MercoPress. South Atlantic News Agency
US Supreme Court gives hedge funds another 30 days to contest Argentina’s appeal
The US Supreme Court gave hedge funds another month to present their reply following on the request from the Argentine government to review the sentence handed down by Judge Thomas Griesa and partially supported by the Appeals Court. Read full article
Comments
Disclaimer & comment rulesIMF states “ it would discourage creditors from participating in voluntary restructuring of debts”. My interpetation of that is, if you lend money be prepared to receive very little in return. Why bother to lend money in the first place?
Jul 22nd, 2013 - 07:02 am - Link - Report abuse 0Yawn!
Jul 22nd, 2013 - 07:05 am - Link - Report abuse 0Has this ever happened to another country? Or is Argentina just the biggest loser, so much so that not only couldn't it run a country properly and had to default but it couldn't even pull off a default without stuffing that up too.
The IMF's stance has very little to do with Argentina, particularly. Many countries are in debt, and law, in general, is based very much on precedent.
Jul 22nd, 2013 - 11:22 am - Link - Report abuse 0While I'm sure they want to slam CFK, they could very well be subjecting themselves to the same procedures. They can still get her for her dealings with Iran.
I suspect that NML et al will point out that this is NOT about the wider issues which bother the IMF AND should be addressed by the IMF in another way without clouding the water in what is simply a contract dispute.
Jul 22nd, 2013 - 12:52 pm - Link - Report abuse 0It is only the squirming of The Dark Country that is causing all this hassle for the creditors of this despicably run, bankrupt, country.
I still live in hope that somebody with balls (I know that rules out nearly all the argies) is going to top TMBOA sooner rather than later.
They simply can't be trusted to play by the rules of commerce.
Jul 22nd, 2013 - 04:08 pm - Link - Report abuse 0http://www.businessinsider.com/the-numbers-are-still-being-cooked-in-buenos-aires-2013-7
This was supposedly going to be resolved,in favour of the hedge funds,in January 2013.That time has gone.Why are we still getting extensions to such resolutions.
Jul 22nd, 2013 - 04:17 pm - Link - Report abuse 0Because its not going to go in their favour?
@6 Yuleno:
Jul 22nd, 2013 - 04:41 pm - Link - Report abuse 0Take your pick : The wheels of justice move slowwwwly.
Argentina keeps appealing.
The sheer size of the debt.
The involvement of the IMF.
All of the above.
6 Yuleno (#)
Jul 22nd, 2013 - 04:57 pm - Link - Report abuse 0Jul 22nd, 2013 - 04:17 pm
Everyone is hoping our (mis)government will offer a sensible and acceptable solution to the hedge funds!!!!!!!
+ backroom dealing by Obama The Great and the Untrustworthy States of America.
Jul 22nd, 2013 - 05:01 pm - Link - Report abuse 0@6 Avoiding the real point yet again! When was it that argieland appealed to the Supreme Court? 25th June? When argieland's “economy ministry”, by its own admission, had delayed as long as possible. http://en.mercopress.com/2013/06/25/argentina-appeals-to-us-supreme-court-its-legal-battle-with-holdout-creditors
Jul 22nd, 2013 - 05:42 pm - Link - Report abuse 0Have to laugh there. The idea that argieland has an “economy ministry”. There's a bunch with nothing to do!
Anyway, the Supreme Court has now, effectively, told argieland that its underhand legalistic tricks aren't going to work.
Take a look at argieland's grounds for appeal. “that the ruling violates the US sovereign immunity bill.” Argieland can forget that one. It decided and agreed to set aside “sovereign immunity”. Then “it represents an unprecedented intromission in the activities of a foreign state in its own territory”. Not really. Argieland put the bond issue under NY law because, had it offered the bonds under argie law, no-one would have bought them. Now it's in contravention of NY law. No way out!
Argieland also reckons that “it also imperils the voluntary sovereign debt restructuring process which has the support from the US as well as from the rest of the world financial community”. No it doesn't. It only “imperils” corrupt, criminal states committing deliberate fraud. What it actually does is to persuade states that need to enter into a sovereign debt restructuring process to do so with honesty and integrity. But then argieland doesn't understand “honesty” or “integrity”. Don't let the argie crooks get away with it!
8#
Jul 22nd, 2013 - 08:52 pm - Link - Report abuse 0Why if everyone is hoping,has it not been concluded.Dont extrapolate your beliefs on everyone.It smacks of British empire mentality,or even Yankee we run the globe ism.
10#
What a complete post dedicated to yours truly.
The point is it is not so clear cut what the eventual outcome to this issue will be.There are so many repetitions of this is under NY law that it is becoming irrelevant to what is happening.If it being under NY law is the end of it,why is it not concluded?
The deal struck following the default is what is primarily the issue.That deal took account of the global capitalists best interests.NY law became second at that time.Thats why most bond holders took the hit.Of course the situation can change over time but it hasn't in this case and the defaulting on borrowing is not something NY,USA Europe or the UK want to get role model status on.
Its best kept quiet while the global economy gets sorted and future generations don't get the bills of other people's spending,eg USA Europe and UK.
11 Yuleno
Jul 22nd, 2013 - 10:30 pm - Link - Report abuse 0You are either a complete dumb ass or you have not been keeping up to speed.
The Dark Country keep appealing every court even though they DO know that NY Contract Law is well settled on these types of bonds.
Now the bleaters are bleating the lack of sovereignty even though, to sell the crap, they knew they HAD to revoke it, which is what they did. This is known as a contract term and is inviolate to the contract.
So what The Dark Country is doing is just spinning out the inevitable. And then they won’t pay anyway.
Give Mr. Yuleno a break. He only shows face when the fatherland gets deeper in trouble. He thinks he knows all as an editor. But he in fact is a meaningless, amoebic parasite like us all Bolivarians.
Jul 22nd, 2013 - 10:57 pm - Link - Report abuse 0@13 “meaningless, amoebic parasite like us all Bolivarians.” You mean that you're all wankers? Excuse me while I note that down. “Bolivarians are wankers”. Anything with “Bolivar” in it is a wanker. Not surprised!
Jul 23rd, 2013 - 02:54 pm - Link - Report abuse 0Commenting for this story is now closed.
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