US appeals court rules in favor of Argentina; rejects lift of stay requested by hedge funds

Sunday, November 3rd 2013 - 03:18 UTC

Full article 21 comments

A US appeals court said on Friday it would leave a freeze in place on an order requiring Argentina to pay 1.33 billion dollars to bondholders suing for full face repayment in the wake of the country’s 2002 default. Read full article

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Think
:-)
Nov 03rd, 2013 - 07:10 am - Link - Report abuse 0
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ChrisR
About right under the circumstances, no lower court is going to be seen to be impeding the US Supreme Court.

But we will see.
Nov 03rd, 2013 - 10:30 am - Link - Report abuse 0
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yankeeboy
This will all be over shortly and Argentina will pay after spending Millions on wasted defense.
Think about what that U$ could have done for the poor. Instead it bought a few more 2nd and 3rd homes for the NYC attorneys.
Thank you CFK for being so stupid and selfish.
Nov 03rd, 2013 - 12:27 pm - Link - Report abuse 0
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Think
TWIMC

Seems to be that we’ll be hearing a lot about the “Gramercy plan” in the next couple of months…
All dues paid and fresh money pouring into the Country…
What a beautiful plan it is!

Think is happy :-)))
Nov 03rd, 2013 - 12:30 pm - Link - Report abuse 0
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reality check
Think is naïve :-))))))
Nov 03rd, 2013 - 12:35 pm - Link - Report abuse 0
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yankeeboy
Singer has already rejected the other bondholders interference in their negotiations with Arg.
It may be a negotiation tactic but I doubt it.
By Argentine law the country MUST pay the accepted bondholders equally. I wonder how they'll ever do that?
Also when do you think the cases regarding the underpayment of the inflation linked bonds will have to be paid?
My guess is you have about 1/3 of GDP in claims coming.

Money in maybe more money out certainly.

I'm happier.
Nov 03rd, 2013 - 12:37 pm - Link - Report abuse 0
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Think
TWIMC

All Argie dues paid by foreign investors and fresh foreign investors money pouring into the Country on a 4% interest rate…

Sweet little scheme that “Gramercy plan” is!

Think is very happy :-)))
Nov 03rd, 2013 - 12:39 pm - Link - Report abuse 0
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yankeeboy
Sweetie you too stupid to realize that will never ever happen.

The going rate for “new Rg” loans is north of 12%, way north.

Notice the falling BCRA funds? Pretty soon they won't be able to send out minions will bags of U$ to support the blue any longer.
Notice the price of Soy?
Notice how much is spent importing fuel?
That can't last for long now can it.
Nov 03rd, 2013 - 12:47 pm - Link - Report abuse 0
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Think
TWIMC

Comet ISON is approaching Earth…
Comet ISON could blast Earth with weird meteor shower...
Seek shelter, Doomsday Preppers of this Earth..........., seek shelter.

Chuckle chuckle©
Nov 03rd, 2013 - 12:59 pm - Link - Report abuse 0
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yankeeboy
Are Rg families still getting together every Sunday? What do they eat when they can't afford Beef, Pasta or Tomatoes?
Barley soup?
Nov 03rd, 2013 - 01:14 pm - Link - Report abuse 0
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Think
TWIMC
Geeeeeee.....
The more I read about that “Gramercy plan”..... the more I like it!

Diós es Argentino y atiende en Buenos Aires after all !

Chuckle chuckle©
Nov 03rd, 2013 - 01:23 pm - Link - Report abuse 0
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yankeeboy
Are you hoarding flour?
Does Moreno's guys go onto private individuals property to confiscate it?
Or do they just stick to the big farmers?

Sweetie you can hope but what has it done for you for the last 75 yrs?
Your better off planning for the worst.
That is the most likely outcome
As evidenced daily.
Nov 03rd, 2013 - 01:44 pm - Link - Report abuse 0
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ElaineB
I like to hear from an optimist. I should direct to Think the friend from Buenos Aires who emailed the other day. We had the usual exchange of news before she ended with “I feel I have less money all the time. I don’t know what to do to make more money”. She has a good job and works hard. She wants more than anything to live in the US now. Maybe Think could convince her that life in Argentina is not what she is experiencing first hand but really a fantasy from his mind?
Nov 03rd, 2013 - 02:30 pm - Link - Report abuse 0
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Think
To the Turnip at (13)
I know exactly what that hard working She Friend of yours neds.
What She needs....... is a “Gramercy Plan” así de grande.
Nov 03rd, 2013 - 03:53 pm - Link - Report abuse 0
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yankeeboy
13. Elaine, I have Rg friends asking me to find them jobs in the USA all the time. Which as you are probably aware is almost impossible unless they want to work illegally.
They can't even afford to fly here any longer.
It will get even worse next year as the “Tourist Peso” exchange rate is implemented.

You gotta admire Think and Toby for still hoping and dreaming though. Most other Rgs have given up by now and accepted their miserable fate.
Nov 03rd, 2013 - 03:57 pm - Link - Report abuse 0
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ElaineB
@15 I don't think my friend's life is as bad as all that. She owns her apartment and has a job that pays her pretty well. That alone makes her financially more stable than many. I think what worries her and so many Argentines living there is the uncertainty they are living with. The rampant inflation of every day goods. The unreliable utilities - my friend's gas was cut off when the company claimed there was a leak, though no one had reported one and they said it would be at least a month before they were reconnected. No gas is more likely. And the rising crime makes everyone a little worried. They know things are going to get a lot worse before they get better and it must sap the soul.

Many people in Argentina are a lot worse off than this particular friend but I completely understand her frustration. She works hard and wants the rewards for that; who doesn't? She is not involved in any scams and pays her taxes. I don't happen to think she should be running off to another country unless she loves the idea of living abroad for a while. It can be a lot harder than people think and it is not always the solution. Though she studies abroad so she would probably do very well. If I can help her I will but it must be her decision. JMO
Nov 03rd, 2013 - 04:29 pm - Link - Report abuse 0
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Klingon
MAybe the K's can come up with a plan.
Offer to buy the bonds from Stinger at the same rate of discount as he purchased them for.
So 10% of 10% of the original value.
These vultures funds are really P.O.S . They are going to throw millions into worse poverty, so they can buy another super yacht.
Nov 03rd, 2013 - 09:06 pm - Link - Report abuse 0
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Think
(17) Klingon
No, Mr. Klingon....... The K's plan is much more cunning than that.....

The 94% of the foreign bondholders that already have accepted the previous haircut will pay the remaining 6% vulture bondholders a “certain amount of money” from their earnings in order not to lose it all....

That “certain amount of money” will be paid to the vultures with the pre-condition that it must be reinvested (on a low interest rate of 4%) in the Argentinean Economy in order to secure the Countrie's continued paying capacity.

A true Win - Win situation for all involved......

Think is happy :-)))
Nov 03rd, 2013 - 10:11 pm - Link - Report abuse 0
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yankeeboy
18. You're making a fool of yourself. You think the Ks are brilliant and they're just stupid thugs with the power of the state behind them.
Nov 03rd, 2013 - 11:02 pm - Link - Report abuse 0
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Welsh Wizard
@18

Why would they re-invest? What they want is their cash out of the country, re-investing is not their business (they are a fund after all). I have a feeling that they woud prefer to go down the all or nothing route and try and get Central Bank reserves, YPF shares and anything else they can attached rather than re-invest..
Nov 04th, 2013 - 09:49 am - Link - Report abuse 0
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British_Kirchnerist
Either the US courts are commies too or the mercopress right is pretty extreme =)
Nov 08th, 2013 - 01:13 am - Link - Report abuse 0
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