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Argentina faces 65bn dollars in claims; plans to abandon international litigations court

Wednesday, November 28th 2012 - 20:28 UTC
Full article 45 comments

Argentina faces 42 claims at the World Bank’s ICSID in which the plaintiffs are demanding compensations for almost 65 billion dollars, revealed Eduardo Barcesat legal advisor to the Argentine Treasury and one of several lawyers who has defended the country in those litigations. Read full article


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  • Nostrolldamus The 2nd

    65 billion huh? Oh well, tough luck for the private companies, for YPF, for Spain, for the EU, for the US, the vultures, the German and italian Opas and nonnas, for Chavez, and for the Chinese, and for the Mercosur companies, and the World Bank and the Paris club, and for the Shurlandish, and for the bondholders.

    There are no 65 billion dollars, so the world gets NOTHING.

    Nov 28th, 2012 - 08:37 pm - Link - Report abuse 0
  • Anbar

    clever... not

    Nov 28th, 2012 - 08:41 pm - Link - Report abuse 0
  • TipsyThink

    65 $ billions ???????????
    who found this number and from where ????????

    not true ........

    Argentina's “” short term “” external debts are ;

    Government .... 7,715 $millions.

    BCRA ........ 3,000 $ millions.

    Banks ..... 2,178 $ millions.

    Other Sectors .... 27,090 $ millions

    the rest is “”long term “” debt............

    Nov 28th, 2012 - 08:51 pm - Link - Report abuse 0
  • Idlehands

    Who is going to make any trade agreement with a country that has specifically withdrawn from such a body because they refuse to settle any debts they are obliged to pay? I assume they would have been happy to accept any they had won.

    This is the beginning of the end.

    Nov 28th, 2012 - 08:54 pm - Link - Report abuse 0
  • Anbar

    “”“”65 $ billions ???????????
    who found this number and from where ????????“”“”

    I suspect that he found the figure in an attempt to blow his own trumpet.... basing financial figures on reality has never been that good a career move for Argentinian economists, or government cronies....

    know what I mean?

    Nov 28th, 2012 - 08:55 pm - Link - Report abuse 0
  • slattzzz

    well tipsy think someone doesn't agree with your sums “Argentina needs to settle its outstanding debt with the Paris Club nations—approximately US$7.5billion.” and thats just one so only 41 to condider so I'd say 65 billion sounds about right, as idlehands said this is the beginning of the end

    Nov 28th, 2012 - 08:59 pm - Link - Report abuse 0
  • surfer

    this A country is a total basket case, totally ignores any international law that doesn't suit it, begs for international law to save it.

    needs to go bankrupt once again and restart it's relationship with the rest of the planet. Just bring on the default and let's face reality, stop running around in circles.

    Nov 28th, 2012 - 09:05 pm - Link - Report abuse 0
  • ProRG_American

    More nonesense from opportunists who one day woke up and said, “ho I think I'll sue Argentina today”. Mercopress just cranking up the hysteria again. Good example as to why Argentina must resist the current onslaught directed by Wall Street and the London Financial Animals. Still cannot stand that South American Nations can achieve financial independence nor that new loans can be shoved sown their throats. I suppose that at some point Brazil will be targeted for the same treatment, but that is a bigger whale to hunt down.

    Nov 28th, 2012 - 09:07 pm - Link - Report abuse 0
  • TipsyThink


    The Economy runs by numbers not by gossips. !

    Nov 28th, 2012 - 09:11 pm - Link - Report abuse 0
  • surfer

    why are so many countries so charitable with Argentina, until they step up and seize all international assets, including BIS deposits, this farce will continue. It's a poor country that makes a lot of noise, needs to keep quiet.

    Nov 28th, 2012 - 09:11 pm - Link - Report abuse 0
  • TipsyThink

    Everything is a “” tool “” to use up ......

    Your problem is that not to able to think comprehensively...

    Nov 28th, 2012 - 09:20 pm - Link - Report abuse 0
  • slattzzz

    @9 actually it's from the financial times which I'd believe over your made up figures,

    Nov 28th, 2012 - 09:30 pm - Link - Report abuse 0
  • commonsparrow

    the country has not complied...
    the country has not paid....

    Thats a song I've heard before.

    Nov 28th, 2012 - 09:36 pm - Link - Report abuse 0
  • Xect

    Lol @ ProRG, that must be some crazy juice you've taken.

    So all 42 claims are entirely fictitious and if thats the case you probably don't think Argentina stole YPF a private company either......

    You know what they say, what goes around, comes around.

    Nov 28th, 2012 - 09:41 pm - Link - Report abuse 0
  • TipsyThink


    my numbers are true ...

    don't be lazy /slouchy...go & search & find the numbers....

    Nov 28th, 2012 - 09:45 pm - Link - Report abuse 0
  • Xect

    Think, maybe I misunderstand you but it seems you are comparing real debt with claims of which may haven't yet been accepted.

    So its not actually a debt until the claim have been proved and according to that article not all have been accepted by the ICSID. 42 claims and 5 been awarded against Argentina.

    Nov 28th, 2012 - 09:49 pm - Link - Report abuse 0
  • HansNiesund

    @1 The Sage of Mendoza

    Isolationism, full steam ahead. Have you seen “Doomsday Preppers”?

    Nov 28th, 2012 - 09:55 pm - Link - Report abuse 0
  • Clyde15

    This is an unimportant “red herring”. The whole world knows and agrees that the Falklands issue is the most important topic on the world's agenda. The world's economy, global warming and the Middle East pale into insignificance besides this.
    It is a well known fact that the island is really the fabled “El Dorado” and if Argentina could manage to steal it they would be rich beyond the dreams of avarice. At a stroke all their problems would melt away and CFK would be beatified.
    All this MUST be true or they would be spending more time on their economy.

    Nov 28th, 2012 - 10:02 pm - Link - Report abuse 0
  • slattzzz

    Here's my homework Tipsy stink, so don't be lazy and try doing some yourself or doesn't you goverment allow you access to info like this.
    Economist Arturo Porzecanski at American University in Washington told The Associated Press on Monday that he believes this could be the beginning of the end of the Fernandez government, as Argentina's deepening recession and financial turmoil lead to growing social unrest and to political crisis.
    “The endgame is here and the Argentine authorities and bondholders who went into the exchange are just refusing to acknowledge this reality,” Porzecanski said. “If they don't put that money in the escrow account, chances are the Argentine economy and financial system will start grinding to a halt.”

    On the other hand, if it does pay, Porzecanski agrees that Argentina will immediately face other creditors, who are likely to win as well in New York courts.
    If the ruling is upheld, as expected, the Argentine government will need to pay out a total of nearly $5.5 billion in December alone.
    according to analyst Ramiro Castineira with the Econometrica firm in Buenos Aires. The total debt unpaid since Argentina's 2001 economic collapse is about $11.2 billion, thats not counting hedge funds.

    Nov 28th, 2012 - 10:02 pm - Link - Report abuse 0
  • Nostrolldamus The 2nd


    I told everyone here Argentina would begin withdrawing from ALL international organizations. About time with extricate ourselves from such corrupt, rotten, self-serving organizations whose only purpose upon being created was to promote as “soft-colonialism” by the north, post-WWII, to replace actual boots on the ground.

    Nov 28th, 2012 - 10:03 pm - Link - Report abuse 0
  • slattzzz

    @20 no probs but pay your debts then close the door on your way out

    Nov 28th, 2012 - 10:07 pm - Link - Report abuse 0
  • Xect

    Interesting view of the world there Tobias and not one I believe you truly believe.

    I think you know this ship is not just sinking but is 3/4's of the way under the water and you're just trolling now as a way of distracting attention.

    Still I remain firm in the belief you're a good guy under all of this stuff.

    Nov 28th, 2012 - 10:08 pm - Link - Report abuse 0
  • Britninja

    @20 I agree that it's time you leave international organisations, or rather, were thrown out for being a corrupt, rotten, self-serving dump whose only purpose seems to be to steal the money and property of other countries and whine self-pityingly when the repercussions take hold.

    Nov 28th, 2012 - 10:09 pm - Link - Report abuse 0
  • Nostrolldamus The 2nd


    I've always been isolationist, I said I didn't mind direct trade, but belonging to all these organizations leads to stuff like this. You as a Brit I would have thought to be more understanding than others... you people hate Europe, and you are now stuck with the EU (in your view), and their rules.

    Same situations. Isolationism obviates any of this.

    Nov 28th, 2012 - 10:10 pm - Link - Report abuse 0
  • Xect

    I support a countries ability to make its own decisions and too choose its own future as opposed to having lots of laws and regulations foisted on it a la EU.

    However trade bodies are beneficial when you play within the rules and we all live in a truly global economy with the exception of a few countries like North Korea and who wants to be like them?

    So I do support a countries right to withdraw from international organizations and to determine its own future but clearly Argentina isn't doing it for those reasons, its doing it because it refuses to pay the monies it arguably owns.

    Still I don't agree with Elliott and other funds that are deliberately bringing Argentina too its knees. I even go as far as subscribing to Argentina's terminology of calling them 'Vulture Funds'

    Nov 28th, 2012 - 10:17 pm - Link - Report abuse 0
  • surfer

    If Agentine Govt. was a person they'd be living in a cardboard box under the flyover, or in prison.

    It's just because the charity of the rest of the world this hasn't happened yet.

    Nov 28th, 2012 - 10:41 pm - Link - Report abuse 0
  • Ayayay

    I think working on a credible SA bank & arbitration system sounds good. I appreciate the transparency, stability and equanimity the NA sys has given me.

    Nov 28th, 2012 - 10:44 pm - Link - Report abuse 0
  • Terence Hill

    As I've always said when not pulling any punches “lying, thieving, treaty-breakers”.

    Nov 28th, 2012 - 11:05 pm - Link - Report abuse 0
  • surfer

    I tire of these pirates, a big smackdown is well overdue, default is really too easy, need to get all Argentine assets, worldwide, outlaws, your time is up.

    Nov 28th, 2012 - 11:33 pm - Link - Report abuse 0
  • Pirate Love

    Is somebody making this up??? seriously, i cant take anymore, this is the third pair of pants ive soaked this week through p*ssing my self laughing at Argentinas selfharm, $65 Billion holy sh*t!!

    “The lawyer accused the ICSID of ‘taking sides’”, yeah right....if the decision was in argentinas favor would he still arrive at the same conclusion, I think not keep trying, I wonder if hes checked his bank for this weeks wages.

    Come in Argentina, YOU NUMBER IS UP!!!

    Nov 29th, 2012 - 12:24 am - Link - Report abuse 0
  • British_Kirchnerist

    Seems like a pathetic anti-Argie bandwagon to me

    #18 Cristina is already beautiful =)

    Nov 29th, 2012 - 12:48 am - Link - Report abuse 0
  • andy65

    LOL all this shit came to being since the uneducated Argies voted SS Hitler Cristina Kirchner into power this woman (thing) is a walking time bomb-you really could not make this stuff up


    Nov 29th, 2012 - 01:44 am - Link - Report abuse 0
  • Ayayay

    Does this mean the $2B from the World Bank and any preferences given by the Euro Union for businesses are null and void today?

    Nov 29th, 2012 - 02:32 am - Link - Report abuse 0
  • RICO

    When Taiwan stopped being recognised by international institutions PRC took its place - when Argentina gets kicked out perhaps FI can take its place.

    Nov 29th, 2012 - 08:55 am - Link - Report abuse 0
  • Idlehands

    The consequences of such a move by Argentina would be that anyone could seize anything in a ridiculous manner and Argentina would not be able to redress the issue in a court.

    Nov 29th, 2012 - 09:34 am - Link - Report abuse 0
  • TipsyThink


    then say to A.Porzecanski...

    Argentina has more than 20 $ billions at US investment portfolios....

    Argentina has reserves to payback at all time in the future...

    “ can not pay ” and “ hampering payback ” are not same things.

    Nov 29th, 2012 - 09:40 am - Link - Report abuse 0
  • surfer

    There is another way to look at this, the longer that this government stays in power, the weaker the country becomes and the less of a threat to its neighbours.

    As a rule of thumb I reckon 1 year of CFK will need 10 years to recover from (under a sensible government) so soon we could be looking at a century of peace in the South Atlantic!

    Nov 29th, 2012 - 09:47 am - Link - Report abuse 0
  • Condorito

    So that's where Count Duko ended up.

    Nov 29th, 2012 - 12:25 pm - Link - Report abuse 0
  • Gordo1

    I have also understood that when a country(any country) contracts international obligations all parties to the transaction(s) agree that they shall be subject to a mutually agreed jurisdiction in the event of misunderstandings between the parties.
    How can Argentina now say that they will not submit to the mutually agreed jurisdiction? No-one will take Argentina seriously in the future.

    Nov 29th, 2012 - 04:20 pm - Link - Report abuse 0
  • Simon68

    39 Gordo1 (#)
    Nov 29th, 2012 - 04:20 pm

    No one takes us seriously now!!!!!!!

    Nov 29th, 2012 - 04:41 pm - Link - Report abuse 0
  • agent999

    At the least we have the advantage of changing our leader/political party - it might not always have the immediate affect that we would like - but at least we have the option for change.

    Nov 29th, 2012 - 06:37 pm - Link - Report abuse 0
  • andy65

    Does Kirchner still have the option of throwing Argentines out of military planes????

    Nov 29th, 2012 - 07:41 pm - Link - Report abuse 0
  • toooldtodieyoung

    20 Tito the Clown Troll

    aaaaaawwwwwwww!!! It's always nice being in the big boys clubs until you have to pay the bill isn't it?

    Now be quiet, the adults are talking.

    29 surfer

    The final nail in the coffin for KFC??

    Nov 29th, 2012 - 08:35 pm - Link - Report abuse 0
  • Ayayay

    The provinces had to borrow at 23% interest to pay schools, etc. because Kirchner cut their steam in half without warning.

    And ppl are so concerned w Greece ovrr 7% (but just because they can become a breeding ground for wR and illness for Europe.

    Nov 29th, 2012 - 09:18 pm - Link - Report abuse 0
  • Captain Poppy

    How will argentina sue companies for Falklands development then? argentine

    Nov 30th, 2012 - 02:43 pm - Link - Report abuse 0

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