MercoPress. South Atlantic News Agency
Argentine defaulted bond-holders have until 22 April to respond to the proposed payment plan
A US appeals court gave holders of defaulted Argentina debt three weeks to respond to the country’s proposed plan to pay them much less than the 1.33 billion dollars they have sued to collect. Read full article
Comments
Disclaimer & comment rulesI don't think it would take a genius to figure out how this is going to turn out.......
Apr 04th, 2013 - 07:08 am - Link - Report abuse 0I think this another case of Argentina stalling the inevitable.
They know they've completely lost to the funds and are now in the process of dragging out the problem for as long as possible.
tick tock tick tock tick tock
Apr 04th, 2013 - 09:08 am - Link - Report abuse 0I bet they don't take that long
Apr 04th, 2013 - 10:49 am - Link - Report abuse 0It will be a couple 100 word document saying No
@4
Apr 04th, 2013 - 11:22 am - Link - Report abuse 0Much more likely to be a nice long document stating why this is the gov thumbing it nose at eh courts but with a exec summary saying NO. That way the lawyers will be able to get some more fees out of it...
4. Ahh lawyers, the only ones who ever make any $ when they're involved.
Apr 04th, 2013 - 11:39 am - Link - Report abuse 0Well, the argies SAY they have the money, but we all know what that means, don't we? The exact opposite.
Apr 04th, 2013 - 11:54 am - Link - Report abuse 0@4 Surely it is for the holdout bondholders to respond to the derisory argie offer. But, dressed up in legalese, it has to be “Give us the money we are suing for!” The money “should” already be with the court-administered or appointed escrow fund. If it isn't, I assume that would be contempt of court. So the argies can say goodbye to that US$1.3 billion.
Apr 04th, 2013 - 12:36 pm - Link - Report abuse 0@yankee There is another article that says the argies will use reserves to comply with debt commitments. How are the “reserves”? Is the default closer?
Did you fall over at work? Do you want to fall over at work? Do you want to default on bonds? Then call us at Cohen, Cohen & Cohen lawyers and we'll look at how you can best do that, whilst we tie everything up in appeals in order to stretch out the billable hours.
Apr 04th, 2013 - 12:39 pm - Link - Report abuse 0Call us now at 0800-BILLBILLBILL
If they have U$9B in fcf I would be very surprised. They're blowing through really fast and it is not getting replaced. A few more months of negative imports should do the trick.
Apr 04th, 2013 - 12:40 pm - Link - Report abuse 0@9 If they cannot even sign-off a few million in works for the Buenos Aires Underground Sewage Drinking-water River (BAUSDR), then you're not going to be far off the truth.
Apr 04th, 2013 - 12:57 pm - Link - Report abuse 0I am pretty sure they were counting on IDB to fund the upgrades to the sewer and water system.
Apr 04th, 2013 - 01:13 pm - Link - Report abuse 0I don't see that happening
Last year was the 1st year they paid IDB more than they received.
I can't see them getting substantial or maybe anything at all from WB or IDB in the near future. The pendulum has swung whether they realize it or not.
It's really simple you know, they need to privatize YPF and sell to China.
Apr 04th, 2013 - 01:30 pm - Link - Report abuse 0China wouldn't touch YPF with a 10 foot pole too many lawsuits from Spain will nip that in the bud.
Apr 04th, 2013 - 01:40 pm - Link - Report abuse 0Also China doesn't have the technology Arg needs for the fracking only the USA does. China is having their own problems with fracking, they thought they had huge reserves too but are finding it very hard to extract.
@5 Yup, we seem to be able to make money when the markets are going up and when they are down...
Apr 04th, 2013 - 01:46 pm - Link - Report abuse 0I have a doubt about the values quoted as Argentine estimates of what NML paid for the bonds that they hold, we were given to understand by numerous newspaper articles that the “vultures” only paid 30 cents in the dollar for their bonds, whereas Argentina made an agreement for re structuring at between 25 and 29 cents in the dollar!!!!!!!
Apr 04th, 2013 - 05:07 pm - Link - Report abuse 0Doesn't that make US the vultures in this soap opera??????
If they won’t pay,
Apr 04th, 2013 - 06:55 pm - Link - Report abuse 0Send in the bailiffs,
And take everything of value,
Its probably stolen anyway.
.
Still putting money on back-room pressure from the US Gov killing this.... (or severely watering down any negative effects on Argentina...)
Apr 04th, 2013 - 07:46 pm - Link - Report abuse 017. It has been said in many opinion pieces that this case will have no consequences to future Sovereign debt offerings in NYC. It is a simple contract law case with 200 yrs of precedent. The only reason it has gotton this far is because Arg has been willing ot pay the legal bills to keep it tied up in the courts for as long as possible.
Apr 04th, 2013 - 08:42 pm - Link - Report abuse 0It is done now though
I doubt very much SCOTUS will not hear the case because NY contract law is pretty well settled.
However this turns out this has been incredibly destructive for Argentina.
Apr 04th, 2013 - 10:19 pm - Link - Report abuse 0Best case scenario they escape a default, international investors have been reminded that Argentina is at best a risky place to invest and at worst they default again and we see Argentina sink even further than it has over the past few years under the increasingly bizarre economic policies and illogical foreign policy decisions.
Argentina loses badly in a non-default and in a default it loses even worse. These are dark days to be a Argentine.........
I wonder what will happen once the vulture funds find out Argentina has no money (because most of it was stolen or spent in subsidies)? I doubt they'll chase CFK to get the missing money, so how are they going to expect us to pay the debt?
Apr 05th, 2013 - 01:58 am - Link - Report abuse 0@19
Apr 05th, 2013 - 02:31 am - Link - Report abuse 0You are funny Xect, you simply can't accept we in Argentina have no interest in becoming part of your minatory, pathetic lifestyle of greed, and miserable life with no family, no enjoyment, no anything. You will die, and guess what, you ain't taking that money you made with you.
So third recession in five years huh? Not even Argentina can boast of that achievement.
http://en.mercopress.com/2013/04/04/boe-ready-to-pump-liquidity-if-first-quarter-confirms-uk-back-in-recession#comment235460
21. 3rd recession in 5 years, well Argentina is entering their 2rd year of recession. Nov 2011 is when you entered, I think it may be a generation before you have positive GPD again.
Apr 05th, 2013 - 10:47 am - Link - Report abuse 0You might consider moving to Paraguay to have a better life.
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