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Argentine defaulted bond holders demand ‘strict neutrality’ from the IMF
A group of Argentine sovereign defaulted bond-holders have blasted the IMF for its announced intention of filing an amicus brief in support of Argentina before the US courts stating that “there is no role for direct involvement by the IMF in this matter” and any intervention by the IMF “favouring Argentina's request would also clearly violate the Fund's strict commitment to neutrality”. Read full article
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Disclaimer & comment rulesOooooooops……
Jul 20th, 2013 - 06:28 am - Link - Report abuse 0The buzzard are worried.....
Understandable……, after Mr. Singer, bloodsucker “numero uno”, got a U$S 10.000.000 bill from the Ghanian government for their last stir against Argentina :-)))
Yapper#1
Jul 20th, 2013 - 10:45 am - Link - Report abuse 0Spotlight on the KFC regime again.
‘The buzzard are worried..…’
You also think Argentina has been reduced to an economic carcass. Nice.
We all get to enjoy this in 3D.
Tick tock
Friend of the Court briefs are irrelevant SCOTUS cases sometimes gets 100s of them.
Jul 20th, 2013 - 11:07 am - Link - Report abuse 0I don't know why anyone cares what the IMF thinks. It has nothing to do with US law.
Argentina will lose and default, which will crash the already depreciating peso and cause hyperinflation.
It is just a matter of time.
What would you expect from a French politician of dubious financial morals masquerading as an economist.
Jul 20th, 2013 - 12:02 pm - Link - Report abuse 0Think posting at 3am Chubut time from his hut in Scotland! What a turnip!
Jul 20th, 2013 - 12:54 pm - Link - Report abuse 0Argentina is misusing the IMF like it abuses the UN C24 Committee, just like INDEC produces lies about growth and inflation. What's new?
Jul 20th, 2013 - 01:15 pm - Link - Report abuse 0Among a lot of others I was amazed when the Alpaca look-alike, IMF Managing Director Christine Lagarde, actually got the job but I suspect it was France’s turn and this is the best they have FFS.
Jul 20th, 2013 - 01:49 pm - Link - Report abuse 0Now that Obama has realised he would be crossing American citizens and no longer wants to TRY to interfere with the SCOTUS I would imagine the IMF intervention will be as welcome as a turn in the swimming pool.
And quite right too.
Only 7 % didnt accept 2 or three offers of canje of Arg. Those 7 % are vulture funds, great economic centers that buy very cheap countries bonds, to make a great difference of money by these kinds of manouveurs. 93 % accept Arg offers, more than half, isnt it??
Jul 20th, 2013 - 01:58 pm - Link - Report abuse 0Enough shame with Ghana, not the president been able to use our plane, etc. All these consequences of these vulture funds.
@6 Well, of course. What would you expect? CFK is fighting for her life. When she loses this fight in the New York courts, she will finally put argieland beyond the pale. There will be no doubt that argieland is a pariah state. Argieland can join Iran. I note that actions against pariah states can include international isolation, sanctions or even invasion. Invasion would be my favourite. Go in, seize whatever assets one can find that can be sold. Distribute the funds to whoever the argies owe money to. Pull out. Cut all international aid to zero, except for humanitarian aid. Given argieland's “usual” exports there would need to be strict controls and monitoring on anything intended to enter the human food chain. Of course, argies may have to go a bit cold and hungry for a while. But perhaps it will teach them to take a little more care in who they elect!
Jul 20th, 2013 - 02:01 pm - Link - Report abuse 0Oh! I think that Shapiro really nervous and desperate 10 years and not a single cent. Good
Jul 20th, 2013 - 02:04 pm - Link - Report abuse 0Vulture speculators needs a big lesson they ruin the real economy around the world.
Yes Duny, we are all hovering waiting to pick your bones clean.. he he heh. Vultures are great creatures they cleanse the world of rotting rubbish!
Jul 20th, 2013 - 02:18 pm - Link - Report abuse 0Vultures, don't you just em!
Jul 20th, 2013 - 02:27 pm - Link - Report abuse 0http://oilersnation.com/2009/1/2/patience-my-ass
8 malen
Jul 20th, 2013 - 03:15 pm - Link - Report abuse 0Another lie.
The vast majority of the acceptances were from banks and investment funds and guess who picked their losses up: their customers, they did not lose a cent.
The rest who did NOT accept the beheading (it was not a haircut) were small investors who trusted The Dark Country and their only hope is that the SCOTUS rejects the argie appeal.
Of course NOBODY will get a penny anyway because The Dark Country is broke and has already said they will not pay.
Demand.....demand! WTF! Who in the hell do these vulture funds think they are.....Argentina? Only Argentina gets to make unreasonable, cry baby demands. IMF will do as they please and besides, Argentina demands that IMF support Argentina in this great war against the western world!!!
Jul 20th, 2013 - 03:25 pm - Link - Report abuse 0Now fuck off world!!!
@8 Shame innit? Tango1 can sit on the tarmac until its wings drop off. Ain't going nowhere. Such fun!
Jul 20th, 2013 - 08:24 pm - Link - Report abuse 0@14
Jul 21st, 2013 - 12:42 am - Link - Report abuse 0This post is not me!
@16
Jul 21st, 2013 - 03:15 am - Link - Report abuse 0No one cares!
@8
Jul 21st, 2013 - 08:17 am - Link - Report abuse 0Malen. Is it Ok if you lend me $ 100,000 over a period of 5 years with yearly interest of lets say 5% per annum. At the end of the 5 years I say to you I can only give you $ 100 back as I do not have the $ 100,000 plus interest. You would accept that would you?
I would be interested in your thoughts.
Let’s clarify something some facts here because seems from the post of the Argies haters they are ignorant or just brain washed.
Jul 21st, 2013 - 10:28 am - Link - Report abuse 0First none of this vulture funds have ever lend to Argentina 1 penny otherwise they bought ARG bond form lenders that were scared with the propaganda also made by tem that Argentina will never pay.
So the Smarty vulture funds offer 10 cents over 100 dollar bond to desperate little investors.
Now they are claiming the full nominal value claiming that poor teachers in US will never get their money back.
Well that it is clear a speculative bet where you can win or lose according with your weight and power.
VF will lose because even if they win in court Argentina will never pay and may be jeopardise the whole restructuring bond market by declaring a new default.
A new default will not change a bit for Argentina as the VF have made a big mistake by pressing on private lending market to don’t lend to Argentina.
So hat would be the consequence for Argentina by declaring a new default?
Absolutely nothing because Argentina is not borrowing from PV market anymore since 2003. So it is clear that Argentina can live by it own means without appealing to international private lending source.
So let’s put in other words, the implication to declare a death sentence over a dead is equal 0.
So in the end Speculators and VF have made a big favour to Argentina because was forced to live by its own means. And that is good.
Thank you VF and bankers for that.
.“ So it is clear that Argentina can live by it own means without appealing to international private lending source.”
Jul 21st, 2013 - 12:35 pm - Link - Report abuse 0Excellent, so no more sponging by Argentina off the British taxpayer.
And you won't be needing any more aid.
Good.
That's OK because I think that rather than wasting money on Argentina, Britain should grant the money to FIG for the deep water port/alternative oil town in the Falkland Islands , and finance a biofuel plant to take over from oil.
At least the money will not be wasted, as it is by losing it to the Black Hole=Argentina.
19. One consequence of another default would be a further and faster depreciation of the Peso, it would also take away the ability of Provinces, private/public Arg corps from getting Int'l loans.
Jul 21st, 2013 - 01:27 pm - Link - Report abuse 0Since it would also be the final venue in US courts the US gov't may get involved by further ratcheting down the ability of Arg to get funds from Int'l banks and even greater trade barriers to the USA and maybe stop them altogether.
If you are too stupid to see that the USA is going to punish Arg for being a scofflaw you deserve what is coming.
I don't see Obama and leftists really placing much importance on rules or laws. I don't think they care that Argentina is welching on debts (ie. stealing other people's money). I might be wrong.
Jul 21st, 2013 - 05:21 pm - Link - Report abuse 0Wasn't Obama about to support Argentina if their case went to to SC, and the SC requested the Administration's input?
I think the only thing keeping Obama from supporting Argentina is that they are spitting on the US just a bit too much. If they spat just a bit less, then it would be OK with this current Administration. Both entities are fellow leftists. No?
If you are referring to the USA outside of the leftists, that portion of the USA, be it conservative politicians, conservative states, private commercial enterprises, or conservative individuals, these entities in the US see clearly what would be best for Argentina in the long run is for them to face the real world consequences of their actions.
Are the Provinces borrowing money internationally? Can they do that? That is really interesting!
What is up with the IMF? On the one hand Argentina is contradicting a lot of IMF policy and have been warned (albeit lamely) by the IMF to change. On the other hand, they are supporting that same country. Or is the IMF just trying to take a stand against Hedgefunds?
If Justice Kennedy thinks SCOTUS ought to hear this case, it will go to the Supreme Court I think. It comes down to whether Kennedy will be thinking like an activist extra-constitutional judge, which he often does. If SCOTUS hears it, Kennedy's thinking won't change, he'll side with Argentina in the decision. That will lead to a favorable decision for Argentina. That is just my thinking, yours seems pretty strong also. If the decision stands against Argentina, the fireworks are going to be pretty loud.
@yankeeboy
Jul 21st, 2013 - 08:18 pm - Link - Report abuse 0“One consequence of another default would be a further and faster depreciation of the Peso”
That will boost exports because ARG will become cheaper in dollar terms. No a big deal.
“it would also take away the ability of Provinces, private/public Arg corps from getting Int'l loans”
That item is currently 0, provinces and may companies are not getting debt abroad.
“Since it would also be the final venue in US courts the US gov't may get involved by further ratcheting down the ability of Arg to get funds from Int'l banks and even greater trade barriers to the USA and maybe stop them altogether.”
Nothing new since 2003 Argentina is out of the lending funds from Int. Banks.
Also US barriers will not affect Argentina as US is not a significant trade partner for Argentina anymore and also Argentina can punish US exports to Argentina or completely ban US exports to Argentina.
So US has not way to punish Argentina and that is the reason why they can sized your planes, cargo or whatever they want and what you can only do is cry like baby.
Idiot!
So If I would be Cristina I would have declare an unilateral cease of all payments to creditors until US resolves what desire to do.
That would be a lot of fun...
A GREAT CHALLENGE, IN ORDER TO GET RID OFF THAT CANCER.
Jul 21st, 2013 - 10:28 pm - Link - Report abuse 0I know that maybe this place is not the right one in order to talk about such a serious issue like our conflict with the vultures, because although i have always said that beyond some mediocre reports published by mercopress, about argentina's situation, it is a serious website, if it's compared to clarin, la nación and perfil. The problem is that this website is full of reactionary and misserable people, who often predict and wish economic distasters for argentina. Anyway, beyond this fact, i must recognize that not all the people here are reactionary, and i'm sure that although some people are going to insult me, as they usually do, without proposing any serious idea, i'm sure that there will be also unless a few people who are going to give me interesting points of view.
I think that we all must understand that our conflict with the vultures is not just an argentine problem, but a global question, due to a decision against argentina at the u. s. a' court, will be terrible not just for our country, but for all the rest of the world, especially for those europeans nations which are going through serious crisis of their debts, and are forced to make hard cuts in their budgets, producing more and more poverty.
Those vultures are one of the biggest cancers, characteristic of the anarchical capitalism which rules the world nowadays, that's why we have a great challenge in order to get rid of them, recurring to all possible legal instances.
On the other hand, we must continue re-industrializing the country, due to the destruction of the industrial sector, is one of the worst remoras that we still have since the times of neoliberalism, which started in the last dictatorship, and lasted untill 2001.
In 1977 a criminal like martines de hoz, eliminated all the restrictions to buy foreign currencies, he did it, because the dictatorship wanted a financial economy, not an industrial one. There is a lot more to say.
23. Dany If devaluation is so great for an economy why isn't Zimbabwe or Venezuela the richest countries in the world?
Jul 22nd, 2013 - 11:58 am - Link - Report abuse 0Publicly listed Arg companies have been issuing bonds Internationally since 2001. They would no longer be able to do that. All funding would have to be internal and that would be impossible with the Arg Gov't taking all the ready cash.
Arg would be shooting itself in its foot, which isn't out of the question if they stopped USA imports. The USA controls a HUGE percent of your economy, almost every one of your major employers is a USA based company, Ford, GM, Monsanto, Cargill etc. Even CFK couldn't stand that much immediate employment.
Do you think before you post?
You are as stupid as Axel and that is really saying something!
25 yankeeboy
Jul 22nd, 2013 - 03:58 pm - Link - Report abuse 0GE have a ruck of money in countries which they cannot move it from (see my other topic post).
I wonder who has all that money.
As if we didn't know.
I think it was over a year ago Moreno “came to an understanding” with all large foreign owned companies in Arg that they wouldn't x-fer profits back to their home country.
Jul 23rd, 2013 - 11:41 am - Link - Report abuse 0I think the “agreement” was only for a year though so not sure where it stands now.
It is why their FDI looks larger than it really is.
@27
Jul 23rd, 2013 - 12:41 pm - Link - Report abuse 0And probably most of the US$1.8 Bn GE have 'locked' in country will be in The Dark Country itself.
Just in via REUTERS:
Jul 24th, 2013 - 01:59 am - Link - Report abuse 0Neutrality it is.
IMF C. Lagarde has withdrawn all plans for the filing of the amicus brief.
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