Argentine defaulted bonds dispute reaches the US Supreme Court

Wednesday, January 18th 2012 - 03:13 UTC

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The US Supreme Court has asked President Barack Obama's administration for its views of a ruling that unfroze 105 million dollars of Argentina's central bank deposits in a setback for two US investment funds that sought to seize the money to satisfy their claims from Argentina’s debt default a decade ago. Read full article

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Yuleno
Here is the real interesting matter.How global capitalism penetrates sovereignty by osmosis.Who is right or wrong here isn't the real matter of interest,it's how states are subjected by default,to the laws of capitalism creating it's preferred conditions.The national state no longer exists,it is a phantom,I think.
Jan 18th, 2012 - 11:29 am - Link - Report abuse 0
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yankeeboy
I agree, it's a very interesting case. Although it is not over sovereignty it is fraud. If CFK didn't use the BCRA reserves to pay some debts but not others there wouldn't be a case but alas she did. The question is, will she be able to get away with it?
If Argentina loses they will have to pay the full 6B or some negotiated figure or risk losing all ability to use U$ for trade, confiscation of IDB loans, WB loans, etc and most likely the Swiss would impound the funds that are on deposit with them.
Jan 18th, 2012 - 01:55 pm - Link - Report abuse 0
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ChrisR
@2

Let's hope it turns out that Argentina loses: they need a real world lesson to deflate their ego.

This time the money is already in the bank and just needs to be distributed to the creditors at long last.

I hate and detest fraudsters or any nationality.
Jan 21st, 2012 - 05:57 pm - Link - Report abuse 0
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