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Africa and Latin America Still Fight Vulture Funds

Friday, November 16th 2012 - 01:52 UTC
Full article 43 comments

By Hector Timerman - Foreign Minister Héctor Timerman underlined Argentina’s struggle against paying ‘vulture funds’ in an article written for US newspaper Huffington Post about how Latin American and Africa are affected by these funds. Read full article


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  • Ayayay


    •The Arg gov gave Argentine &Italian pensioners, who had enthusiastically bought Argentine 'treasuries' because of the (suspect) growth of the 'New World, a choice: 30 cents on the dollar of their life savings, or nothing.

    •Timmerman talking interest is disengenuous because it's interest on a FRACTION of their nest eggs.

    •And most of these grandpas an grandmas took it, because they didn't have the money or years left to fight. Singer offered them money for it
    Only HE had the pockets and the time to fight a country.

    •If the U.S.A had defaulted on treasuries

    -telling retirees, families, the Chinese to take 30 cents on the dollar

    -and then started bragging about how rich they were again in five years,
    -how do you think ppl would feel?

    End note: wtf does Timmerman have to do with apartheid?? hahahahahaha

    Nov 16th, 2012 - 02:48 am - Link - Report abuse 0
  • Boovis

    I can't find this article in the Huffington Post at all, maybe it's in the “funnies” section.

    Nov 16th, 2012 - 03:40 am - Link - Report abuse 0
  • Ayayay

    Tell it like it is, white rich old head of the IRS in a suit!!

    Nov 16th, 2012 - 04:20 am - Link - Report abuse 0
  • Lord Ton

    Calling your debtor a 'Vulture Fund' is an excuse not to pay what you owe then - even though you were happy enough to borrow in the first place ??

    Nov 16th, 2012 - 05:11 am - Link - Report abuse 0
  • Stevie

    I don't think anybody used their “life savings” to buy Arg bonds, that's just too dramatic. That said, a lot of people lost money on “plan Brady”.
    Also, NML didn't buy any bonds at all, they bought the debts at reduced price.
    Lets not defend the hedge fonds, they are no better.

    Nov 16th, 2012 - 07:05 am - Link - Report abuse 0
  • Gordo1

    Well! He would say all this, wouldn't he?

    Nov 16th, 2012 - 07:09 am - Link - Report abuse 0
  • toooldtodieyoung

    “We encourage all good-spirited nations and organizations to help us get rid of them.”

    Rough translation:-

    We don't want to pay back the money we've borrowed so thieves of world unite!!!

    Nov 16th, 2012 - 07:18 am - Link - Report abuse 0
  • HansNiesund

    Look at the company he's placing Argentina in : “Democratic Republic of Congo, Congo Brazzaville, Liberia, Zambia, Cameroon, and Ethiopia”. How on earth did such a rich country end up here?

    Nov 16th, 2012 - 08:23 am - Link - Report abuse 0
  • Boovis

    The full article is on huff just go there and use the keyword “timer man” and search, it's the first article that appears.

    Nov 16th, 2012 - 08:39 am - Link - Report abuse 0
  • Idlehands

    Sounds like he knows he's going to lose so is making a desperate appeal for support from whoever will give it.

    Funds like NML serve an economic purpose. If debtors had nothing to fear they would default willy nilly while hiding behind 'sovereignty' nonsense. It helps balance the power between lender and borrower.

    Nov 16th, 2012 - 09:19 am - Link - Report abuse 0
  • Pirat-Hunter

    “We encourage all good-spirited nations and organizations to help us get rid of them.” I can see a problem with this last statement, there aren't good-spirited people in the world. Let's read the comments posted to see if anything changed.

    Nov 16th, 2012 - 09:20 am - Link - Report abuse 0
  • txiki

    Well, latest news coming out of Argentina is that the Naval Corvette Espora, that is currently stranded in Cape Town with generator problems is still there because the Argentine Government owe MTU, the German company that maintain the corvettes of this class, around $500,000 dollars, and until this bill is paid and the estimated cost of the repair and spare parts for Espora are paid in advance - MTU are not going to do anything. You couldn't make this up, could you?

    Maybe Christina doesn't want to pay the German Vultures?


    Nov 16th, 2012 - 09:34 am - Link - Report abuse 0
  • Boovis

    @12: post that to Timerman's post on the Huff post to prove that it's nothing to do with any moral stance but purely a case of Argentina doesn't pay it's debts, end of story.

    Nov 16th, 2012 - 09:41 am - Link - Report abuse 0
  • txiki

    @13 - Feel free to post it yourself - it's in the Argentine press today.

    Nov 16th, 2012 - 10:04 am - Link - Report abuse 0
  • Brit Bob

    Timmerman is just trying to get out of paying up. No you can't have your ship back!

    Nov 16th, 2012 - 11:22 am - Link - Report abuse 0
  • ChrisR

    5 Stevie

    Had you have read the posts by Acchiappaladri, an Italian, trying to recover some of the money from AG for the Italian pensioners you would know that very many did put their ENTIRE life savings into these bonds.

    They were to be the pension they did not otherwise have.

    And if you defaulted on a loan would you think it wrong if the bailiffs came round and took what you had left?

    Histrionics and calling such companies ‘vultures’ only moves the spotlight from those who should pay their debts. Everybody else has to.

    Nov 16th, 2012 - 11:28 am - Link - Report abuse 0
  • St.John

    @ 2 Boovis

    Nov 16th, 2012 - 11:57 am - Link - Report abuse 0
  • Doggy Rap

    Great business opportunity:

    Buy 100 000 ton of soy beans from Argentina on 30 days of credit. On the 30th day shout “vultures!” and save your money. Of course you won't get sued - the Argentine government would never support vultures. ::)

    Nov 16th, 2012 - 12:03 pm - Link - Report abuse 0
  • Pirate Love

    typical when issues(self-inflicted) are not going argentinas way they try and globalize it and drag other countries into ITS problems by pretending to have common ground, PATHETIC!
    Having a loud voice does not mean you are voicing the truth.

    Nov 16th, 2012 - 12:14 pm - Link - Report abuse 0
  • Santa Fe

    just pay up, this is getting embarrassing for Argentina, one embarrassment after another.

    Nov 16th, 2012 - 12:52 pm - Link - Report abuse 0
  • Britninja

    Loving the picture. Hector looks more like Pob every day.

    Nov 16th, 2012 - 01:30 pm - Link - Report abuse 0
  • Conqueror

    I thought Timerman's article was very good. It only started to go downhill when he got to the second sentence.

    Nice of him to admit that “vulture” funds got started in South America. A case of sins coming back to bite you. What Timerman is actually complaining about is the loss of the “facility” whereby sovereign states could default on commercial creditors with impunity. The current situation is a very good one as it is doubtful if argieland ever intended to repay its debts in full. After all, with loads of money passing through your hands, the temptation must always be there to keep the money rather than repay a debt. When was the last time that argieland was any good at managing its economy? Typical immaturity. Got money - spend it!

    Nov 16th, 2012 - 02:21 pm - Link - Report abuse 0
  • Pirat-Hunter

    Enough said, the facts never will change just like the truth is always the same. No matter how often IMF and the vulture print lies the facts will always be that there is no accountability for the Argentine tax payers money IMF willingly gived away to corrupt Argentine leader for a share of the loot, I think IMF should cover the bill for the theft and learn to be more accountable with peoples money. Other then that we will never pay IMF theft. Nor will we let corporate steal Argentine wealth, we rather nationalize and kick all pirates and leaches out.

    Nov 16th, 2012 - 03:07 pm - Link - Report abuse 0
  • ProRG_American

    The minister was right on the mark here.

    Nov 16th, 2012 - 03:52 pm - Link - Report abuse 0
  • Conor J

    In what way?
    Loan Shark: Would you like to borrow some Money?
    Argentina: Yes please
    Loan Shark: Will you be able to pay back the amount, plus interest on time?
    Argentina: Absolutely! 100%
    Loan Shark: Here you go then.
    5 Years alter
    Loan Shark: Pay day is here Argentina.
    Argentina: Why should I pay you back? You're a loan shark after all!
    Loan Shark: ? Fine then (Takes Libertard)
    Loan Shark: Pay me back my money.
    Argentina: WAAAAAAAAAH!!! Everyone is picking on me! Im right and everyone is wrong!!!!! WAAAAAAAH!!!!!

    Nov 16th, 2012 - 04:09 pm - Link - Report abuse 0
  • Ayayay

    @23 Nestor Kirchner paid the IMF in full. Even when they were letting him make payments. The IMF rescue fund is paid off.

    Nov 16th, 2012 - 04:45 pm - Link - Report abuse 0
  • Pirat-Hunter

    Facts never change while lies will take many forms and shapes.
    Keep your eye on the ball people and you will never be lied to again. There might be millions of different english theories to theft but only one absolute truth.

    Nov 16th, 2012 - 04:49 pm - Link - Report abuse 0
  • Orbit

    @27 - you seem quite keen on Greg Palast ... how long do you think it would take his investigative team to find evidence of corruption and embezzlement across CFK's government. Minutes or hours ?

    Nov 16th, 2012 - 05:33 pm - Link - Report abuse 0
  • MistyThink

    22 briton

    My personification list says Conqueror = briton

    Everybody knows that your Economy intelligence is only ZERO !

    Vulture Funds ( I am certain what they are ) are not got started in Latin America first !

    You should say -- got money-spend it -- to first UK people who have 3 credit cards per head not singing out here.

    Nov 16th, 2012 - 06:27 pm - Link - Report abuse 0
  • British_Kirchnerist

    Great article by Timmerman =) If Cristina doesn't change the constitution or want to stand again he should be the next President, who's with me?

    Nov 16th, 2012 - 07:01 pm - Link - Report abuse 0
  • yankeeboy

    If Cristina doesn't change the constitution

    You've never made a truer statement,

    Dictatorship or Absolute Monarchy which do you prefer?


    Nov 16th, 2012 - 07:29 pm - Link - Report abuse 0
  • Conqueror

    @30 Excellent idea. With his capabilities, Timerman is more than capable of starting a nuclear war. Or, more accurately, making the nuclear annihilation of argieland a certainty. Timerman is, without doubt, an incompetent, idiotic prat. Very nearly down to your standard, B_K. Look, everybody, have you met the “leader” of the Slimy Necrophiliac Prats?

    Nov 16th, 2012 - 07:33 pm - Link - Report abuse 0
  • MistyThink

    The flapdoodles from all London written.....

    free to write up until imminent removing this web site from Argentina internet.

    Nov 16th, 2012 - 07:47 pm - Link - Report abuse 0
  • isolda

    i am making lots of money under so many screen names.

    Nov 16th, 2012 - 07:57 pm - Link - Report abuse 0
  • Ayayay

    Timerman is clearly LAUDING the IMF for it's assistance on negotiating a restructuring for the 93%. Don't know if anyone caught that.
    Jubilee looks to the IMF & WB kindnesses as an example to be followed by the holdouts:

    Nov 16th, 2012 - 08:31 pm - Link - Report abuse 0
  • joe_blog

    you sound like Isolde...poor old wimp!

    Nov 16th, 2012 - 09:29 pm - Link - Report abuse 0
  • briton

    sadly old girl CFK,,
    you must pay ya debts,
    sooner the better.

    Nov 16th, 2012 - 09:31 pm - Link - Report abuse 0
  • Joe Bloggs

    36 Enjoy it while it lasts idiot.

    Nov 16th, 2012 - 09:34 pm - Link - Report abuse 0
  • toooldtodieyoung

    30 British_Kirchnerist

    Laughing boy Timerman as President? Please!!!

    Just pay your debts

    Nov 16th, 2012 - 09:57 pm - Link - Report abuse 0
  • brits gobblers

    @ 37
    gluggglugglglglg,,,,,translation: ,,,,,you are wrong!

    Nov 16th, 2012 - 09:58 pm - Link - Report abuse 0
  • Mrs Captain Poppy

    @ 38
    where is my husband? ....screwing briton again?

    Nov 16th, 2012 - 10:53 pm - Link - Report abuse 0
  • KFC de Pollo

    @30 you are not a good troll try harder

    Nov 17th, 2012 - 02:49 am - Link - Report abuse 0
  • briton

    These bloggs are being ruined by stupid CFK paid indoctrinated gutter twits,

    We suppose for the price of free speech, we have to put up with brain dead turds,
    Ignore them ..

    Nov 17th, 2012 - 09:18 pm - Link - Report abuse 0

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