MercoPress. South Atlantic News Agency
Obama administration sides with Argentina in case filed by ‘vulture funds’
The US has sided with Argentina and asked a federal appeals court to reverse lower-court rulings stemming from bond holders’ attempts to collect on judgments against the Argentine Republic. Read full article
Comments
Disclaimer & comment rulesLaw and Economy and Strategy are different things.
Apr 07th, 2012 - 10:19 am - Link - Report abuse 0Voulture found ???? It took 10 years but better late then never.
Apr 07th, 2012 - 11:19 am - Link - Report abuse 0www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
l didn't think the government could interfere in judiciary decisions.
Apr 07th, 2012 - 12:22 pm - Link - Report abuse 0Maybe the US law is different to ours? Anyone?
@3
Apr 07th, 2012 - 12:37 pm - Link - Report abuse 0Yes, normally not, but judicial conflicts with the IRS involve govt. lawyers too, so it's not unheard of.. Still. it remains to be seen if the court of appeals will strike the ruling or uphold it.
Also, I don't understand why just last month, the United States suspended trade benefits for Argentina over this issue. Why the turn-around?
This pressure by Obama,s administration might be to improve relations with Argentina but once the money men get annoyed they are not slow to show it; as the continueing Eurozone crisis shows.
Apr 07th, 2012 - 12:43 pm - Link - Report abuse 0I would have thought the New York money men are more important to the US government than an 'outcast' Argentine government. Another case of confused disjointed thinking by the Obama administration.
I do know a US court can't interfere in internal Argentine policy. Argentina has no obligation to obey a foreign court, and no American or Brit would accept that either. So no bonds for the bondholders (they had two chances to get something back).
Apr 07th, 2012 - 01:42 pm - Link - Report abuse 0@6
Apr 07th, 2012 - 01:51 pm - Link - Report abuse 0It is true that “US court can't interfere in internal Argentine policy.” The recent court rulings / isues are about Argentine funds, bank accounts, money, etc. that are in the US that could be used by creditors to collect on bonds.
TWIMC
Apr 07th, 2012 - 02:25 pm - Link - Report abuse 0Nice to see the bewilderness and bamboozling of the British turnips when let down by their own information organ!
“I didn't think the government could…….”, you say.
”Maybe the US law is different……”, you say.
”Yes, normally not, but judicial conflicts with…….”, you say.
”I don't understand why just last month…….”, you say.
”Why the turn-around…….?”, you say.
”I would have thought the New York money men...... ”, you say.
” Another case of confused disjointed thinking…..”, you say.
Why…...Why…....Why....…, you ask.
I tell you ”Why” ……
Because you are being brainwashed about Argentina.
Brainwashed on your own ”free will”, dear Turnips.
The worst kind of brainwash that exists.
No escape.
@8
Apr 07th, 2012 - 03:31 pm - Link - Report abuse 0Sorry Think, but this is a discussion for adults.
@9 ptolemy,
Apr 07th, 2012 - 10:48 pm - Link - Report abuse 0Oh very quick, very droll.
l like it.
Put the swede(not turnip) in his place.
Ooooops….
Apr 08th, 2012 - 06:43 am - Link - Report abuse 0Where have all those imminent “Argentina Apocalypse Anglo-Adults” gone ?
Where are ElaineB…, Frank, the Yank… and Yankeeboy… when needed by their kin?
I can see some of them are busy at other threads, defending their turnipidity from the sharp tongue of our new star at Mercopress…..:
Skåre, the Viking; a well hung Norwegian Naval Officer.
We Scandinavians take no bulls**t from nobody!
We are just the coolest ;-)
Where are the “ Argentina will collapse tomorrow ” adults…..
The “ Dollar will be at 15 pesos by march 2012” adults…..
The “USA and the World hate your guts” adults…
Well………………..
Dollar at 4,5 Pesos today; higher than the S, N or DK Krone :-)
Fiscal revenue up nearly 20% last couple of months in Argentina…
Central Bank reserves up ~ 4% last couple of months in Argentina…
Argentina's 2012 budget was calculated on base of a soybeans price of 460$
Soybean price today 550$ and going up, up, up…
http://www.indexmundi.com/commodities/?commodity=soybeans
Etc. etc. etc.
And all this in the midst of a serious economical crisis……
A WORLD WIDE economical crisis.
Get a room……………………….., Turnips.
and for the man on the street , this means 22% inflation and 7.5% unemployment..
Apr 08th, 2012 - 07:39 am - Link - Report abuse 0(12) Nightingale
Apr 08th, 2012 - 08:46 am - Link - Report abuse 0You say:
”And for the man on the street , this means 22% inflation and 7.5% unemployment.”
I say:
Nice to see a honest poster that utilizes quite correct economic indicators, not the exaggerated bull, some of the Anglo-Turnips constantly post in here……........ You MUST be a Kelper.
Yes, my honest Kelper, it means 22% inflation and 7.5% unemployment for all of us, in the context of a serious World Wide Economical crisis.
Please take into consideration that when the present Argentinean government took office in 2003, they:
Inherited a bankrupt Country.
Inherited an inflation rate of 41%
Inherited an unemployment rate of 21,5%
There were NO unemployment benefits at the time. NONE whatsoever.
There were NO social security net of any kind at the time. NONE whatsoever.
Pretty well done.........., if you ask me.
Pure B. S., Think.
Apr 08th, 2012 - 04:50 pm - Link - Report abuse 0And just what did you all expect from Argentina, a repeat performance of course.......for your viewing pleasure:
Apr 08th, 2012 - 06:24 pm - Link - Report abuse 0www.youtube.com/watch?v=UyPC0SD0PGw
www.youtube.com/watch?v=zTBAjfgHLyk&feature=relmfu
www.youtube.com/watch?v=azwWSN2pukk
www.youtube.com/watch?v=iSvQw00SV-c
www.ripoffreport.com/government-worker/argentina-tourists-m/argentina-tourists-murdered-l-33f51.htm
www.ripoffreport.com/federal-government/cristina-kirchner/cristina-kirchner-cristina-kir-dc9b0.htm
(14) and (15)
Apr 08th, 2012 - 07:30 pm - Link - Report abuse 0Two more “Adults” joining the discussion, i see................
@11 Think
Apr 08th, 2012 - 07:51 pm - Link - Report abuse 0The problem with the government of Argentina is that they tell lies about inflation - unofficial rate is 25% while the official rate is 10% so someone is telling lies.
(17)
Apr 08th, 2012 - 08:54 pm - Link - Report abuse 0And now, an “Adult” that answers to something he hasn't even read.....
Why dont you try reading my post (13) ???
There I mention * TWICE * the “most probable” inflation rate of 22%, information freshly picked from the “CIA Country Fact Book”
What is your problem?
Can't you read?
This has nothing to do with how the USA “feels” about Argentina. This is a very serious case that will end up in the US Supreme Court and the Administration (State) doesn't want individuals to be able to seize reserves belonging to sovereign countries on deposit in the USA. It is a very bad precedent and could wreak havoc with the Int'l banking standards.
Apr 08th, 2012 - 09:00 pm - Link - Report abuse 0The problem is Argentina is a very special case. BCRA funds have been used as the piggy bank of the gov't and are not just reserve funds. CFK crossed a line when she used them to pay U$ denominated debt. That is why Redrado was forced out because he foresaw that the reserves could be attachable if she did it.
So sorry Think you are wrong yet again...
(19) Fredbdc
Apr 08th, 2012 - 09:09 pm - Link - Report abuse 0I am seldom wrong.
And it hasn't happened in here yet.
You can just forget all about your cunning plan of buying your dream house in Argentina for a few dollars and employing your Argentinean brother in law as its “cuidador”, Mr. Bates.
Our economy is sound. ....Much sounder than USA's
Get used to it…………..
You are quite frisky tonight sr Think.
Apr 08th, 2012 - 10:07 pm - Link - Report abuse 0Been up the whiskey?
Don't be so defensive about Argentina.
Most of the world doesn't care about you anyway.
Not a drop today, dahrling...
Apr 08th, 2012 - 10:32 pm - Link - Report abuse 0What about you and your vodka “challenge”?
Never wrong??? - There were NO social security net of any kind at the time. NONE whatsoever. Then where did all the social security funds come from which were stolen by the K government?
Apr 08th, 2012 - 10:57 pm - Link - Report abuse 0(23) Yet another “Adult” comment...
Apr 08th, 2012 - 11:18 pm - Link - Report abuse 0This one does not know the difference between “Social Security Net” and “Pension Funds”.
Try to Google it.
You know Google?
Ps:
Speaking about pensions......
The minimum pension in Argentina 2003 was 75 U$S
The minimum pension in Argentina 2011 was 346 U$S
An increment of +361% in DOLLAR VALUE!!!
Educate yourself.............................. Turnip!
Vodka or wine at night, coffee in morning, lager in the afternoon.
Apr 09th, 2012 - 06:06 am - Link - Report abuse 0Can't beat it.
Beautiful sunrise through my stained glass windows.
In other words… You are hooked on mood altering substances and stimulants ….
Apr 09th, 2012 - 08:12 am - Link - Report abuse 0Well….
With four pesty children.............
Who can blame you Lucille…. ;-)
http://www.youtube.com/watch?v=AaNedqu1A6s
20. You are always wrong. Unless you don't live in Arg any longer or you stopped reading newspapers 6 months ago you know full well the economy is in shut down.
Apr 09th, 2012 - 01:07 pm - Link - Report abuse 0Provincial employees are not getting paid, subsidies are going or gone, tolls, transportation, taxes are skyrocketing. 85% chance of recession in the next quarter BUT 30%+ inflation and a daily decreasing peso....yeah that sounds like it is better than the USA.
Ready for Patacones again? Did you save some from the last crash to use this time?
(27) Fredbdc
Apr 09th, 2012 - 01:32 pm - Link - Report abuse 0You say:
“yeah that sounds like it is better than the USA.”
I say:
Nope, that sounds like yet another figment of your imagination.....
Sure, is Reuters, Bloomberg, NYT, WaPO etc etc also reporting on my imagination? You are such a sad, bitter fool.
Apr 09th, 2012 - 02:13 pm - Link - Report abuse 0BTW what the parallel U$ today? Did it reach 6/1 yet or shall we give it another week? Do you think it will be 10/1 or 16/1 like everyone is predicting by the end of the year?
To paraphrase FDR's infamous maxim on Somoza of Nicaragua, Uncle Sam may be a son of a bitch, but at least (on this one) he's our son of a bitch, and I never thought I'd get to say that =)
Apr 09th, 2012 - 03:32 pm - Link - Report abuse 0(29) Fredbdc
Apr 09th, 2012 - 03:45 pm - Link - Report abuse 0Reuters, Bloomberg, NYT, WaPO etc etc have been reporting the same bulls***t about Argentina already in the year 2003
and 2004
and 2005
and 2006
and 2007
and 2008
and 2009
and 2010
and 2011
and now in2012
Besides ....Why should I be interested in the paralell U$S rate.
I dont have illegal money to whitewash!
What's the going rate to whitewash dirty money in Washington DC these days?
20 cent for a dollar? 15 cents for a dollar?
BTW did CFK ever find the LNG you need for the winter or do they plan to idle ALL the factories? Well at least the ones that are still running. I heard that they already idled some this year and it isn't even winter yet! And factories are laying off people all over the country. Brrr
Apr 09th, 2012 - 03:56 pm - Link - Report abuse 0Oh and just so one is confused the USA is going to release it next plan to punish ARG for their import policy. I wonder what that will be? 40 countries shutting of trade just when the soy is coming to market...that might hurt a bit. i wonder will we be that cruel? Maybe...
(32) Fredbdc
Apr 09th, 2012 - 04:14 pm - Link - Report abuse 0Yet more figments of your imagination.....
Funny you keep saying then yet not refuting one statement. Shall I give you links or can you use a search engine yourself?
Apr 09th, 2012 - 04:39 pm - Link - Report abuse 0Do you think the price of Soy is up yoy 3% because the ARG and Brazil crop was dismal? Isn't your own gov't expecting 6MM Tons LESS produced this year (revised DOWN AGAIN last week)? Or was I imagining that too? How much is 6MM tons worth? How does that effect your economy with only 1 significant export? Is that why CFK took full control of the BCRA reserves? Do you think U$ 20B can get her through another year? Or will the peso start to decelerate so much you have hyper inflation again? Are you richer because you have more pesos? How does it work there?
(34) Fredbdc
Apr 09th, 2012 - 05:39 pm - Link - Report abuse 0Yet again, more figments of your imagination.....
You are begining to bore me...........
Sometimes fact are boring. Puzzle me this, If your pension was $900/mo when the peso was 3/1 and it's $1500 at 5/1 are you better off? What happens when you don't get in increase but inflation is 30% yoy AND the peso is worth 6/1. Do you THINK you'll be better off next year too?
Apr 09th, 2012 - 05:52 pm - Link - Report abuse 0I find Argentinian math and economic concepts baffling...can you enlighten me Sr El Think? If you are having a hard time maybe you can take a class from Axel or Ogara.
(34) Fredbdc
Apr 09th, 2012 - 06:51 pm - Link - Report abuse 0Facts don't bore me.
Your manipulated numbers do....
In 2005, when the Peso was 3/1, the minimum pension was ~350$
In 2007, when the Peso was still 3/1, the minimum pension was ~560$
Today in 2012, the Peso is 4,5/1 and the minimum pension is ~1,700$
Converted into U$S values ...:
In 2005, the minimum pension in Argentina was ~116 U$S
In 2007, the minimum pension in Argentina was ~185 U$S
Today in 2012, the minimum pension in Argentina is ~377U$S
Yes, we are better off. Much better off
I was just making up the figures as examples of poor monetary policy but as long as you are using real figures how do you keep yourself clean on $377/mo?
Apr 09th, 2012 - 07:35 pm - Link - Report abuse 0Do you think that pension rate increase has kept up with the real inflation figures, doesn't appear so but I have not checked it? Do me a favor do the math for me.
(38) Fredbdc
Apr 09th, 2012 - 08:08 pm - Link - Report abuse 0You say:
“I was just making up the figures as examples of........”
I say:
Don't say?
You always “make up” your figures Mr. Bates.
Not for nothing, you, real estate brokers, are the most distrusted profession in the USA.
Great line from Forbes..
Apr 09th, 2012 - 09:45 pm - Link - Report abuse 0Argentina continues to deteriorate under re-elected President Christina Fernandez de Kirchner into a tinhorn republic with stooge ministers and national accounts not reputable enough to appear in the Economist’s statistical tables.
Who owns Forbes? And are such people known for liking it up 'em, or not?!
Apr 09th, 2012 - 10:53 pm - Link - Report abuse 0Some more mass delusions from my imagination:
Apr 10th, 2012 - 02:24 pm - Link - Report abuse 0http://www.nyunews.com/opinion/2012/04/10/10viens/
These dichotomies seem to be specific to Argentina. While there are plenty of public bathrooms, it is commonplace to see people relieving themselves on the street with the sun upon their backs. While there are public trash bins on every street corner, most seem happy discarding their rubbish wherever they see fit. While there are still lines clearly indicating lanes on the street, they are taken more as suggestions and are seldom respected. General disorder is the name of the game, and once you've bought the ticket you have to be down to take the ride. While these are common complaints of developing countries, in most other places they tend to try to hide their Achilles' heel, but here in Argentina we just embrace it.
(42) Says
Apr 10th, 2012 - 04:39 pm - Link - Report abuse 01) While there are plenty of public bathrooms, it is commonplace to see people relieving themselves on the street with the sun upon their backs.
I say:
“There are plenty of public bathrooms” .......where?
Myth BUSTED
(42) Says
3) While there are public trash bins on every street corner, most seem happy discarding their rubbish wherever they see fit.
I say:
True
Myth CONFIRMED
(42) Says
3) While there are still lines clearly indicating lanes on the street, they are taken more as suggestions and are seldom respected
I say:
Ahhhhh....that's what those lines are for..... What the heck is a lane?
Myth CONFIRMED
And????? What's the point????
@42
Apr 10th, 2012 - 06:04 pm - Link - Report abuse 0You really must be in desperate mode. To take the musings of a college pamflet which are clearly infused with great doses of sarcasm and confabulation as “serious, objective” news, well if it suits you.
I guess I'll do the same from now on. I have read similar stories in American college papers. About how Americans will eat their own vomit (due to obesity epidemic), or how in the USA there is so much fat removed from liposuction surgeries that it is now used (many times clandestine), for some paint oils.
I can guarantee you Mendoza's downtown streets are cleaner than every single solitary city in your country. The sidewaks are even kerosened daily for disinfection and shine. You could sit down and eat in them.
44. I can't remember, is it Mendoza or Cordoba that has open drainage ditches next to the sidewalks with little bridges to get from the streets to the sidewalks? They're really dangerous. Why aren't they covered?
Apr 10th, 2012 - 07:34 pm - Link - Report abuse 0If you are using kerosene to clean the sidewalks don't you think you are creating an environmental disaster? It must to in your run off and eventually into the water supply. It sounds dangerous and stupid to me. Plus you are running out of oil that is a pretty big waste of a commodity you can't afford.
It is pretty obvious you have never been to the USA. You should come sometime and like the 250K countrymen already here you will probably become illegal and end up staying.
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