MercoPress. South Atlantic News Agency
Holdout bonds’ ruling: Argentina files a retrial petition at the US Court of Appeals
Argentina filed on Tuesday a petition for a retrial at the US Second Circuit Court of Appeals over a debt ruling that would force the country to pay holdout creditors owning bonds in default since 2002. Read full article
Comments
Disclaimer & comment rulesWhen the judge ruled that Argentina must also pay the holdouts when they pay bondholders who took a cut,
Nov 15th, 2012 - 12:52 am - Link - Report abuse 0Does Argentina have to make a token payment to the holdouts?
Or do they have to pay the holdouts the same amount they are paying the restructured bondholders?
What amount is the Argentine Govt. required to pay the holdouts when they pay the restructured bondholders?
Same Judges! maybe same result maybe,
Nov 15th, 2012 - 12:56 am - Link - Report abuse 0perhaps not in Argentina,but in the States yep!
If left in place, the Second Circuit’s initial ruling “will exacerbate future sovereign debt crises by making voluntary debt restructuring essentially impossible,” Argentina argued in the brief.
Nov 15th, 2012 - 01:18 am - Link - Report abuse 0A wiser country would not have signed a loan document with that provision in place. Argentina needs to deal with the terms of the contract they signed. They will not get a new trial because they want a clause in the contract removed.
Quite so, the US courts will take this application as yet another delaying tactic designed to inconvenience the holdouts amoung which is NML Capital.
Nov 15th, 2012 - 02:02 am - Link - Report abuse 0The simple truth is that there is more than enough funds in the bank to pay all the bond holders. If Argentina is too stupid to pay, then the consequences would be severe.
Without access to the US financial system, Argentina would find it next to impossible to pay for oil imports, let alone the huge number of import/export transactions which would be frozen or impossible without US cooperation.
Argentina will not get any sympathy from Europe if they try to dodge the US system. Bond holders like NML have judgements in the UK courts too and will be able to freeze any financial transactions passing through London or Frankfurt.
Maybe the Judge ought to investigate Argentina's claim that they lack the funds and demand information on CFK's private bank accounts in Switzerland. She engaged in money laundering when she stole $650 million from Sante Fe province decades ago. By now, those funds probably equal a significant proportion of the debt that has to be repaid.
If Argentina won't pay, then the Judge should garnishee CFK's private bank accounts instead. Let's see if the wicked witch like that when her private Swiss piggy bank disappears.
@3 Good point. This will ensure that future govs are more- careful-with their citizen's money.
Nov 15th, 2012 - 03:59 am - Link - Report abuse 0what a brilliant photo of cristina. She looks like she's about to cry!
Nov 15th, 2012 - 04:27 am - Link - Report abuse 0muwahahahahahahahah!
Not even read the article yet but that face says 'mummy, no one wants to be my frwend'.
Nov 15th, 2012 - 08:15 am - Link - Report abuse 0'Oh Friend!', 'Thumbs up Friend!', 'New Car Friend!'
@3-5
Nov 15th, 2012 - 09:58 am - Link - Report abuse 0This clause is boilerplate (i.e. it is standard in nearly all bond issuances of this type). The main point here is that normally when you restructure your debt you enter into a negotiation with the bondholders and agree upon a price which is acceptable to all. In this case, Argentina just set a 75% haircut and didn't negotiate. This is where their legal argument should fall down as nearly all other sovereign restructurings are organised on a consultative basis. This one wasn't, it was unilateral.
7 Huntsman Extraordinaire
Nov 15th, 2012 - 10:16 am - Link - Report abuse 0I think that may be lost on 99% of posters but it's just made me daydream about Emily Atack
“Holdout friend”...?
Nov 15th, 2012 - 11:11 am - Link - Report abuse 0”However Circuit Judge Barrington Parker who wrote for the panel agreeing with Judge Griesa said that “nothing in the record supports Argentina's blanket assertion that the injunctions will plunge the Republic into a new financial and economic crisis”
Nov 15th, 2012 - 11:38 am - Link - Report abuse 0Wait...Argentina lied? Really?
Whats that KFC singing?
Nov 15th, 2012 - 12:03 pm - Link - Report abuse 0“Show me the way to go home!
I'm tired and I want to go to bed!
I had a little drink about an hour ago,
And now I'm totally dead!”
Everyone else is singing:
Nov 15th, 2012 - 12:37 pm - Link - Report abuse 0“What's that coming over the hill..................”
this is what happens when a country boxes itself into a corner, options are limited, fight your way out or fall to your knees and argentina are all punched out :) .....Well done Crustina, you get my vote!
Nov 15th, 2012 - 12:54 pm - Link - Report abuse 0@1 Read http://en.mercopress.com/2012/10/26/us-court-rules-against-argentina-all-bondholders-must-be-treated-equally-including-hold-outs
Nov 15th, 2012 - 01:12 pm - Link - Report abuse 0The hedge funds, i.e. the hold-outs, have to be paid equal amounts.
Delay delay delay...they still have to make the interest payments in Dec or risk default.
Nov 15th, 2012 - 02:03 pm - Link - Report abuse 0After 70 meetings all over the USA UK EU, YPF can't find a penny of investment and with ANOTHER default on the horizon I don't see that helping Argentina...
hahahaha
16@ yup, the Argies just love to talk and have endless “reuniones” and talk and talk, whilst not doing anything concrete. To them talking BS is equivalent to doing things.
Nov 15th, 2012 - 02:23 pm - Link - Report abuse 0“”“” To them talking BS is equivalent to doing things.“””
Nov 15th, 2012 - 02:30 pm - Link - Report abuse 0that applies to most every politician in the world, its hardly a specialty of Argentina... I mean, just look at the UN talking bollocks whilst thousands die in Syria....
All argentina assests should be frozen, untill they pat their debts full stop.
Nov 15th, 2012 - 02:36 pm - Link - Report abuse 018@ i mean Argentinians in general. They like to talk endless-BS and repeat the same things over and over
Nov 15th, 2012 - 03:11 pm - Link - Report abuse 0#20 I have to disagree with you there Hook. Most of the RG's I know have personal pride, ashamed of the current state of affairs of Argentina and believe in personal accountability.
Nov 15th, 2012 - 03:14 pm - Link - Report abuse 021@ you don't know shit about Argentina nor Argentinians, Me thinks you are an Argie yourself
Nov 15th, 2012 - 03:18 pm - Link - Report abuse 0@15 C
Nov 15th, 2012 - 03:25 pm - Link - Report abuse 0Thank you for the link. Answers everything.
CFK never stops moaning , she is forever slagging of britain, then accuses us of doing it.
Nov 15th, 2012 - 03:31 pm - Link - Report abuse 0they talk but no action,
its simple leave the falklands alone and soddy off.
@22
Nov 15th, 2012 - 04:31 pm - Link - Report abuse 0Actually C.Poppy is correct, the average RG on the street is more concerned about their lives/problems than the Falklands. I have been to Argentina twice on a ski-ing holiday and I met Argentinans at the international boarding school I went to several years ago. I have told many of the RGs I met that I am a Falkland Islander and they couldn't care less. I made very good friends with the girls who worked at the Hotel I was staying at on my last Ski-ing trip, they were extremly polite and lovely people. They knew I was a Falkland Islander but they didn't make any cracks about Argentina owning the FI or start flag waving.
I have a problem with CFK and the current political situation but I have no problem with Argentina as a whole or its populace. Those Argentians who claim the FI belongs to them annoy me, but their words are empty and threats worthless.
25@ so you have been in Argentina 2x in a holiday? hahaha, let me laugh.
Nov 15th, 2012 - 05:05 pm - Link - Report abuse 0try living there dude.
Argentina should charge a 50% import tax fee from every nation giving the vulture fund help and refuge, the navys family should start a occupy movement to take over the US embassy to set up a furniture Von fire and demand the release of Libertad, occupying american owned property will show a lot of support for the navy, we should show the world how Argentine citizens deal with theft and corruption.
Nov 15th, 2012 - 05:08 pm - Link - Report abuse 0http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
25@actually, i don't believe you are a Falklander, you are just anti-CFK Argie like most of the posters here... or you are scared Argie-fearing wimp living in Falkands, who knows.
Nov 15th, 2012 - 05:13 pm - Link - Report abuse 0#22 hook......You are correct that I do not know shit as likely as you know shit as I suspect you and shit are quite close. But I do know Argentines. Ask me if I really care what you and your provinically, feeble single synapses mind is capable and incapable of thinking? If you wish not to ask what I care, then why not return your head back to the warm confines of your outer colon before your head explodes from a cerebral hemorrhage
Nov 15th, 2012 - 05:13 pm - Link - Report abuse 0#25 You are correct. They typical working class Argentine wants to get through there day unscatched like anyone else in the world. My wife is Argentine and we get there once or twice a year. Most people here that blast the RGs base what they know of RGs from what people read here and never even been there. What a strange world we live in when we judge the people by the leaders and news and democracy does not always choose the best but the one who talks the best.
My issues are with not just the president, but most of the peronists.
29@ fuck youuuuuuuuuuuuu....LOL
Nov 15th, 2012 - 05:18 pm - Link - Report abuse 0Thank you.....If I can piss you off and make you appear smaller minded.....I am quite pleased. So tell me....are you truly as ignorant and ill informed as you come across or just imbicilic by birth?
Nov 15th, 2012 - 05:21 pm - Link - Report abuse 031@go and take your cheap-visa wife's cock in ya arse, you dirty old fat man
Nov 15th, 2012 - 05:22 pm - Link - Report abuse 0@29
Nov 15th, 2012 - 05:24 pm - Link - Report abuse 0Most of us do not blast the ordinary Argentinians, most of us cannot comprehend how CFK and her cronies feel they are so superior and that the rest of the world should bow to their every whim.
CFK and her cronies are ruining what should be a good and profitable country just to massage their own egos!
CFK the typical black widow spider - poisonous to everything she touches.
@28
Nov 15th, 2012 - 05:30 pm - Link - Report abuse 0You are the one who knows nothing. My parents moved to the Falklands from the UK in 1986 and I was born in the Falklands in 1989. I can trace my family history in the UK back hundreds of years. I have lived in the FI all my life and I now have a job here and I intend to live here in peace for as long as I want. I am a Falklands Islander and I am British. I DON'T want to be Argentine and I will fight any RG government to the death to keep the Falklands British or fight for our independence. Do not underestimate my patriotic attachment to my home.
I do not however, hate all RGs. To do so would be pathetic and hateful. Just because their government want to colonise the FI and their supports come on here flag waving, does not mean that is how everyone feels. That would be like saying all British people love David Cameron.
If an RG tried to attack my home I would defend it to the hilt. But I will not condemn millions of people because of the actions of a few.
#33 Agent999
Nov 15th, 2012 - 05:33 pm - Link - Report abuse 0It's absolutley mind boggling that she walks about with that air of superiority. This in itself is what leads me to suspect that the election process in Argentina is suspect at best. In most democracies, elected officials are always careful and the next election is always not far away. She carries about as if elections are moeaningless and of course if they are corrupt, of course they ar meaningless.
Most of these posters are opposition Argies. I knew it..
Nov 15th, 2012 - 05:38 pm - Link - Report abuse 0so suzzie has returned.....geez and I thought it died.
Nov 15th, 2012 - 05:41 pm - Link - Report abuse 0@36
Nov 15th, 2012 - 05:42 pm - Link - Report abuse 0Maybe you are the RG here?
38@ maybe i'm your father?
Nov 15th, 2012 - 05:45 pm - Link - Report abuse 0Hook seems to be another Conqueror!!!!!
Nov 15th, 2012 - 05:47 pm - Link - Report abuse 0I didn't believe there could be two of them!!!!!
#38 Fox.....I wouldn't waste my energy. Only one person uses that syntax and grammer.....and it's a troll
Nov 15th, 2012 - 05:47 pm - Link - Report abuse 0Poppy when are you taking your wife to Argentina again,as you haven't been for a while.Where does your wife's family live these days.
Nov 15th, 2012 - 05:47 pm - Link - Report abuse 0I believe you are right about argentine people in some cases but it depends on which part of the country you have been.
@39
Nov 15th, 2012 - 05:49 pm - Link - Report abuse 0Mmmm nope, my father is currently next door talking to some VIPs about things far too important for you to comprehend.
Perhaps you should follow the old saying: “If you have nothing intelligent to say, say nothing at all.”
So the lines of the British are cracking I see??
Nov 15th, 2012 - 05:50 pm - Link - Report abuse 0hmmm
They are from the BsAs...the city. She is going for the holidays and I am joining her shortly afterward.
Nov 15th, 2012 - 06:07 pm - Link - Report abuse 0I can't say that I know all Argentines......but I have yet to met one that would make me cast a blanket judgement across them all. As I said, I really despise the president and peronists. I would be able to acccept her philosophical differences of political opinions if she was competent, cared about her people, was not suspect with corruption and did not talk down to every this women interacts with that has a different opinion. And she is dafaulting on her countries sovereign debt and every court they go to rules against her, yet she still refuses to accept the inevitable
44@ please don't insult me, i have nothing to do with the Brits, but you're right they're ugly people.
Nov 15th, 2012 - 06:18 pm - Link - Report abuse 0Does CFK REALLY think she can wriggle her way out of this mess ultimately? What will the cost to Argentina be if the US court comes out with the decision she HAS to pay? and at what price for her country?
Nov 15th, 2012 - 06:23 pm - Link - Report abuse 0@46 Your opinions on the pulcritude of the Brits is your own opinion and you are entitled to it. You sound like the Imam of the Finsbury mosque fighting deportation. In which case just go and sling your hook mate
Nov 15th, 2012 - 06:29 pm - Link - Report abuse 0If CFK looses the court appeal, will she have to pay the court fees? That's how it works in the UK right? If you lose, you pay.
Nov 15th, 2012 - 06:30 pm - Link - Report abuse 0Maybe she'll go to court to appeal against having to pay court fees!
No problém for Argentina to pay báck ..
Nov 15th, 2012 - 06:36 pm - Link - Report abuse 0Argentina has moré than $ 10 bíllions in US sécurities.
@50
Nov 15th, 2012 - 06:40 pm - Link - Report abuse 0where in CFK's swiss bank account ?
51
Nov 15th, 2012 - 06:47 pm - Link - Report abuse 0My reséarchs say Kirchners have no any ábroad bank accoúnts
but somé politícians and many businéssmen have.
@51 You managed to hack into the Swiss banking system? Tell me more! I think a lot of other people would like to do the same
Nov 15th, 2012 - 07:00 pm - Link - Report abuse 0@53
Nov 15th, 2012 - 07:05 pm - Link - Report abuse 0LOL
@52 That's funny, because there was just an article revealing a PRIVATE account the Kirchners opened using PUBLIC Argentine money back when one of them was in regional gov. Now you're making me go look for it!
Nov 15th, 2012 - 07:11 pm - Link - Report abuse 0@53, It's true they're secret, but there was a whistleblower
How silly of Mercosur. Selecting photos of the president as to show her in moments of distress. This one in particular tries to depict her as in a state of hopelessness. This photo was actually from a recent speech where she mentioned her late husbands legacy. She is always overwhelmed by grief atsuch moments. A sign of true love.
Nov 15th, 2012 - 07:39 pm - Link - Report abuse 055
Nov 15th, 2012 - 07:55 pm - Link - Report abuse 0what a hystéric namé u have !
whén will u learn many of média publíshings are lié.?
@56 You have soooooooo often sounded like “British Kirchnerist” , commenting mainly on the photo's appearance.
Nov 15th, 2012 - 08:14 pm - Link - Report abuse 048@ just take a look in the mirror, haha..you think all the people laughing at Brits are muzzies, haha.. have you ever been to Germany, France, Spain, Russia, Scandinavia, Italy, Brazil.. your days of greatness are well behind, better stick as mates with USA.
Nov 15th, 2012 - 08:26 pm - Link - Report abuse 0@52 Russia Today, (THE leftist newspaper) Op Ed:
Nov 15th, 2012 - 08:50 pm - Link - Report abuse 0“We do know that, in line with Kirchner’s sloppy
management of public funds, they unwittingly admitted that Santa Cruz’s money was
deposited in the “Private Banking” departments of Credit Suisse and UBS.”
60
Nov 15th, 2012 - 09:02 pm - Link - Report abuse 0I watch greenish tv channel RussiaToday everyday.
I have never heard any news on about it.
Russian oligarchs--Swiss--Austrian -OffShore --South Cyprus--banking accounts...are there any people who don^t know them ?
And here's the Russia Today link: http://rt.com/news/kirchner-president-public-argentina-527/
Nov 15th, 2012 - 09:21 pm - Link - Report abuse 062
Nov 15th, 2012 - 09:48 pm - Link - Report abuse 0this articlé written by Adrian Salbucchi..his openly wéll known claíms.
I read also its all comménts.. explain nót much..
I know Clarin's low-down impartíally...not related to media freedom..
it^s shutting down operation is the Government's own preference.
These type of opérations are made in almost every country sométímes
for example ,the recént cóntra Murdoch Operation in UK....
#56 it is what it is. The media's role is not the make positive or negative.....just present what was. Apparently that is what she was at the time. Deal with it. She is a bag of hot air and speaks so unprofessionally anyway so the picture certainly cannot tarnish her image. Of all people worrying about their tarnished image, she is not one of them. She is a psycho by international standards and law
Nov 16th, 2012 - 12:17 am - Link - Report abuse 0My solidarity to Cristina and Argentina in this latest legal struggle, they are fighting for all nations and their people against the predatory banks
Nov 19th, 2012 - 02:54 pm - Link - Report abuse 0#56 Thanks for that context, though its counterproductive of mercopress really as it just shows that even moments of great sadness do not mar her beauty
Imagine the nerve of banks being predatory because they loaned and and had the nerve to expect it back!!! What Shysters and Shylocks!!!
Nov 19th, 2012 - 03:25 pm - Link - Report abuse 0#65 Maxi you're such a mommas boy. Pappa smurf nestor would slap you upside the head is her were alive.....thankful God for small things......one down two to go!
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