MercoPress. South Atlantic News Agency
ECLAC sides with Argentina; calls for Collective Action Clause for sovereign debts
The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has sided with Argentina in the holdout hedge funds litigation arguing on the need to establish an international mechanism that would allow for the resolution of conflicts of interest caused by sovereign defaults: Read full article
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Disclaimer & comment rulesHow are ECLAC different from CELAC, or UNASUR or MERCOSUR or any other set of initials that actually mean a group of the same old cronies from the same old countries?
Jul 07th, 2014 - 11:24 pm - Link - Report abuse 0Just think, one man ( SINGER ) has got a country on its knees, now who would have thought it.
Jul 07th, 2014 - 11:29 pm - Link - Report abuse 0The same country that is trying to get a tiny BOT on its knees. Do I have sympathy for the innocent folk in Argentina caught up in this? Yes.
Jul 07th, 2014 - 11:38 pm - Link - Report abuse 0Do I have any sympathy for those wielding power with the ability to make life difficult for us in the Falklands? Not one little tiny bit.
Meaning, “we have to make it easier for deadbeats to be deadbeats.”
Jul 08th, 2014 - 12:11 am - Link - Report abuse 0Argentina deserves this, they are lying kleptomaniacs.
Wait till they get their “just deserts”. Then come up with a mechanism.
Can we abolish the IMF and ECLAC and use that completely wasted money to pay Argentinas debts for them?
They talk like they want to help the world but they are just screwing it all up.
@3
Jul 08th, 2014 - 01:12 am - Link - Report abuse 0Fortunately for you though, Argentina's financial troubles means that they can't afford to put any bite into their bark.
Unfortunately, I still believe that eventually the people will get fed up with their arrogant, incompetent, and greedy civilian politicians and start looking for something else....
They are.
Jul 08th, 2014 - 01:35 am - Link - Report abuse 0It's called emigration.
Well - they would do, wouldn't they? They all want to get away with it!
Jul 08th, 2014 - 05:22 am - Link - Report abuse 0Why would you want extra laws, look it is quite simple. you borrow money at a certain % and then you pay it back as per the contract, simples really. If you don't think you can afford to pay it back, don't borrow so much.
Jul 08th, 2014 - 07:02 am - Link - Report abuse 0It boggles my mind that the Rgs keep asking for things that are out of bounds for the judge.
Jul 08th, 2014 - 10:50 am - Link - Report abuse 0They have no idea how things work in a civilized country.
At this point I don't see them paying by eom July.
It wouldn't be so bad if she hadn't used the phrase “voluntary negotiation”. It is, I believe, a matter of public record that Kirchner deceased told the bondholders to accept the deal or get nothing. That's not a “negotiation”, nor is it “voluntary”. But there is already a “mechanism” to resolve issues. It's a properly constituted court that administers and applies the law without fear or favour. I accept that it's a difficult concept for latam to get its head around. But it's the way that the larger part of the world operates. Guess latam will just have to get used to it. By the way, Ms Barcena, not a good idea to try to fog the issue by using gobbledegook and jargon. Or lies.
Jul 08th, 2014 - 11:30 am - Link - Report abuse 0I think it is a 'human right' to have a contract honoured and one's loan money returned at the appropriate time.
Jul 08th, 2014 - 05:25 pm - Link - Report abuse 0ECLAC and Argentina should be taught ethics.
This would only encourage more dodgy countries to get more in debt knowing that they can default on the loans without retribution.
Jul 12th, 2014 - 03:55 pm - Link - Report abuse 0So the lenders will stop lending and the end result will be that some poor, but ok, countries will go to the wall.
Nice one. Try thinking it through next time Alicia!
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