A United States appeals court on Monday declined to reconsider an order requiring Argentina to pay 1.33 billion dollars, ruling in favor of bondholders who refused to participate in two debt restructurings spinning out of the country's 2002 default. Read full article
Comments
Disclaimer & comment rulesIf the economy is growing at the rate stated why can,t they start to pay off the debt??
Nov 19th, 2013 - 09:03 am - Link - Report abuse 0Oh its because the Bonds have time limits,that their hoping to run out!
Very devious
@1 Somehow I don't think that any time limits on the bonds will have any effect. Any such conditions are usually on hold from the moment the matter gets before the court. But argieland is certainly being devious. How many appeals has it got left. The offer by Gramercy is plainly ridiculous. Swap bonds worth 1.33 billion dollars for worthless bits of paper? And they will be worthless about 5 seconds after the debt comes under argie jurisdiction.
Nov 19th, 2013 - 10:29 am - Link - Report abuse 0This is now personal for Singer, he isn't going to swap, he wants to see this government defeated. It got personal when CKF started calling him a vulture and effectively killed any chance of being able to negotiate. Not a bright move, always make sure that you keep your options open...wonder how long it will be before Axel decides to split the currency rates?
Nov 19th, 2013 - 11:59 am - Link - Report abuse 0Griesa is also considering letting the holdouts go after Arg State assets that in the past said were off limits.
Nov 19th, 2013 - 01:10 pm - Link - Report abuse 0YPF< ENARSA< BCRA
and more
My guess is SCOTUS will not hear this either and we should know this relatively quickly.
Everyone is tired of the Ks childish antics
The end is nigh
@4Yup, I had a conversation with a lawyer the other day who used to do a huge number of sov debt restructurings back in the 70s-80s. She confirmed the state immunity concept but only if those assets were not considered to be part of the political will/tools of the governement. I think that the phrase test related to the degree of control and influence over those assets. She thought that argentina failed that test and that, given the recent rulings, the courts would not rule in their favour if they tried to rely on immunity.
Nov 19th, 2013 - 01:37 pm - Link - Report abuse 0@5 This is a sobering situation and I wouldn't want to go over the top but. YIPPEE!! Could that lawyer comment on all the other judgements against argieland that it has failed to comply with. How many hundreds are there? As a final chapter to the Monroe Doctrine, would it be a good idea for the United States to step in and take over argieland? Remove the criminal government and put them on trial. Govern the country on the same basis of post-war Germany. 50% by Britain. 20% by Chile. 10% by Paraguay. 15% by the United States. 5% by Brazil. Argie claims everywhere to cease. Because they are British. The invasive argies, as they speak Spanish, to be sent to Spain. Specially identified so that they are not permitted to leave Spain. For any reason. Reasonable negotiations between the occupying powers and the indigenous people. Their country, after all. What's that? Spain will be overwhelmed? Living standards will fall? Riots? Civil war? So? Maybe they'll learn to be civilised.
Nov 19th, 2013 - 06:28 pm - Link - Report abuse 0Just a quick estimate is Arg owes CURRENT/PAST DUE about 2.5X their reserve balance maybe even more.
Nov 19th, 2013 - 06:34 pm - Link - Report abuse 0anyone think the peso will be 25-30/1 by this time next year?
I do.
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