MercoPress. South Atlantic News Agency
Argentina appeals Judge Griesa ruling stating central bank reserves are ‘seizable’ for certain purposes
New York Judge Thomas Griesa has ruled against Argentina's request to dismiss a lawsuit over the Central Bank (BCRA) reserves, which if upheld could allow holdout creditors to seize assets belonging to the country. Read full article
Comments
Disclaimer & comment rulesIn 2011 BCRA was not under the full control of the Executive branch.
Sep 26th, 2013 - 10:55 pm - Link - Report abuse 0Now it is
and that is why they will lose their Sovereign immunity
I can't wait.
This was destined to happen after Redrado was removed in early 2010 and the BCRA reserves were used for creating the “Bicentenario Funds” and the charter of the Bank has been modified in 2012 effectively transforming it into a budget source of the executive power. Still a line of diplomatic common sense and good will from CFKs government would have made a big difference, but it’s just too late now. All the appeals are just meant for winning some more time. This is really bad news, but I know many here will be happy about this
Sep 26th, 2013 - 11:15 pm - Link - Report abuse 0# 2 You, for example.
Sep 26th, 2013 - 11:35 pm - Link - Report abuse 03)You are bit limited arent you??
Sep 26th, 2013 - 11:42 pm - Link - Report abuse 0The main problem here is that Argentina's Dear Leader - Cristina bragged about how much US$ they had in reserve.
Sep 27th, 2013 - 06:25 am - Link - Report abuse 0An obvious lie, but she basically told the world that Argentina had the money to pay off, or at least start paying off some of it's debt, and then arrogantly told the world that they wouldn't pay no matter what the court said.
If she had told the truth about Argentina's dire financial straits, the court would've been more sympathetic towards them.
If Argentina was better run, they could've negotiate a settlement that would've been mutually beneficial to Argentina and their creditors.
But it's far too late for that, and the Dear Leader has fecked the Argentine economy up for decades to come. Even worse than that, is the fact that she reneged on many contracts, ignored Argentine law, and also ignored the Argentine constitution, in order to get what she wants. Basically she showed the world that Argentina couldn't be trusted, and frightened foreign investment away.
It will take any new government a lot of hard work to regain that trust.
@5 A lot of what you say is true but one point I would debate is the last sentence. I think an entirely new government is exactly what Argentina needs and the K's regime needs to be consigned to the history books.
Sep 27th, 2013 - 10:36 am - Link - Report abuse 0Peronism is not likely to disappear but it is not really a political ideal anymore. It is the name for nationalism in Argentina. But Kirchnerism is a destructive idealism that will continue to harm the country. If any sense is to prevail in that country the people will be so hacked off with CFK that 'Kirchner' will become a derogatory term and any future government will distance themselves from it. If that happens the country will recover faster.
Just putting it out there for discussion....
@6 What parties are there in argieland that aren't Peronist? And, if there are any, what support do they have? Have argies got the sense to realise that Peronism/nationalism is a dead end?
Sep 27th, 2013 - 02:21 pm - Link - Report abuse 0@6 That very interesting topic you touched as been the focus of arguments, books and analysis and café talks and family fights in Argentina for over half a century!! LOL
Sep 27th, 2013 - 04:05 pm - Link - Report abuse 0It depends really, today we have many fragments and pieces a and political actors and scattered movements that can be traced back in their linage to of old 1940s and 1950s Peronism. Peron had a way to charm both God and the Devil so therefore the Partido Justicialista (PJ) he founded absorbed cohesively to its original political DNA socialists, communists, trade unionists, nationalists, military, and industrial conservatives called desarrollistas. Any real and good politologist and leader should study him because he was successful in creating a Peronist identity but not a Peronist ideology therefore after he died the party disintegrated into war (that’s in fact the origin of the 1970s violence that lead to the military dictatorship of 1976) and the subsequent divisions into many ideological pieces but everybody had the same “peronist character” so to put it. Orthodox Peronism is a shadow of what it was, but the point is where the power to govern the country still relies and that is in controlling both the masses of the suburbs of BA (the “conurbano”) and the poor provinces of the North constitute the bulk of votes any government of peronist origin and the budgets (“cajas”) that are basically the sources of money which allow you to get your mates who will support you to successfully clime to power (i.e ANSES, AFIP, ENARSA, BCRA, State companies, etc) and that has still been controlled by peronists and it makes it very difficult for any other opposition or alternative parties to get into power...... and remain there for a full 4 year term ;-)
@ 6 ElaineB
Sep 27th, 2013 - 05:51 pm - Link - Report abuse 0I am an private investor in Uruguay and considered putting money in Brazil until the liar Mantega blew it.
What possible reason could there be for such investors to put money into Argentina until they have garnered a reputation for honesty? The whole country has the ethics of Fagin and cannot be trusted at any level, never mind with MY money for instance.
So I must disagree that the recovery will be fast: the only investors will be those of short memories, naivety, or both.
There has not been a decent gov't in that country in our lifetime. There is nothing to say the next one will be any different. The good thing for them is that investors have very short term memories and the hope that things will be different.
Sep 27th, 2013 - 06:14 pm - Link - Report abuse 0My guess is they will have to get a massive IMF loan and a long austerity plan to right this disaster. That's why they need a hardline dictator since the public is also slimy deadbeats that don't want to work to live well.
Cracks in the solidarity...
http://www.bbc.co.uk/news/world-latin-america-24304614
@7 I am not saying Peronism will disappear, I am saying Peronism does not mean Kirchnerism.
Sep 27th, 2013 - 06:24 pm - Link - Report abuse 0@9 I said the recovery would be faster, not fast. I doubt any small investor would look at Argentina but a country in recover from Kirchnerism could find a lot of help available.
@8 Fascinating. Peronism is not a political ideal but a national identity. It represents a mythical Argentina the masses support but don't really know how to define.
@10 austerity? You might as well try to teach a pig how to fly...
Sep 27th, 2013 - 08:47 pm - Link - Report abuse 012. Which brings me back to a Dictator. It is the only solution that has even the remotest possibility of getting that country straightened out.
Sep 27th, 2013 - 10:21 pm - Link - Report abuse 0@13 not even a dictator can teach pigs how to fly. Half the people don't work and aren't mentally capable to, the other half that does work isn't mentally capable to work harder, so Austerity will just mean more misery. Whatever path Argentina will take, it definetely won't be anything close to the Western First World countries, it's incompatible with our society and the rest of the world should just stop trying to get us to behave in that way.
Sep 28th, 2013 - 12:39 am - Link - Report abuse 0I don't think the “rest of the world” cares what happens in Argentina. If not for the film/show Evita nobody in the USA would even know it existed or care.
Sep 28th, 2013 - 02:04 pm - Link - Report abuse 0It is in the USA's interest to see Argentina fail. We've taken up the lack of production in Beef, Wheat and soon enough everything else farming related.
The farmers are destroying their soil so it's just a matter of time before production rapidly decreases. Which is very good for our farmers.
I also think the USA wants to teach Argentina a lesson and let it collapse and do nothing to help them. The USA and UK are the ones who've bailed you out over the last 100yrs. I think its in both nations interest to let you destroy yourselves as a lesson to others and so that Brazil has to take the lead to protect their trade and not be overrun with Rgs. It will severely tax their gov't, reserves and economy. They want to be a regional powerhouse so I think we are going to let them.
I am glad I don't live there any longer there are dark days ahead.
@15 “I don't think the “rest of the world” cares what happens in Argentina.”
Sep 28th, 2013 - 07:32 pm - Link - Report abuse 0Singer and the American government certainly do, we have debts remember?
“It is in the USA's interest to see Argentina fail. ”
We already know that. Why do you think we're allied with Venezuela? The Peronists already know you see the world as a game of chess which is why they will disobey the USA as much as they possibly can. I don't see why you think the USA wants to punish us and what lesson do they want to teach.
YankeeB is just enjoying a grumpy moment, Magnus. (the U.S.) send foreign aid to Argentina, we want to see people succeed, because that means more success for us. We gain from a good world economy like everyone else.
Sep 29th, 2013 - 08:35 pm - Link - Report abuse 0Sure, it will be satisfactory to see people wake up to the consequences of complaint and populism without math skills and acting for the long-term. TOTALLY. But of course I think we wish a quick turnaround for the growing number of Argentines who see they have power over their individual success!
After all, the U.S. MIGHT be five or six steps ahead in terms of transparency, efficiency-but it's not like ten steps ahead. We have a lot to learn too.
Argentina does not appear to be on today's SCOTUS order list and appears highly likely that their appeal was denied.
Oct 01st, 2013 - 01:43 pm - Link - Report abuse 0How do you spell DEFAULT?
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