United States

United States
Sunday, August 3rd 2014 - 13:22 UTC

“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

While Singer’s firm has yet to collect any money from Argentina, experts say that the battle may have shifted the balance of power toward creditors

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.

Saturday, August 2nd 2014 - 09:18 UTC

“Debt restructuring” and the Argentine case by Joseph Stiglitz

“The vultures have invoked the rule of law but we should be clear: This is about greed”, says the Nobel Prize

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.

Saturday, August 2nd 2014 - 09:08 UTC

IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

ISDA's 15-member determinations committee decided that a “failure to pay” event has occurred on the contracts on July 30

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.

Saturday, August 2nd 2014 - 08:58 UTC

Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

Thus Argentina for these reasons, “reiterates its request, by writing, that the mediator be replaced”.

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.

Saturday, August 2nd 2014 - 08:32 UTC

US economy creates 209.000 jobs in July but unemployment edges up to 6.2%

The US economy expanded at a 4% seasonally adjusted annual rate in the second quarter after a steep 2.1% contraction in the first quarter

The U.S. economy added 209,000 jobs in July, the Labor Department reported on Friday. However the unemployment rate edged up to 6.2% from 6.1%, somehow confirming the Federal Reserve concern about still weak employment.

Saturday, August 2nd 2014 - 04:08 UTC

Griesa orders Argentina/holdouts to resume negotiations and an end to 'misleading information'

 The Judge told Argentina lawyers “to take steps to stop the misleading information being released by the Republic”

US District Judge Thomas Griesa presiding over Argentina's bitter dispute with two hedge funds left the country stranded in default on Friday, ordering it to hold new negotiations and calling for an end to “mistrust”. In a stern tone Griesa slammed the decision by Argentina to defy his order that it pay in full holdout investors and instead opted to default on 29 billion dollars in debt.

Friday, August 1st 2014 - 08:33 UTC

US calls on Argentine government to seek 'practical solutions' with holdouts

According to acting ambassador Kevin Sullivan, “there are still possibilities to achieve an agreement.”

Kevin Sullivan, US interim ambassador in Argentina affirmed on Thursday that the country must seek “practical solutions” with the 'holdouts' or the so called vulture funds over defaulted bonds.

Friday, August 1st 2014 - 07:57 UTC

World economists call on US Congress to take action on the Argentina/holdouts rulings

Forcing Argentina into a default that nobody wants ”is wrong and damaging,” said Mark Weisbrot, Co-Director of Center for Economic and Policy Research

Over 100 economists, including Nobel laureate Robert Solow, Branko Milanovic and Dani Rodrik called on the United States Congress to take action to mitigate the harmful fallout from the recent ruling by Judge Griesa of the U.S. District Court for the Southern District of New York that requires Argentina to pay holdout creditors at the same time as the majority of creditors.

Friday, August 1st 2014 - 07:52 UTC

Argentine president defies Judge Griesa rulings and mocks 'selective default'

An impeccable Cristina Fernandez displaying her discursive aggressiveness and fine irony

President Cristina Fernández said on Thursday she will not “sign an agreement” that compromises Argentina's future, while blasting “vulture funds” for wanting to “collect Griesa's usurious sentence”, following the Wednesday failure of negotiations between the country and holdouts.

Friday, August 1st 2014 - 02:43 UTC

Saying Argentina has defaulted is “an atomic nonsense” underlines Kicillof

The minister again bashed Judge Griesa and his 'incongruence” reflected in the ruling that allows 1% to block 92% of legitimate bondholders

Argentina's Economy Minister Axel Kicillof denied point blank that Argentina defaulted on its debt and described such statement as “an atomic nonsense”. The minister gave a press conference in Buenos Aires a day after the failed negotiations with holdouts in New York and claimed ”those who today cheer the apocalypse, applauded the 2001 (crisis).”

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