Argentina

Argentina
Tuesday, August 26th 2014 - 06:35 UTC

Argentina will appeal WTO ruling against the use of import restrictions

 Deputy minister Emmanuel Alvarez confirmed the dispute with WTO but said that “Argentine customs are not closed, but looked after”.

Argentina will appeal a World Trade Organization ruling against its use of import restrictions, according to a senior Argentine official. On Friday a WTO dispute panel found against Argentina in a 2012 case brought by the United States, the European Union and Japan relating to Buenos Aires licensing rules used to restrict imports.

Saturday, August 23rd 2014 - 07:28 UTC

Argentina: “Cristina, share your fortune with the many impoverished in recent years”

Jose Nun was Culture minister with president Nestor Kirchner and is a much respected intellectual and academic in Argentina

A former cabinet minister of ex-president Nestor Kirchner said he wished that the current head of state, Cristina Fernandez would donate part of her considerable fortune so as to help all those people that have suffered impoverishment in recent years.

Friday, August 22nd 2014 - 23:36 UTC

WTO rules against Argentina in trade dispute with world powers

The three trade powers argued that Argentina did not grant licenses to importers automatically as required by WTO rules

The World Trade Organization (WTO) dispute panel ruled on Friday against Argentina in a 2012 case brought by the United States, European Union and Japan against Argentine import licensing rules used to restrict imports.

Friday, August 22nd 2014 - 08:20 UTC

Nobel Prize Stiglitz sides with Argentina in reopening the debt swap

“From a global perspective, it is not possible to understand why a magistrate gets to have the right to judge about any bond in the world”, said Stiglitz

In an interview with Argentina’s daily 'Ambito Financiero', Nobel Economics laureate Joseph Stiglitz considered the Argentine government’s move to reopen the debt swap and replace the Bank of New York Mellon with local Banco Nacion as trustee a “good call” saying the reopening would not be mandatory, “voluntarily” inviting bondholders to join the strategy.

Friday, August 22nd 2014 - 08:04 UTC

Argentina suspends beef exports 15-days to contain domestic prices

Schiariti said the measure represents the “same ineffectiveness and ignorance over the (beef) sector” that ex Domestic Trade Secretary Guillermo Moreno had

The Argentine government has decided to restrict beef exports for a 15-day period seeking to stem the rise of prices in the domestic market. The decision was confirmed by Cabinet Chief Jorge Capitanich and sparked criticism by business leaders in the sector with some voices saying the strategy will have “no positive effects.”

Friday, August 22nd 2014 - 07:43 UTC

Argentina describes Griesa as 'ignorant' and lacking knowledge on democratic institutions

Kicillof, the all powerful minister who is at the centre of the clash with New York justice

The Argentine government again blasted Judge Thomas Griesa for declaring 'illegal' the bill sent to Congress referred to the country's debt and creditors, and said the magistrate “ignores national sovereignty” and “ignores how democratic institutions function”.

Friday, August 22nd 2014 - 07:33 UTC

European holders of swapped Argentine bonds willing to accept removal of the RUFO clause

“We are working with Deutsche Bank to make progress as fast as we can during negotiations” according to Latham & Watkins

European investors holding 5.2 billion dollars of restructured Argentine bonds are negotiating the removal of the Rights Upon Future Options (RUFO) clause that Argentina claims prevents them from negotiating with holdout funds, it was reported in the Buenos Aires media.

Friday, August 22nd 2014 - 07:17 UTC

Griesa leaves Argentina 'in contempt' ledge; warns any change of jurisdiction was 'lawless'

The New York judge added that any entity that aids Argentina in its efforts to move jurisdiction would also be in violation of his sentence.

US District Judge Thomas Griesa declared on Thursday that an Argentine plan to change the 'jurisdiction' of restructured foreign debt was illegal, while resisting holdout investors' demands that Argentina be held in contempt of court for attempting to change the site of payment to Buenos Aires.

Thursday, August 21st 2014 - 08:30 UTC

Kicillof: “no change of NY jurisdiction, but a change of payment location”

 Judge Griesa “clearly benefits” 1% of creditors “that never entered and never wanted to enter” the debt restructurings, claimed Kicillof

Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.

Thursday, August 21st 2014 - 08:06 UTC

'A contempt of court does not apply to sovereign Argentina', says Capitanich

The cabinet chief during his daily morning media conference

Anticipating what seems an imminent order of contempt-of-court by US Judge Thomas Griesa following Argentine President Cristina Fernández decision to push a bill to change the payment jurisdiction to Buenos Aires, Cabinet Chief Jorge Capitanich pointed out that as a “sovereign country” Argentina cannot end up in contempt despite Griesa’s warnings.

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