MercoPress. South Atlantic News Agency
US Supreme Court rules in favour of Argentina and unfreezes funds
The US Supreme Court on Monday rejected an appeal by two US investment funds that seek to seize 105 million dollars of Argentina's central bank deposits in New York to satisfy their claims from the country's huge debt default a decade ago. Read full article
Comments
Disclaimer & comment rulesWith all the pay rises KFC is going to have to promise to try and silence the workers the $105 M isn't going to go far.
Jun 26th, 2012 - 08:05 am - Link - Report abuse 0about a day and a bit....
Jun 26th, 2012 - 08:19 am - Link - Report abuse 0Hard to sympathise with those stupid enough to invest in Argentina in the first place.
Jun 26th, 2012 - 10:12 am - Link - Report abuse 0CFK dodged a bullet here! Doesn't change the fact that Arg still will not be able to issue Int'l bonds until they settle the ICSID judgments and with the holdouts. Funny thing about Billionaires they can wait a long time to be paid, much longer than CFK will be able to...
Jun 26th, 2012 - 11:05 am - Link - Report abuse 0like you say 105 million wont keep maximo in pies for the week.
Jun 26th, 2012 - 11:35 am - Link - Report abuse 0mama mama maxi need pie!!!
I think these would have be so called Vulture Hedge Funds. Although not a sympathiser to the RG cause these funds have caused a lot of trouble for African countries with their aggressive behaviour. Mind you to be in the same boat as Benin, Niger and the Central Arican Republic inter alia shows how far Argentina has sunk!
Jun 26th, 2012 - 11:46 am - Link - Report abuse 0Well done Supreme Court! Today there isrule of law in the US but not in Paraguay with its parody Supreme Coup, sorry Court!
Jun 26th, 2012 - 11:55 am - Link - Report abuse 0#4 “Funny thing about Billionaires they can wait a long time to be paid”
Or maybe if they're billionaires already they can just not be paid, its not like they'd even notice in terms of their spending or quality of life!
“much longer than CFK will be able to”
If you mean Cristina herself, aren't you going on about how she's a billionaire with her ill gotten gains! Or if you mean the Argentine state, nice to see you prioritising the bank accounts (given what I've alredy explained about spending by these types above) of the richest over the social services of a whole country!
cLOHO:
Jun 26th, 2012 - 12:42 pm - Link - Report abuse 0In 1970 decade, all argentinians pay for air taxi and health to the malvinenses....even for 1 of them...why no one mentioned? Is the same thing don´t you think?
I prefer CFK mother helping Maximo to Cameron and his wife leaving their children in a LONDON PUB at night-
4-Yankeeboy: as Maradona says.... LA TENES ADENTRO......
Saludos
@7 Nice to see you condoning theft. How does it work? “It's not theft because the victim won't notice”?
Jun 26th, 2012 - 12:55 pm - Link - Report abuse 0Of course, CFK still has to be careful. Having got one of her tame judges to dismiss an investigation into her ill-gotten gains, without explanation, she knows that, if the people knew how “royally” she is screwing them, her scrawny turkey neck would likely become a stretched scrawny turkey neck. Can't let that happen before she's bought her palaces, her “private” jet of the correct description (can't have her flying around in anything of a lower standard than Tango 01). A Boeing 757 is only US$80 million plus the costs for “customisation”. And the fuel. And the crew. Plus the costs for building the private airfield(s). After all, if one is skipping out of a country just ahead of the local authorities, you can hardly go to the nearest public internationa airport. So I guess the argie people have a lot to pay for yet. After all, CFK only has £496,471,762. Hardly enough to pay for all she undoubtedly wants. Mind you, that's only “accurate” up to the end of 2010. And most of it “acquired” in less than 8 years. Is she aiming for a (American) billion? Especially as she may have Maximo to support!
Bk
Jun 26th, 2012 - 12:56 pm - Link - Report abuse 0What is rarely reported outside the US is the fact that the US government (Both Bush/Obama administrations) supported Argentina related to restructuring their debt. They have arguing in US courts for years that bond holders need to accept the 75% reduction on defaulted bonds from 2002. Their frustration with Argentina is when Argentina loses a dispute in court they simply ignore it. There is no plan to “Punish a left wing government” as you said yesterday by not buying the same amount Argentine products as the US sells them.
#8 ... so you get handed some ready made abuse on a plate, and you still can't use it honestly or get the simplest of facts right ... try country pub in a small village ... at lunchtime.
Jun 26th, 2012 - 12:58 pm - Link - Report abuse 0@YankeeBoy
Jun 26th, 2012 - 02:25 pm - Link - Report abuse 0O h! Poor YankeeBoy he was saying till got exhausted that US will confiscate all ARG assets in USABAMA and that will be taken though measures.
What was wrong YankeeBoy now?
Any suggestion from you to laugh?
Dany, I said it was a possibility. It would have set precedent and caused a world wide banking crisis so it was always pretty remote they would rule on the case. It changes nothing for Arg though.
Jun 26th, 2012 - 02:30 pm - Link - Report abuse 0Arg will still not be able to issue Int'l bonds until the ICSID and holdouts are paid.
I bet Arg will need the U$ way before they do so it is just a waiting game now.
Italian and German holdout pensioners should “retire”.
Jun 26th, 2012 - 02:48 pm - Link - Report abuse 0Pun. yes.
@yankeeboy
Jun 26th, 2012 - 03:33 pm - Link - Report abuse 0Again you wrong Argentina cans issue bonds now to international market the only issue is the spread that Investors are asking to buy them.
As is not convenient at the moment and there is no need to issue debt to get U$s when you hold close to 50bn in reserves getting low interest everything is fine.
So where do you get that Argentina need to issue new debt?
Just wonder...
Argentina CAN NOT issue bonds in the Int'l market because the bonds and proceeds could be seized with the outstanding court orders and judgments. It has nothing to do with the poor credit rating. That is a gov't canard.
Jun 26th, 2012 - 03:44 pm - Link - Report abuse 0Plus the 47B Bcra reserves are really about 11B liquid. Arg owes more U$ than you currently have in liquid reserves it is technically bankrupt. You just don't know it yet.
8 ... Yeah nice one..Troll facts wrong...70's pay healtho tax for malvinosis?.???? What the feck you on about. You respected the islanders so much you invaded in 82 and your troop defecated in there houses And planned to evict them Sweet! maximo will send you a correct response, silly maximo...kircher couldn't leave him behind in a pub, especially a carvery it would be carnage!,,
Jun 26th, 2012 - 04:29 pm - Link - Report abuse 0@17 hilarious burger anyone be the richest carvery ever
Jun 26th, 2012 - 05:06 pm - Link - Report abuse 016 yankeeboy as Rosarino wrote to you and as Maradona said, LA TENÉS ADENTRO.
Jun 26th, 2012 - 05:21 pm - Link - Report abuse 0Argentina owes 40 % of it's PBI study more next time mate...
19... As the Gurkhas said ...why do the rgs run away...and correction it's Sudy not study. Did,you go to school div head
Jun 26th, 2012 - 06:34 pm - Link - Report abuse 0Ha ha.
Jun 26th, 2012 - 06:51 pm - Link - Report abuse 0Yeah, keep quoting Maradona... the sage and fountain of all goodness, honor, honesty, respect...
He was an incredible footballer. But he was also a brazen cheat in a World Cup game (any means possible to beat the english right?). And he was /still is an incredibly arrogant, wife cheating, drug addict, tax avoiding fool. Of course Argentina latched onto that WC victory as if it had avenged for the loss in the Falklands. Guess what? Theyre still British and the Islanders are enjoying an increasingly high standard of living whilst Argentina fails utterly to manage its economics and itself.
19. Dufus Arg is more in debt now that it was in 2001! CFK has bankrupted:
Jun 26th, 2012 - 09:34 pm - Link - Report abuse 0Anses, Banco Nacion, Aerolinas Argentina, Aguas Argentina, YPF,
There is no more U$ to steal and you can't borrow Int'l
Only solution will be to print Pesos
6/1 today in parallel market and 8/1 futures eom July.
and it is just going to get worse
tee hee
20, I put study, and it is study, are you drinking ??
Jun 27th, 2012 - 12:11 am - Link - Report abuse 021, maradona made your day at that moment ( world cup 86 ) the worst of your life :) remember it heheheh
22 my name is Hipolyte , not drufus, are you drinking too ??
what ever you can tell about my country I can tell about yours, the thing here is that using not a single bullet, you are much fearful than ever before. Cristina is not a saint either Cameron...
Cristina takls, Cameron runs...
http://en.mercopress.com/2012/06/26/us-supreme-court-rules-in-favour-of-argentina-and-unfreezes-funds#comment139799: Well, of course, Argentina has not been able to issue bonds for some ten years now. Has this hurt Argentina? No. During those ten years Argentina has been experiencing strong economic growth.
Jun 27th, 2012 - 12:45 am - Link - Report abuse 0The US is broke - GW Bush made sure of that. Europe is broke - rational economists made sure of that. The country with the money is the PRC. People in the US / Europe tend not to understand just how irrelevant they have become to the rest of the world.
@yankeeboy
Jun 27th, 2012 - 07:50 am - Link - Report abuse 0The bonds issued and bough by Venezuela are not internationals?
The new bonds issued to pay back restructured debt are not internationals?
Or for you international only means Miami?
Little world you have mate. Ha ha
“Dufus Arg is more in debt now that it was in 2001! CFK has bankrupted”
Any proof of that? I guess not just BS as you always post.
From CIA (no friends of Cristina I guess)
GDP (nominal) year 2011 $435.2 bn.
External debt year 2011 $136 billions (private debt including banks, multi, govt. etc)
31.3% ratio GDP
https://www.cia.gov/library/publications/the-world-factbook/geos/ar.html
Rank# 36
Most indebted nations in the world.
UK 435%
USA 98%
Who do you think is broke?
@25
Jun 27th, 2012 - 08:45 am - Link - Report abuse 01 The bonds issued the Venezuela are not international. The reason for this is that they are not available to be purchased on the international markets. This is a private placement by Argentina and is therefore closed to anyone other than Venezuela. The best way to look at it is just as a private loan (albeit with a very high coupon in this case). For those in Argentina who think that Chavez is their best friend, please note that the interest he is charging Argentina is not even remotely friendly, it is bordering on usurious.
2 With regards to being bankrupt, it is not very easy to verify this with reference to any external or internal website, however, if you look at the statistics (and a couple in particular), 70% of all public spending this year has been met by printing pesos (which is why the shift from an inflation rate of c.23% to above 30% in the last 3-4 months). The second is the increasing talk from BA province about the inability to pay all salaries as they fall due and the fact that they have had to issue bonds (effectively just a promise to pay at a later date) to meet invoice demands). Even the staunchest supporter of CKF's economic model would probably agree that this points to a lack of liquid cash to meet internal and external obligations.
@Welsh Wizard
Jun 27th, 2012 - 09:18 am - Link - Report abuse 01- Who say that international investors cannot buy ARG bonds?
http://blogs.marketwatch.com/thetell/2012/05/16/get-13-7-on-argentine-bonds-kolatch-tells-ira-sohn-audience/
“U.S.-dollar-denominated bonds including the Bonar X and Boden 2015 got a boost after Justice Minister Julio Alak denied reports that legislation submitted to Congress in recent days would allow foreign-currency debts to be paid in Argentine pesos.”
2- Again Macroeconomic numbers say another thing Argentina is expanding may be a little less in the first/half 2nd quarter but growing.
And demand has started to boost again I don’t know from what source you get your figure can you tell us please?
If Argentina is broke what about UK or US?
Argentina is printing money to expand it economy and UK and US are doing the same buy to pay debt.
Can you see the difference?
And don’t start with the BS that printing money is bad because is a lie.
All nations in the world have expanded their economy by printing money.
Where the money else come from?
27 DanyBerger
Jun 27th, 2012 - 10:31 am - Link - Report abuse 01 – You are confused regarding the difference between bonds already issued and being traded on international markets and new bonds being issued. New bonds cannot be issued “internationally”. The WSJ is talking about the opportunity in relation to the current yield on already issued bonds and whether the yield offered (i.e. coupon or the money you get back over principal) is a worthwhile investment opportunity. Think of it is terms of credit cards. If I have a bad credit history I may be able to use or trade on my current cards but people will not issue me any new ones.
2 – The figures used by INDEC are dubious at best. Private estimates show Argentina possibly entering into a recession in the second half of the year (remember that the far-east is being touted as having a significant cooling in the next 12 months). The 70% figure was released by the government a while back; I haven’t got the link for this reason. The US and UK aren’t broke, this is one thing Argentinean posters never seem to be able to understand, a larger debt does not mean that you are broke. We have some of the lowest debt yields (higher the yield, the higher the risk of default) in the world at present (even to the extent that investors were effectively paying us to hold our debt). People are that certain that we are solvent and have the economic ability to pay.
With regards to printing money, of course each country has to print money, otherwise they would have the same amount of cash in the system over 100s of years, this would not work. It is all to do with the amount of money you are printing. QE in the UK pushed up inflation to the unacceptable level of 4.5% p/a at one point a couple of years ago; it is now down at 2.8% p/a. QE was eased as a result of the inflationary pressure it placed on the economy. Argentina is printing too much money; this is having an effect on inflation which has been at over 30% for the last 4 months. Again you fail to realise the subtleties of the
28 - poor old Dunny Burger doesnt seem to understand much at all. Still its a job isnt it Dunny posting on the web for food handouts.
Jun 27th, 2012 - 12:08 pm - Link - Report abuse 0Dany, You are as dumb as your President and that is really saying something! I don't think simple math or economics is even slightly mentioned in Argentinian Schools.
Jun 27th, 2012 - 01:57 pm - Link - Report abuse 0Your wonderful Ks have stolen all the hard assets out of the country and replaced them with worthless Arg peso dominated bonds. These bonds are worth substantially less every day! They pay 8-9% interest and INFLATION IS 35-40%! How do you think Anses is going to pay pensions with worthless bonds?
The Provinces are literally broke and can't pay salaries! The electricity companies are broke and can't pay suppliers or salaries. How long do you think they can keep the grid up with no $! Aerolinas Argentina is too dangerous to fly because they have no money to fix the planes! The list goes on and on.
If you choose to believe the lies of your Prez it is up to you. Their advice is to sell all your U$ now and keep everything you have in Pesos. Talk to me in a year and let me know how you are getting on.
@Welsh Wizard
Jun 27th, 2012 - 02:29 pm - Link - Report abuse 01 you say “Argentina cannot issue bonds” I showed you that Argentina cans.
2 you say “Argentina cannot issue international bonds” I showed you that she already has
3 you say “Investors cannot buy Argentine bonds” I showed that yes they can.
4-Now you say that I’m confused.
The only confused is you what the hell has to do credit cards?
5 “The figures used by INDEC are dubious at best. Argentina possibly entering into a recession in the second half of the year”
Argentina will not enter into recession who are the “privates” that told you that?
Since 2003 they are predicting recessions now 2012 nothing happen average growth 7.5%.
6-“The US and UK aren’t broke, this is one thing Argentinean posters never seem to be able to understand, a larger debt does not mean that you are broke. We have some of the lowest debt yields (higher the yield, the higher the risk of default) in the world at present. People are that certain that we are solvent and have the economic ability to pay”
Ha ha Are you naive or what?
This is fantasy the fact that some rating agency gives you AAAAAAAAAAAAA rating to keep borrowing does not imply that you are technically not broke.
Having a 430% debt ratio to GDP only means that you slowly will get poor, poor and poor, even having AAAAAA+++. Because one day just the cost of serving interest over that debt will be large part of your GDP.
If interest rates go up let say 7% prime (it was 20% in 1981) make your calculation.
10 trillions x 7%= 700bn at year interest plus more debt.
So no schools, no health care, no jobs, no nothing lets say 2 times worse that now.
7 You don’t understand who real economy works and keep telling what Bankers made you think is right so they can have you indebted for 3 generations.
UK has low inflation because is in recession since 2008 and worsening to stagnation and keep going like this will have stangfation and then depression.
The roadmap of a broken economy.
Dany, If there is 7.5% growth, why does EVERY CAR MFG IN ARGENTINA have 1000s of their employees laid off? Why can't the Provinces pay salaries or suppliers?
Jun 27th, 2012 - 03:00 pm - Link - Report abuse 0Argentina has been in recession since Nov 11. Even Indec is having a hard time reporting 2% growth this first quarter and the economy has MASSIVELY SLOWED since then!
The big problem here is the Fed budget is based on 5.5% growth and it is already negative. Why do you think they had a U$500MM shortfall this quarter?!!
You are REALLY uninformed it is scary are you Ogara in another form?
Ok then, you're an idiot.
Jun 27th, 2012 - 03:16 pm - Link - Report abuse 0“U.S.-dollar-denominated bonds including the Bonar X and Boden 2015 got a boost after Justice Minister Julio Alak denied reports that legislation submitted to Congress in recent days would allow foreign-currency debts to be paid in Argentine pesos.”
All this means is that you can't change debts which are already in US$ into pesos nothing else. Argentina can't issue bonds on the international markets due to legal conventions relating to pari passu and negative pledge issues. Please show me the last bond issued on the international markets by Argentina...You just don't have a clue.
As for points 6 and 7, I studied economics at undergraduate level (Cantab) and then also did a masters (Oxon...If you know what either of those mean). I then converted and qualified as a lawyer and specialised in banking,and capital markets before re-training as a constitutional lawyer so I know what I'm talking about. You have no idea. Please, if I am going to have the decency to actually learn about your country, please try and understand it yourself because if you really think that inflation is at 9.8% and that the Ks have a new ecomonic model that no-one else has cottoned onto then you are delisional and are going to fall faster and further than anyone else. I just pray that you do not have a wife or children who end up being subject to your stupidity.
Yankeeboy, where do they find them? Is this mass brainwashing or are people like DB actually for real? The multipule Argentineans I've met are intelligent, this one seems to be languishing in the gutter, if that.
33. Well I do have some smart nice RG friends but they do have problems understanding economics. They really don't understand the effects of inflation or monetary policy. I think it is the way they are brought up.
Jun 27th, 2012 - 03:27 pm - Link - Report abuse 0When I was living there I flipped out when we got our new security bill, it went up 15% in one month! My partner said ”eh it's only $20-30 ( I think) pesos who cares”. So I sat down and had to explain why this was bad and what it meant going forward. This is someone with a Masters from UBA, and had no idea this did not bode well for the country. I think this was 2003 and I know it has only gotten worse since then.
There was a poster named Axel, a teacher that truly believed high inflation was irrelevant since everyone's pay kept going up to match it. I asked him a long time ago what happens when it doesn't. Which started to happen last year. He told me that would never happen.
Really really dumb Rgs post on this board. It gets frustrating sometimes because they really don't get it.
@Welsh Wizard
Jun 27th, 2012 - 04:45 pm - Link - Report abuse 0Are you stupid or what?
Give me any legislation or anything in the world that bans Argentina to issue Bonds internationally.
You cannot becasue is a lie. Period
That piece extracted from WSJ shows that Argentina issued Bonds in US denomination in 2005 so proves that you are wrong reading rubbish I don’t know where.
“All this means is that you can't change debts which are already in US$”
Wrong again that only proves that what was reported by the Clarin Multimedia group that it is reproduce ten all over 350 different media companies owned by them and then ends in FT and other media was a lie.
“Please show me the last bond issued on the international markets by Argentina”
Argentina didn’t issue any other bond because she didn’t need it quite simple, and until now is serving external debt, money transfers, imports duty Exchange, credit for import export without requiring borrowing internationally.
This is called living by your own means.
“As for points 6 and 7, I studied economics at undergraduate level (Cantab) and then also did a masters (Oxon...If you know what either of those mean). I then converted and qualified as a lawyer and specialised in banking,and capital markets before re-training as a constitutional lawyer so I know what I'm talking about. You have no idea. Please”
Ask your money back because you have no clue about what you are talking about.
I really doubt that you know what is M1, M2 in money supply.
“Constitutional lawyer” Ha in a country that has not a written constitution and still is a middle age monarchy. Sounds very funny.
What you have study all is related with finance.
So here for you a Question for a dummy.
If a bank in US get $1 in deposit how much could lend?
This also explains you how money is created and who creates inflation and recession.
OK, I'll go back to Oxford and Cambridge and ask for my money back. As for the $1 deposit question, it is the typical questions that special cases like you ask thinking it makes them look clever because they have read a book. In fact, it is the standard question asked at Harvard business school on your first day so don't pretend that you know what you are taking about. As for the legislation, I point you to pari passu and negative pledge, which will preclude them from issuing debt. 2005, is not 2012, just because you've done something in the past does not automatically mean you can do it again.
Jun 27th, 2012 - 05:08 pm - Link - Report abuse 0We live in a constitutional monarchy, we have a constitution based on balance of powers, just because it is not written down does not preclude it from existing. The legal system is common law and has evolved through centuries which is why it is not written down. Just because you can't see something written down doesn't mean it doesn't exist.
I would like to see Argentina try and issue debt, considering 7% is the benchmark where a country is considered bust...your previously issued debt is now trading at 13.7% and more.
Yankeeboy, I see what you mean, incapable of comprehension.
Dumb as a box of rocks and arrogant on top. It is a delightful combination don't you think?
Jun 27th, 2012 - 05:42 pm - Link - Report abuse 0You should try negotiating with them, ugh the only thing they understand is yelling and banging their fists on the table hoping to intimidate you into a better deal.
I would quit while you are ahead.
Dany, Argentina doesn't “live within it's means” if it did they wouldn't have had to confiscate Anses now would they?
The reason you have not issued Int'l bonds since the default is because they would be confiscated to pay the holdouts and the ICSID judgments.
Oh duny burger back to school me thinks old boy
Jun 27th, 2012 - 08:16 pm - Link - Report abuse 0@Welsh Wizard
Jun 28th, 2012 - 02:52 am - Link - Report abuse 0You gave me a long explanation just to refuse to say that you don’t know or that you didn’t study today. Ah!
You said that you are a “specialist in banking, and capital markets guru”.
Is so simple you already told me that is the first question that in Harvard business school are made on your first day class. I told you that it was for dummies.
Again How many times $1 can be lend by a US bank and why?
“is not 2012, just because you've done something in the past does not automatically mean you can do it again”
Again you keep embarrassing your self, show me any international legislation that bans Argentina to issue bonds in the international market.
There is none.
“We live in a constitutional monarchy, we have a constitution based on balance of powers, just because it is not written down does not preclude it from existing”
This is called in the world outside Britain and other likes defacto, we have a constitution but is not written good euphemism to say that you have any.
So tell me why UK has not a written constitution? Any rational explanation?
Don’t bother to answer there is any just because the crown is happy with the defacto status quo.
“I would like to see Argentina try and issue debt, considering 7% is the benchmark where a country is considered bust”
Again you are wrong because you don’t understand how speculators and bankesters works.
A bust country is UK because cannot live without borrowing.
And why is borrowing? To pay back debt and cover its deficits. No way to get out.
Is what a typical guy do when is close to bankruptcy using one credit card to get cash to pay another C card.
Give me the control of you money supply and I don’t care who is governing. Do this sound familiar?
You think you know but in reality you don’t know.
Depending on capital reserves (or Basel II or III and when that comes into action) a bank with US$100 could lend $90 of that out in order to produce a return. The law of averages says that at any given time only x amount of people will want to their money back at once. As a result they keep their 10%. The problem comes around when there is a mass problem and Xx2 or Xx3 want their money back, thus creating a liquidity crisis. This is the reason banks are now being capitalised with tier 1 and 2 capital and their ratios are being changed, to protect against this. Interestingly, your government has lowered capital requirements for banks to avert a liquidity crisis based on this very model. They have done this to stop a run on the banks due to US$ deposits being taken by anyone who can. They have done exactly what you are preaching against.
Jun 28th, 2012 - 09:24 am - Link - Report abuse 0M1 is generally narrow money supply, we would normally classify this as coins and notes, M2 includes savings deposits and time related deposits.
UK the does not have a constitution because our constitution predates the rash of written constitutions with proliferated around the globe, because it leads back to Magna Carta. Our constitution is contained in law, treaties, written documents, statutes and common law, it is uncodified but exists. It is based on the rule of law (something which does not exist to the same extent in Argentina) and is based on Acts of Parliament. This dates back to the 1651 where power was taken away from the Monarch and vested in Parliament. The reason for a lack of written constitution is nothing to do with the Crown (which doesn’t have any power anyway but you don’t seem to understand that) but that you would have to codify over 1500 years of legal precedents, concepts, statutes, treaties and common law into 1 document.
Regarding bonds, see Yankeeboy's reply above, there is no international legislation saying you can't
Dumb Dany, Take a read:
Jun 28th, 2012 - 05:05 pm - Link - Report abuse 0http://thehill.com/blogs/congress-blog/foreign-policy/235347-the-truth-behind-argentinas-debt-problems
I doubt you'll understand most of it but give it a try.
@Welsh Wizard
Jun 29th, 2012 - 02:45 am - Link - Report abuse 0This is de 9:1 ratio rule good but now I have to answer idiot Yankee Boy and will take some characters so we will resume our economy debate later.
@Yankee Bobo
This article was written by Lobbyist Robert Shapiro a US former UCad during Clinton Administration. Part of the US corruption that brings down US together with his fellow MOB.
Also he is part of the stuff of FMI (advisor) so while he advice to take measures to bring down a country to the drains on the other hand he is advising Vulture Funds on how to get cheap bonds to sell to higher value in the future.
He also represents fellow Vulture Funds that bough defaulted bonds a 10% of nominal price from Arg. bond holders and he pretend to get the complete nominal value.
He founded American ATFA http://atfa.org/ for that matter.
And he has failed in any attempt
Last attempt was to address touching speech to CFK by using Youtube videos like this http://atfa.org/
so your article is irrelevant and lack of objective impartiality for obvious reasons.
If you read even his statement carefully he is saying a contradiction because he says “. court judgments now prevent the country from borrowing in international capital markets” That is a lie
Then he says “since funds raised would be sized to meet legal judgments” So how can you size something that is impeded to be issued?
So this is his own twisted interpretation like happen with the reserves
And what happen if the Fund rising will be made in Shanghai or Hong Kong for example?
A local court in NY still a local count in NY jurisdiction only applies there and as I said to you before about the reserves the court of puppet Griesa judge has to turn back his decision.
If I would be Argentina I will release an international warrant to bring Shapiro to Argentina court and be judged for economic terrorism. US will have to extradite him and if not he will not be able get out of US without be arrested.
Case close.
Dany, My gosh you are stupid. I don't even know where to begin just about everything you wrote is wrong...everything,
Jun 29th, 2012 - 02:47 pm - Link - Report abuse 0You are too dumb for me to bother typing a lengthy response.
@yankeeboy
Jun 30th, 2012 - 06:07 am - Link - Report abuse 0“I don't even know where to begin”
Just try from the beginning always works.
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