and disregard for world leaders by expecting them to wait around for her.

The crisis in Syria is going to be on everyone's mind and even CFK'c narcissism cannot match the ego of Putin. She will be irrelevant.
7 yankeeboy (#) Sep 05th, 2013 - 07:19 am Report abuse
This is most likely CFK's last G20 meeting either she will be gone or Argentina will be booted.
She should make the most of it.
I wonder how many shoes she'll buy?
8 ElaineB (#) Sep 05th, 2013 - 08:38 am Report abuse
All the expensive brands she likes are in St. Petersburg. Strange isn't it? They rail against the capitalist West but want to enjoy all the trappings of luxury it can offer.

The only issue being talked about off agenda is Syria.
9 Conqueror (#) Sep 05th, 2013 - 08:47 am Report abuse
I cannot but agree with the previous comments. I think part of her problem is those rallies of hers. She's so used to sycophants and paid supporters. Does she think the G20 leaders are going to march out of meetings chanting her name? Why can we not have some honesty? What's wrong with calls to shut up when she opens her mouth? These are all politicians accustomed to the cut and thrust of parliamentary debate. I reckon they could have her in tears in half an hour.
10 GeoffWard2 (#) Sep 05th, 2013 - 08:58 am Report abuse
I have absolutely no doubt whatsoever that CFK will raise the Falklands issue.
Whatever the forum, whatever the topic; wherever the audience; ...

Conq., she could be in tears in around thirty seconds if they treated her to a 'Prime Minister's Question Time'.
11 Simon68 (#) Sep 05th, 2013 - 09:17 am Report abuse
I would like to raise the question of who exactly are the “vultures” in all this:

1) The Argentine government in 2005 and again in 2010 offered to pay her bondholders 35 cents in the dollar in, I think, a period of 28 years!!!!!!!!!

2) The hedge funds paid Argentina's bondholders between 30 and 45 cents in the dollar CASH!!!!!!!!!

Which of these two, Nestor Kirchner or the hedge funds were kinder to the bondholders??????????
12 agent999 (#) Sep 05th, 2013 - 09:20 am Report abuse
“Why are you all making such a fuss about Syria when the real problem is the British with the Falklands and Gibraltar!”
13 ElaineB (#) Sep 05th, 2013 - 09:41 am Report abuse
Dilma is sitting next to Barack; awkward. She has just cancelled her visit to the US. The alleged 'spying' has be cited but we all know the real reason is far more to do with economics. If anyone doubts the power of the US on the world's economy they can see the BRICS beginning to struggle as the US eases up on stimulating their economy. They are still dependent on the dollar and the US economy to obtain the growth they desire and Brazil will be one of the main countries to be affected.

Loving how almost every commentator on every news channel cannot find a reason to justify Argentina being in the G20.
14 Pete Bog (#) Sep 05th, 2013 - 09:42 am Report abuse
@10
“Conq., she could be in tears in around thirty seconds ”

How long if she was told the shoe shops were closed?
15 yankeeboy (#) Sep 05th, 2013 - 12:51 pm Report abuse
13. It's one of the common themes I debate on this board.

Some people want to look at the last 10 yrs of growth for SA and think they'll continue while also looking at the USA while in recession and think our time is over.

ALBA's reliance on commodity export hasn't changed in the last 100+ yrs. They're still exporting “ground” goods and getting back mfg'ed goods then can't figure out why they get poorer every year.

You can't devalue your way to prosperity.
16 Anbar (#) Sep 05th, 2013 - 01:05 pm Report abuse
She's gaga really.. having spent so long talking to paid-for audiences she actually now thinks that she's a great Orator... rather than her true talent as a great orifice.
17 The Truth PaTroll (#) Sep 05th, 2013 - 01:12 pm Report abuse
@13

Well, the key word you used on the BRICS is “economic growth”, something your little island nation will never know again, as everyone knows.
18 ElaineB (#) Sep 05th, 2013 - 02:07 pm Report abuse
@17 Try to keep up, TTT. Just one example:

Strong services data signals UK growth is on track to outstrip rest of Europe
PMI survey's all-sector reading hits 15-year high, with order books growing at fastest pace since Tony Blair became PM. Britain's recovery is on track to outstrip the rest of Europe following a strong performance by the services sector in August.

The purchasing managers index, published by Markit, jumped to a new post-financial-crash high of 60.5 in August, up from 60.2 in July and its highest level since December 2006.

Markit said the latest survey of the all-important sector, which accounts for around 78% of the economy, sent the all-sector PMI to its highest level since the series began in 1998.

Chris Williamson, the data provider's chief European economist, said growth was now accelerating in manufacturing, services and construction, and that GDP growth could exceed 1.0% in the third quarter of the year.

You really are a masochist aren't you, TTT?
19 Conor J (#) Sep 05th, 2013 - 02:18 pm Report abuse
@17
“little island nation will never know again”? Last time I checked the UK has the highest economic growth in Europe along with Germany, was that a lie you just told, TTT?

I guess we won't be seeing you comment again, remember your promise if you ever told a lie?
20 The Truth PaTroll (#) Sep 05th, 2013 - 02:36 pm Report abuse
You people are febrile delusional. You are all in a cockyfest over a dead-cat bounce.

Tell me, where is the “growth” going to come from? Let's analyze the mighty UK economy:

Does it have any manufacturing sector today? No.
Does it have any up and comming manufacturing sector with the slightest hope of providing growth? No.

Manufacturing has been proven as a true long-term growth provider. But ok... let's see “raw materials”:

Does the UK have abundant raw materials? No. (neither abudant nor material)
Does the UK have mineral wealth? No.
Does the UK have oil wealth? No. (North sea is pretty much GONE)
Does the UK have extensive land to cultivate? No.
Does the UK have untapped fishing? No.
Does the UK have forestry wealth? No, all of it long hewn due to environmental incompetence.

Ok, no raw materials either.... not looking to good, where is this growth going to come from? Ok, lets look at services:

Does the UK have any vigorous service industry outside banking? No.
Is the UK banking sector formidable? YES.

Finally... but...

Does anyone trust it after 2009? No.
Will the entire world, but most importantly Europe, going to snuff out the city with regulations because they proved they could not regulate themselves? YES.

So no services, no banking to lead growth either.

No factories, no commodities, no banks...

Where is the engine?

Answer: there is none:

And to top it off, you have a demographic problem: less people, smaller GDP by default, does contraction by aging. And you still are loaded with debt and any future downturn won't be at all mitigated with hefty spending.

There is no future for the UK economy, but contraction. From all perceivable angles.
21 reality check (#) Sep 05th, 2013 - 02:46 pm Report abuse
Lmao!

Plank!
22 yankeeboy (#) Sep 05th, 2013 - 02:47 pm Report abuse
20. WTF are you talking about?
Gads you are delusional.
Didn't you say the same thing about the USA a few yrs ago?
What an idiot.
23 Conor J (#) Sep 05th, 2013 - 02:53 pm Report abuse
@20
So not only are you a liar but you cant even admit to it. Everything you just wrote is utter bull.

Does the UK have a manufacturing sector? Err...yeah its one of the largest in the world and accounts for around 80% of exports.

Raw materials? Ok got us there but there are more then enough to contribute given the Islands large population.

Does the UK have any vigorous service industry outside banking? Err yeah

Oh I cant be bothered to write it all down, read this Article;
en.wikipedia.org/wiki/Economy_of_the_United_Kingdom

And this one;
www.express.co.uk/news/uk/426779/British-economy-set-to-rocket-as-growth-expectation-doubles-for-2013

And this one;
www.telegraph.co.uk/finance/economics/10282920/OECD-revises-up-UK-growth-as-construction-grows-at-fastest-pace-in-six-years.html

And this one;
www.theguardian.com/business/2013/sep/02/uk-factories-booming-manufacturing-pmi

And this one;
www.independent.co.uk/news/uk/home-news/now-we-are-637m-uk-had-biggest-population-growth-in-europe-over-past-year-8751929.html

Oh and heres one for you'
The UK has small natural resources and uses them to their full potential.
Argentine has abundant natural resources and can't use them at all.

So I guess you wont be commenting here ever again you hypocritical, lying, pathetic nob.
24 ElaineB (#) Sep 05th, 2013 - 03:11 pm Report abuse
I guess I don't need to add to the above.
25 Conor J (#) Sep 05th, 2013 - 03:14 pm Report abuse
@24
He's a bit of an arse isn't he Elaine? I mean he obviously has some sort of Attention Deficit Disorder coupled with small Penis syndrome.
26 Falkland Islands (#) Sep 05th, 2013 - 03:16 pm Report abuse
@ 20 one thing is for sure, that you are an Argie, choose to ignore that Argie land is going to the dogs and then HOPE that, or take your mind of your own misfortunes by pretending that another country is worse off. now one thing is for sure, you will never change, and that is why us Falkland Islanders will never trust an Argie.
27 The Truth PaTroll (#) Sep 05th, 2013 - 03:59 pm Report abuse
@22

I wasn't here a “few years ago”.

The USA is in the toilet. Your middle class is on it's way to extintion, that's not me saying it, most americans surveyed themselves believe this. You are done, you just don't know it yet because you are patriotic fool. The signs are all around you... gawd even your New York city tunnels are not fit for use do to age and safety concerns.
28 Gonzo22 (#) Sep 05th, 2013 - 04:04 pm Report abuse
@23 Raw materials that your country steal from the countries your country invades.

You're causing millions of deaths around the world, people, and one day you will have to pay for that, the price will be your life, just like you take the lives of others. You can not default on that debt.
29 Captain Poppy (#) Sep 05th, 2013 - 04:15 pm Report abuse
titti boi.....did you read that, see that, or did your momma tell you that as you were suckling her nipples dry lie the little teen titti boi you are?

did you read it online
see it in person
your momma tell you

When we speak of Argentina.....we've seen it.

As bad as the US economy is FOR OUR STANDARDS, Argentina has never come close to our bad times during the best of Argentina's times. Keep repeating your words, it will happen when you fall asleep.
30 yankeeboy (#) Sep 05th, 2013 - 04:22 pm Report abuse
27. Sorry was that the Obsidian salesman? I am mistaken.

The USA is not Argentina, we are not “in the toilet” and I am not sure where you are getting your information.
Maybe if you could afford to travel you'd see for yourself but alas I am sure you wouldn't qualify for a visa.
The USA is on track to grow our economy somewhere between the size of Italy and France this year. I don't think that is “in the toilet”.

As I have said we are on the verge of an energy revolution in the USA and the next decade will be phenomenal. It will change the world.
31 Conor J (#) Sep 05th, 2013 - 04:27 pm Report abuse
@27
No response for me, TTT? Guess it proves that you are a coward as well as a liar.

@28
Right..........Ok.
32 brasherboot (#) Sep 05th, 2013 - 05:43 pm Report abuse
Could someone explain: Why is Argentina still in the G20?
33 Conor J (#) Sep 05th, 2013 - 05:54 pm Report abuse
@32
Its the only way to get them to shut up a bit. lol
34 Captain Poppy (#) Sep 05th, 2013 - 06:31 pm Report abuse
And I was thinking that every fair and circus always bring their portable toilets and cfk is the perfect toilet.
35 The Truth PaTroll (#) Sep 05th, 2013 - 10:24 pm Report abuse
@32

For the same reasons FIFA still has the “home nations” cockomaney, even though the home nations haven't done squat in football in about a century.

@30

Size of France or Italy, or the UK you mean? (since all three are around 2 trillion)

en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

Really? that means that out of 15 trillion you will grow 2 trillion this year?

That's 13% GDP expansion... man that should be all over the world news but I haven't heard a peep.

There is a chance yankeeboy as usual is on drugs, but, actually, he probably is.
36 little bill (#) Sep 05th, 2013 - 10:26 pm Report abuse
@34 - Ewww. I don't think we want to hear about your coprophiliac fetish. Your desire to degrade women, and in this manner, is very unhealthy. You need to seek help.
37 Conor J (#) Sep 06th, 2013 - 04:07 am Report abuse
@35
Still no reply for me TTT? Don't tell me that after all your moral high end statements that you are a liar as well as a coward. You claimed that the UK was economically finished - a lie. I provided you with evidence to the contrary, so according to your little promise, you won't be commenting here anymore. So are you going to full-fill your commitments in this regard, or are you going to pull an Argentina over me and ignore the rules?

You sir, are the physical being for Argentina as a whole.
38 Captain Poppy (#) Sep 06th, 2013 - 04:59 am Report abuse
#36 I am not degrading women, I am degrading CFK. Then again, she adequately degrades herself with the need of help. More so, CFK degrades each and every Argentine as long as she remains president.
Lastly......WTF is we that you seem to think you represent ? Don't like the post......LEAVE and do not read the post.

IT'S AS SIMPLE AS THAT!
39 little bill (#) Sep 06th, 2013 - 08:04 am Report abuse
@36 - OK so you fantasize about defecating on a particular woman. Do you honestly believe that makes your sexual perversion and you any less repulsive?

'We' represents the vast majority of the people whom are sickened by your disgusting sexual desires.
40 Captain Poppy (#) Sep 06th, 2013 - 12:48 pm Report abuse
You buffonic imp. No one is talking sex here but you. Talk your nothingness back to your nowhereland and rant about your sexual perversions whatever they are.

No stop diverting the article from the fact that Asslips Kirchner cannot attend any event where there is “real” national leaders and not talk about two things:

1-The indepedent Falkland Islands
2-the “Vulture” funds that Argentina refuses to pay back they money she took.

Anyone that invests in Argentina is FLUSHING their money in the toilet and that toilet is kirchner and her entire criminal cast. Fortunately, a future flsuh not too far off and it will the the kirchnerite's spinning helplessly down the tubes.

You represent NO ONE!!!
41 slattzzz (#) Sep 06th, 2013 - 06:00 pm Report abuse
@35 hahaa that's you best shite yet
Give it up you prick and do us all a favour go HOME to rgenwener
Jealously is green you play in blue get over it you penis CFK is making a fool of you, wherever she goes, or anytime she opens her botoxed lips. Tinman is a weak henpecked wimp, your society is fooked despite what you believe (even though you haven't been there for years) but heyho. You hide behind your inadequacies because you won't or haven't got the guts to do anything about it whilst you sit in your house in Europe and live the good life, slag off the hand that feeds you and gob off . Go home then you have a reason to speak and we might give you a little more respect, but as of now you are lower than a daschunds belly and may I say a little bit yellow.
@28 Gonzo are you Sussie in disguise cos your about on the same intelligence level?
42 little bill (#) Sep 06th, 2013 - 06:08 pm Report abuse
@40 - You have said that “cfk is the perfect toilet”. Its clear that you are fantasizing about defecating on her. This is a disgusting sexual perversion whether you accept this fact or not.

You British are very, very unattractive people.
43 GeoffWard2 (#) Sep 07th, 2013 - 05:50 am Report abuse
Please don't generalise, little Bill;
speaking personally, some of us are *really* attractive.
44 Captain Poppy (#) Sep 07th, 2013 - 02:29 pm Report abuse
If you equate toilets and sex....you are the suck one. You think not? Take a poll of everyone here and see if your thinking of a toilet anad sex is normal?
45 little bill (#) Sep 07th, 2013 - 04:02 pm Report abuse
44 - Take a poll? I think not. I came here looking for some news about South America but instead seemed to have stumbled upon some sort of eurotrash coprophilliac convention. Apart from that your only preoccupation is apparently Argentina and the Falklands which is a subject long forgotten by anybody with any sense.

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement