IMF backs down from siding with Argentina before the US Supreme Court on hedge funds case

Wednesday, July 24th 2013 - 06:59 UTC

Full article 15 comments

The International Monetary Fund no longer plans to ask the U.S. Supreme Court to review Argentina's case in its decade-old legal battle with holdout creditors due to a lack of support from the U.S. government, the IMF said on Tuesday. Read full article

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Anglotino
Egg.

Face.

Argentina.
Jul 24th, 2013 - 08:08 am - Link - Report abuse 0
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Stevie
IMF never sided with Argentina. They side with Money.

And the fact that they spoke up about the issue, defending Argentina, speaks volumes.
Jul 24th, 2013 - 09:46 am - Link - Report abuse 0
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agent999
@3

What a surprise - the “International Monetary Fund” is about money !
Jul 24th, 2013 - 10:04 am - Link - Report abuse 0
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yankeeboy
It would be impossible for the IMF to go against the will of the USA. It is funny I have not heard anything about the “new” Arg algorithm for inflation calculations.
Tick tock tick tock
2 months and counting

Last time they laughed right in their face with the one Arg wanted to use.

My guess CFK will give up membership in all Rg banks to protect Nestor's legacy. Just my guess tho
Jul 24th, 2013 - 11:00 am - Link - Report abuse 0
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Britworker
@2
They are defending the wider issue of countries in general wishing to restructure their debts after financial crisis.

Clearly they now think that Argentina is a lost cause
Jul 24th, 2013 - 11:04 am - Link - Report abuse 0
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Stevie
5
Nah, USA will have to walk down that path themselves and they just didn't want to lose face having the IMF as guidance...
Jul 24th, 2013 - 11:13 am - Link - Report abuse 0
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Conqueror
@2 Anybody else see this hilarious comment? “IMF never sided with Argentina” AND “defending Argentina”.
@5 Have you got ANYTHING between your ears? Do you know that the US Supreme Court has RULES? One of which is that an amicus curiae brief must cover “relevant matter” not dealt with by the parties which “may be of considerable help”. And how is the US government going to come up with “relevant matter” that bears directly on the case? Its possible “fears” about the effects on sovereign debt restructuring are not “relevant”. Anyway, the Supreme Court is under no obligation to accept an amicus curiae brief. And the Supreme Court hasn't even said it will hear the case yet!
Jul 24th, 2013 - 11:36 am - Link - Report abuse 0
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Heisenbergcontext
All the relevant parties are waiting to see how the the second circuit rules before they make a definitive decision. Nothing is set in stone. Yet.
Jul 24th, 2013 - 11:36 am - Link - Report abuse 0
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yankeeboy
8. I hope in their ruling they make Arg escrow the payment to the holdouts while they wait to see if SCOTUS takes up the case.
That will be fun to watch CFK squirm.
Jul 24th, 2013 - 02:20 pm - Link - Report abuse 0
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Conqueror
@9 I thought Judge Griesa had already ordered argies to put US$1.33 billion into escrow.
Jul 24th, 2013 - 03:31 pm - Link - Report abuse 0
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Heisenbergcontext
@10 yankeeboy:

If your hopes are realised the sky will go black over La Casa Rasada. Meteorologists will be stumped. The American Embassy will go on it's highest security rating. Paul Singer will have to increase his bodyguard detail. It'll get ugly...
Jul 24th, 2013 - 03:32 pm - Link - Report abuse 0
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ChrisR
11 Heisenbergcontext

If I read Singer correctly, it won't be him who will need more security.

Unlike most of the argie stoogies this guy is NO pussy.
Jul 24th, 2013 - 05:09 pm - Link - Report abuse 0
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yankeeboy
11. Puhleez..Nobody is scared of Rg retribution. We all know they are thugs are are well prepared.
Jul 24th, 2013 - 05:47 pm - Link - Report abuse 0
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Briton
OH well.
the IMF will just have to look for another country to give away those billions,

may we suggest noth korea lol.
Jul 24th, 2013 - 06:44 pm - Link - Report abuse 0
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Conqueror
Best thing for IMF to do is to seize of all argie “funds” and use them to pay those who are owed. And if argieland is left destitute? So what? The population of argieland dying from hypothermia, malnutrition, starvation, cannibalism. So what? Proper intelligent Argentines will find a way out. Even across the beaches. Vessels offshore will accept proper Argentines. Argies can be booted back into the water for the sharks. Nice sharks, lovely sharks!
Jul 24th, 2013 - 07:39 pm - Link - Report abuse 0
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