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Investors holding restructured Argentine bonds also appealed Judge Griesa’s ruling

Tuesday, November 27th 2012 - 04:52 UTC
Full article 38 comments

Investors holding 1 billion dollars worth of restructured Argentine debt said they also appealed to US District Judge Thomas Griesa’s ruling that they fear would trigger another default and prevent them from being paid principal and interest due on their bonds next month. Read full article

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  • surfer

    Look, you lent money to Argentina, what, exactly did you expect to happen, get paid back, think again!

    Nov 27th, 2012 - 05:57 am - Link - Report abuse 0
  • Teaboy2

    They got nearly 50 billion USD in reserves, so they can more than afford to pay the total debt owed especially if all thats due is 24 billion!!

    Nov 27th, 2012 - 07:32 am - Link - Report abuse 0
  • Idlehands

    I could imagine these investors winning this case but for the fact that Griesa has ordered they pay the holdout cash into an escrow account prior to the final court decision. I think he's done that to test whether Argentina is going to choose to be a scofflaw prior to judgement.

    Argentina has signed an affadavit saying it will abide by the court so one must assume they will pay it in. Will they then choose to leave themselves in a situation where they pay the holdouts and default on the rest - the worst of all worlds for them?

    Nov 27th, 2012 - 09:11 am - Link - Report abuse 0
  • ElaineB

    @1 Actually at the time of the original loans, yes, they did expect to be paid back. It was a different Argentina then, expected to grow and develop.

    Nov 27th, 2012 - 09:31 am - Link - Report abuse 0
  • emerald

    Mercopress employees don't never understand economy to comment.

    Nov 27th, 2012 - 10:40 am - Link - Report abuse 0
  • Idlehands

    5 emerald

    I imagine their office cleaner understands it better than CFK

    Nov 27th, 2012 - 10:47 am - Link - Report abuse 0
  • Captain Poppy

    #2 saying you have X reserves and actually have it are two different things. Why to you think it took a month the get the naval cadets home?

    Nov 27th, 2012 - 11:25 am - Link - Report abuse 0
  • Idlehands

    An interesting read:

    http://www.businessinsider.com/why-argentina-is-such-an-economic-mess-2012-11

    Nov 27th, 2012 - 11:45 am - Link - Report abuse 0
  • ChrisR

    The entities that agreed the original haircut were mainly banks who passed their losses on the their customers in the bad debt account. They already have been recompensed, albeit by everyone who banks with them, not the scofflaws of AG.

    Now they are worried they are going to get screwed again! When you debate with the devil you get screwed.

    I hope that a default does happen and AG get further marginalised by the business community and help bring this despotic government down.

    They could of course always put their money where their mouth is and pay everyone what they are owed and end the matter in their favour. It would mean that the USD 46 Bn needs to exist. Anybody what to take bets on that one?

    Nov 27th, 2012 - 11:49 am - Link - Report abuse 0
  • agent999

    Another good read

    “Why I’m happy for Argentina to default”

    http://www.moneyweek.com/investments/stock-markets/emerging-markets/new-world-argentina-default-61600

    “Mexico, Colombia, Peru and Chile have all combined economic growth with important reforms. Recognising what they have in common, this year they formed the Pacific Alliance – a regional bloc dedicated to boosting trade between members and with the rest of the world.”

    Nov 27th, 2012 - 12:36 pm - Link - Report abuse 0
  • Captain Poppy

    #9 Chris they become more and more marginalized each and every day, forcing them to rely on domestic econonics. And from all the articles they are not bearing any fruit as well.......more rail strikes, teachers strikes and now hospitals on strike, trash collection issues. Now neighboring Paraguay finding oil. Maybe it's time for a bit of reflection in the peronist party because something tells me they are not partying over they state capitalism policies.

    Nov 27th, 2012 - 01:16 pm - Link - Report abuse 0
  • ptolemy

    I suspect that if the rulings go against Argentina and there is a technical default, CFK will just keep all the money. It would be the only way she could save face and make political hay of it all.

    Nov 27th, 2012 - 01:16 pm - Link - Report abuse 0
  • Acchiappaladri

    Mr. Sean O’Shea, that bombasting, noisy lawyer representing Gramercy (I cannot prove it but I have been suspectin for years that high ranking Ladroprogresistas have their personal interest in that fund ... IF there were a “vulture” in the Argentine default story that is the ONE), has already got Judge Griesa's reply LOL

    http://www.urgente24.com/207807-griesa-rechazo-pedido-de-bonistas-plan-b-y-reapertura-del-canje?pagination=show

    (This) game OVER !

    More about Gramercy's role on the next occasion ;-)

    Nov 27th, 2012 - 01:43 pm - Link - Report abuse 0
  • Idlehands

    The trouble is it's never quite game over. You can clutch a clove of garlic and stab the corpse of Argentina with a silver dagger and it will still come bouncing back like the Black Knight.

    Some sort of cage is in order.

    Nov 27th, 2012 - 02:24 pm - Link - Report abuse 0
  • Acchiappaladri

    @14 Idlehands

    Wow! I was wrong ... for long years I've been thinking of is as a political-criminal affair, more than just high risk finance ... now I know: SORCERY first of all LOL

    Incidentally, for anybody who missed them, here are Judge Griesa's replies:

    “ The motion listed as document number 401 for case 08-CV-6978 -Motion to Vacate -is denied. ”

    “ The motion listed as document number 402 for case 08-CV -6978 -Motion to Appear as Interested Non-Parties -is denied. ”

    And now let's move the fun (hopefully ... touching wood!) back to the 2nd Circuit Court of Appeals.

    Nov 27th, 2012 - 02:40 pm - Link - Report abuse 0
  • LightThink

    [ 4

    Malaysian Prime Minister Najib Abdul Razzak and his onetime close friend
    Abdul Razzak Baginda are the “ priority witnessess” in an investigation into bribes and kickbacks amounting to about € 150 millions in the sale of Scorpene submarines to the Malaysian Ministry of Defense that the French Authorities probing the scandal ......................

    What is your opinion on this case ?

    Nov 27th, 2012 - 03:15 pm - Link - Report abuse 0
  • Conqueror

    Yup, Gramercyh et al appealed and got told to get lost. Don't we all just LOVE watching argieland sinking into the morass? Let's see a move asap to seize EVERY argie asset. Don't forget to check Swiss bank accounts. All those with argie debts can be paid and everyone else can have a holiday at CFK's expense!

    Nov 27th, 2012 - 03:23 pm - Link - Report abuse 0
  • Idlehands

    16 LightThink

    Uhh ??? Nothing like staying on topic.

    Some details here:

    http://wikibin.org/articles/scandals-of-najib-tun-razak.html

    He's a crook by the look of it.

    Nov 27th, 2012 - 03:24 pm - Link - Report abuse 0
  • Conqueror

    @16 Don't care. It's not a problem in the South Atlantic.

    Nov 27th, 2012 - 03:26 pm - Link - Report abuse 0
  • LightThink

    That was a special question to the comment 4 owner .

    Nov 27th, 2012 - 03:43 pm - Link - Report abuse 0
  • simonzhivago

    Comment removed by the editor.

    Nov 27th, 2012 - 04:15 pm - Link - Report abuse 0
  • agent999

    @21
    goodbye sussie - we have your details

    Nov 27th, 2012 - 04:18 pm - Link - Report abuse 0
  • Think

    (13) Nonacchiapperestenemennounaliradanoi ;-)

    And what about Sr. Tullio Zembo.........?
    Is he also a “bombastic, noisy Ladroprogresista with a personal interest?”

    http://www.pagina12.com.ar/diario/elpais/1-208624-2012-11-26.html

    Nov 27th, 2012 - 05:25 pm - Link - Report abuse 0
  • Captain Poppy

    agent999....think sussie will ever get it that her nonsense is not being tolerated? lol

    Nov 27th, 2012 - 06:04 pm - Link - Report abuse 0
  • Acchiappaladri

    @24 Think

    Thank you for your good wishes (that unfortunately cannot be understood by the majority of forumers here, who don't master the Italian language like you ... you write almost as a native Italian speaker, I sincerely congratulate you).

    What is promising lately it is the noiser and noiser Ladroprogresista propaganda, meaning that louder and louder, deeper and deeper cracks in their populistic and corrupt regime have to be blurred.
    For example it is quite amusing to read today:

    Moyano denuncia a Anibal Fernandez “para cerrarle esa boca de letrina” LOL

    And about Mr. Tullio Zembo, occasionally (for me the last time before today's was about two and a half years ago, on occasion of the second bond exchange offer) we read something weird by him on Argentine media in Spanish or Italian.
    We understood that he is an Argentine lawyer of Italian descent (living and doing business in Argentina since 1986: quite possibly he has Italian citizenship too). In the past he was looking for clients (as a lobbyist and/or lawyer) among Italian Tangobond holders. He got very few if any.

    What Mr. Zembo has told today to Pagina 12 interviewer it is just his own opinion, or possibly he has been paid a fee for saying that: he his a professional lobbyist.
    He DOES NOT represent any group or association of Italian holdouts and I doubt that he represents Italian holders of exchange bonds as well.
    Before you mentioned that Pagina 12 article, we had already detected another shameful piece of Ladroprogresista propaganda in www.infonews.com mentioning this Mr. Zembo, allegedly “representing 450,000 Italian bondholders who accepted the debt haircut” LOL LOL
    Insanity or just a stupid lie ... you choose please.
    1) he dos not represent any Italian bondholder,
    2) (in excess of) 450,000 was the number of Italians who made the mistake to invest in Argentine bonds: probably about 2/3 of them were sadly tendered in the two big exchanges (the 3rd one was just a Xmas gift for Boudou's friends).

    Nov 27th, 2012 - 06:43 pm - Link - Report abuse 0
  • Captain Poppy

    Feel the love !!

    Nov 27th, 2012 - 08:22 pm - Link - Report abuse 0
  • ProRG_American

    Comment removed by the editor.

    Nov 27th, 2012 - 09:05 pm - Link - Report abuse 0
  • Captain Poppy

    What's next......my winning powerball ticket before any of that happening

    Nov 27th, 2012 - 09:18 pm - Link - Report abuse 0
  • toooldtodieyoung

    14 Idlehands

    LOL

    “I am the Black Knight, none shall pass”

    Nov 27th, 2012 - 09:25 pm - Link - Report abuse 0
  • Xect

    Here we are the copy & paste king is back in town!

    Ignore ProRG, he's pasting this rubbish in lots of threads.

    Nov 27th, 2012 - 09:27 pm - Link - Report abuse 0
  • British_Kirchnerist

    Intersting case where the vast majority of the creditors are on the side of the debtor =)

    #4 You mean back in Menem's day? The good old days for you!

    Nov 27th, 2012 - 09:46 pm - Link - Report abuse 0
  • Captain Poppy

    No BK....you still fail miserably in finance. They do not want to lose money.....it's different from siding with the idiots.

    Nov 28th, 2012 - 12:46 am - Link - Report abuse 0
  • hans

    Comment removed by the editor.

    Nov 28th, 2012 - 01:46 am - Link - Report abuse 0
  • rob the argie

    Comment removed by the editor.

    Nov 28th, 2012 - 02:10 am - Link - Report abuse 0
  • Teaboy2

    @34 no rob the argie, its sad to see pathetic loser's making up false accusations just to try and save themselves from their own countries embarassment. Your post has been reported as trolling, goodbye!

    Nov 28th, 2012 - 05:19 am - Link - Report abuse 0
  • Captain Poppy

    What a conundrum for argentina....on one side they are on their knees, the other side they are on all fours........lol. A self inflicted wound. How many times has argentina shot itself in both feet?

    Nov 28th, 2012 - 01:24 pm - Link - Report abuse 0
  • GeoffWard2

    Having checked the extended definitions of 'Vulture Fund', 'Vulture Investor' and 'Hedge Fund'
    I think that all those that accepted the 'restructuring' (reduction) of their repayments on their loans are no different to those that have held out for full reimbursment.

    It would seem that *everybody* lending money to Argentina is a vulture in the eyes of the president.

    I wonder if she has words to describe those stealing money from Argentina.
    She might start with the phrase “I am a ....”

    Nov 28th, 2012 - 05:26 pm - Link - Report abuse 0
  • Captain Poppy

    They are only vultures becasue they had the audacity to say “NO” to argentina. Can you imgaine the balls of a country that is in collapse and thinking they are doping a favor and calling the choots when it came to restructuring. financial deadbeats that lack honor, respect and self diginity........but not short on ego!

    Nov 28th, 2012 - 06:16 pm - Link - Report abuse 0

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