MercoPress. South Atlantic News Agency
Argentina gains a new ally in its fight against hedge funds: WEF’ Schwab
Argentina’s worldwide court battles against the hedge funds which did not accept the restructuring of its defaulted debt and are after the country’s assets, has gained another ally, the president of the World Economic Forum, (WEF) Klaus Schwab. Read full article
Comments
Disclaimer & comment rulesWell of course “Some 92% of defaulted debt-holders accepted the exchange” and there is a blindingly obvious reason for this: they were mainly banks who wrote the loss against their customers in higher fees. The banks lost nothing.
Jan 07th, 2013 - 02:48 pm - Link - Report abuse 0What about the individual investors like the Italian families who TRUSTED AG at the time and have been ignored up to now by the bunch of crooks running the country? Is it right to call these people ‘vultures’ especially when you consider the main protagonist is the biggest crook in AG who presently has the glorious title of President of Argentina. Despicable cow.
And, what about the vultures who own the restructured funds (and paid very little for them) and are “happy” with the reduced return UNTIL Singer started winning against the crooks of AG? Now it’s all wrong of course BECAUSE THEY WON’T GET WHAT SINGER WILL GET.
No. I don’t care that the UK were in the forefront of legislation against ‘Vultures’. What do you expect when the Square Mile has all the vested interests sitting in the Conservatives pockets? The prick Camoron is a multi-millionaire (in Sterling) and wants this to succeed because all his mates will benefit even if the real investors (the individuals) will not.
The real problem of course lies with the issuers of the debt bonds. Will anybody (with a brain) EVER trust AG again? Only the stupid or avaricious will and they deserve everything that happens to them.
Chris, The largest % of the re-negotiated bonds were taken up by orgs that are controlled by the Arg gov't or Banks within Argentina. I think it was upwards of 75% but I would need to search around to find the number.
Jan 07th, 2013 - 03:11 pm - Link - Report abuse 0So this 92% number they keep throwing around as “accepted” is not wholly accurate since only a small portion didn't take their marching orders directly from Nestor.
Except of course that Klaus Schwab didn't actually express any support for Argentina's position and its attempts to avoid seizure of its assets.
Jan 07th, 2013 - 04:10 pm - Link - Report abuse 0And the defeats keep on coming...
Jan 07th, 2013 - 04:46 pm - Link - Report abuse 0Argentina is writing a glorious page in financial world history.
@4 Nostrolldamus The 5th
Jan 07th, 2013 - 05:01 pm - Link - Report abuse 0Oh dear, how exactly is Argentina writing anything, other than its own decline and demise into total oblivion, when Klaus Schwab didn't even mention Argentina by name, or express any support for anything that is happening in Argentina?
You really are clutching at straws :-)
@4
Jan 07th, 2013 - 05:03 pm - Link - Report abuse 0but surely it makes no difference to Argentina what anybody else thinks.
@5
Jan 07th, 2013 - 05:15 pm - Link - Report abuse 0There is no decline or demise of Argentina. Dreams of a broken Brit.
@6
Of course not, but we are waging a war against the banks, and are winning on all fronts. Read the last two months of news.
2 yankeeboy
Jan 07th, 2013 - 05:25 pm - Link - Report abuse 0Thanks for that, I did not know that the percentage taken up by AG was anything like that amount but you would put money on them buying at least some of the defaults.
What a marvellous way of getting out of 70% of your responsibility and totally legal while this sort of ‘restructuring’ is allowed.
You can see now why I am absolutely against this which seems to me to be nothing other than legalised theft.
If I were to borrow USD1 million from a bank and then, when it matures, say I can only pay USD500,000.00 the bank will still pursue me for the rest.
Jan 07th, 2013 - 05:25 pm - Link - Report abuse 0So why should the holders of the debt which Argentina failed to pay at the time of rescheduling now not be able to claim 100% of the face value of their holdings? Can somebody please explain exactly what is illegal or immoral in wanting their money back?
@7 Nostrolldamus The 5th
Jan 07th, 2013 - 05:26 pm - Link - Report abuse 01) There is nothing but rot and decline in Argentina
2) I'm not even a Brit, you pathetic blithering imbecile.
@7
Jan 07th, 2013 - 05:26 pm - Link - Report abuse 0but you cannot be winning because as far as you are concerned there is nobody outside of Argentina that has any influence.
The problem is as hysterical it would be for us Brits, Argentina going into another default is not in the economic interests of the US or the Americas as a whole. All the creditors would lose out, but there has to be penalties to their disgusting behaviour. Other chaotic countries are seeing what they continually get away with and emulating their behaviour. A punishment is overdue, fingers crossed Madame Lagarde will oblige.
Jan 07th, 2013 - 05:32 pm - Link - Report abuse 0@9 More accurately put, you are only “willing” to pay back $300,000 USD. Besides how could you outsource luxury jet rides and buy a few hundred of pairs of designer shoes if the bank wants its full million back?
Jan 07th, 2013 - 06:22 pm - Link - Report abuse 0Those “vultures” clearly don't understand the importance of comfort and fashion sense do they? It will take a lot more to get rid of that turkey neck, so it's a “fashion” crime to pay those people what they are owed.
God Bless Paul Singer and the American Task Force Argentina: www.atfa.org/
Jan 07th, 2013 - 08:10 pm - Link - Report abuse 0Interesting to note that CFK chartered a British plane for fear that Tango One would be seized.
More lovely news for a lovely lady and a wonderful people.
Jan 07th, 2013 - 10:10 pm - Link - Report abuse 0@Nostrolldamus The 5th hey supermouth take this as a warning
Jan 08th, 2013 - 12:07 am - Link - Report abuse 0Argentina as to be lucky all the time her enemies need to be lucky JUST ONCE
Think about it
I read the article twice to be sure, but where did Schwab voice his support for Argentina?
Jan 08th, 2013 - 01:33 am - Link - Report abuse 0Hardly an ally when you consider what the WEF is all about.
A good intervention, Cristina clearly has the support of the sensible people around the world =)
Jan 14th, 2013 - 07:17 pm - Link - Report abuse 0Commenting for this story is now closed.
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