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Argentina secures French support for its ongoing litigations with hedge funds

Thursday, March 20th 2014 - 07:11 UTC
Full article 40 comments

President Cristina Fernández praised the decision by France to file an 'amicus curiae' brief before the US Supreme Court, in a show of support to Argentina in its long-standing battle against speculative fund creditors, and also secured the backing of the French government to settle a 9.5bn dollars dispute with the Paris Club. Read full article

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  • Stevie

    “Argentina has become an oil country” said Cristina Fernandez as she pointed out the country accounts for ”the world’s third largest reserve of shale gas and the fourth of shale oil.”

    That is the main reason Argentina, together with Venezuela are doing so poorly in the western lists.
    It's a common trait of the oil producing nations that disagree with the western ones...
    Should Uruguay find oil, we would face the same criticism.
    But as we don't, the western mation put us up in all sorts of Wonder lists, only to point fingers and create division with our neighbours.

    Mar 20th, 2014 - 07:36 am - Link - Report abuse 0
  • La Patria

    @1 Maybe, or it may be because chavez and the kirchners have been some of the most corrupt liars in office over the past decade. Would a Uruguayan leader really act in the same way.....spout rubbish whilst blatantly pocketing millions of dollars for his/ her family? I would hope not.

    Mar 20th, 2014 - 07:50 am - Link - Report abuse 0
  • Stevie

    You mean like Lacalle? Battle? Sanguinetti?

    Mar 20th, 2014 - 08:03 am - Link - Report abuse 0
  • La Patria

    Pocketing money yes, but spouting rubbish on the world stage no.

    Mar 20th, 2014 - 08:09 am - Link - Report abuse 0
  • Stevie

    I'll post the rubbish by the lot. Give me a month to gather the material, sort it, put it in alphabetical order, order a server to deal with the amount of data and refer to a homepage were you can read it...

    Mar 20th, 2014 - 08:12 am - Link - Report abuse 0
  • LEPRecon

    French assistance in this matter is about as substantial as smoke on the breeze, because the SCOTUS always listens to the French! NOT!

    The US, Germans and Japanese aren't going to let Argentina off the hook.

    Pay your debts Argentina, or be cut out of international money markets forever.

    Oh and Cristina, negotiations means that you sit there and listen to what they are telling you, not you demanding things. If you insist on demanding, then there will be no deal at all.

    Of course, all of these are delaying tactics. Cristina thinks she's being 'canny' by pushing the debt further and further down the line. Argentina's creditors ARE actually being canny, by allowing Argentina to push the debt further and further down the line.

    Because Argentina's economy WILL collapse, and they are waiting for the Dear Leader to take all the blame.

    The next Argentine leader will be coming, begging cap in hand, only to find all the doors closed in his face. Eventually Argentina will pay up. Eventually Argentina will honour it's debt AND keep it's word.

    Who knows, one day, Argentina will become a honourable country, but I doubt it will be in my life time.

    Mar 20th, 2014 - 08:17 am - Link - Report abuse 0
  • La Patria

    Thanks Stevie, let me know when the homepage is ready

    Mar 20th, 2014 - 08:25 am - Link - Report abuse 0
  • Stevie

    LEP
    Seems that USA wll beat Argentina to it...

    http://www.moneynews.com/Outbrain/Trump-Aftershock-American-Economy/2012/11/06/id/462985/

    Difference with Greece and USA is that Germany had the money to bail Greece out. Nobody has the cash to do the same with SA.

    A tax increase is opposed by the republicans, so the only way out would be a cut in spendings. Problem is, this must happen together with a Growth of at least 2-4% a year.With that increase and a minor budget surplus (product of cut in sendings) it will take USA some 30 years to get the debt back to the levels of 5 years ago...

    Last way our is bankrupcy with the unavoidable breakdown of the Chinese economy...

    Mar 20th, 2014 - 08:38 am - Link - Report abuse 0
  • Papamoa

    It is no real surprise that Hollande supports argentina on its Paris club debts (and Hedge Funds) as France has a huge debt mountain so if argentina can have its debt written off then He (Hollande) will be hoping for the same deal for France.

    Mar 20th, 2014 - 11:43 am - Link - Report abuse 0
  • CabezaDura2

    These foreing expeditions of CFK are always intended to gain support and presented as if Argentina isn't isolated and alone in the world and its not sinking in quick shit sands...

    “France wants Argentina to overcome its financial bustles”.....Sure yeah, and why France would not? this is just basic diplomacy.

    Argentina better get the criminals that raped and murdered those French tourists up in Salta 3 years ago in jail.

    Mar 20th, 2014 - 12:05 pm - Link - Report abuse 0
  • Britworker

    The Paris Club is a panel of 19 member states who deal in debt of pariah nations who the IMF have failed to manage.

    The UK is a permanent member of this club. Whilst Argentina are doing everything they can to try and damage the economic livelihood of the Falkland Islands and alienate them from the rest of South America, why the hell do they think the UK are going to make their lives easier?

    This is one of the few forums that we get to stick the knife in and twist it, we are not about to stop doing that.

    Also, France are in no doubt at all that if certain individuals in South America ever got their way on the Falkland Islands, French Guyana would be next!

    The moral of the story is don't bite the hand that feeds you.

    Mar 20th, 2014 - 12:06 pm - Link - Report abuse 0
  • paulcedron

    “Argentina secures French support for its ongoing litigations with hedge funds”

    hedge funds?
    vulture funds you mean?

    Mar 20th, 2014 - 12:10 pm - Link - Report abuse 0
  • Condorito

    This article doesn't mention it, but in the press conference after CFK talked about how important a trading partner France was to Argentina, Hollande replied with classic French nonchalant disdain:

    “yes, Argentina is our 3rd most important partner in the Southern Cone”.

    Nice one Francois.

    Mar 20th, 2014 - 12:16 pm - Link - Report abuse 0
  • golfcronie

    @12
    You are not switched on are you Paul? The Paris Club is a hedge fund, the so called Vulture Fund is Paul Singer and associates. Only the Argies are saying that incidently.

    Mar 20th, 2014 - 12:21 pm - Link - Report abuse 0
  • yankeeboy

    Meaningless polispeak, I posted a link yesterday from Forbes saying the amicus briefs must disclose all consideration and if they had any consideration they will be ignored.

    On Paris club, I don't see how the USA is going to allow a repayment without IMF audits. I don't think we care about the $ as much as Argentina abiding by their IMF commitments. Since Argentina is a known liar, scofflaw, thugs, I am sure the USA will want an audit BEFORE they accept payment.

    This stupid women has no idea what she is doing.
    I wonder how many times she's banged her head when she has fallen.

    Mar 20th, 2014 - 12:25 pm - Link - Report abuse 0
  • CabezaDura2

    dont get it...The Ks have been using for years the excuse that the European agri-subsidies ( we all know that France is the main target of those accusations) damage Argentina's exports to the EU, hence no progress in the FTA between Mercosur and the EU..

    Now the whore of Tolosa goes and begs Hollande for symbolical support.

    Oh well. She is just too happy to visit the Elysee Palace and go to the Paris book show, full of the champagne socialist french get to meet and eat up the garbage of La Campora and KK militant latin americanist writers all while Argentine opposition best sellers have being brushed out by the embassy in Paris and the Secretary of “Culture” (propaganda) .

    Mar 20th, 2014 - 12:28 pm - Link - Report abuse 0
  • Conqueror

    There IS a major difference between France and Hollande. Hollande is a bigger prat. The United States, the United Kingdom and others decline to enter an “amicus curiae” brief. As Papamoa says France's position is “We have a mountain of debt and are desperate”. But it's early days. How long might it be before other governments line up to say “Not if you ever want our assistance”. What bribe has Hollande agreed for his “views” in the Paris Club?

    Mar 20th, 2014 - 12:28 pm - Link - Report abuse 0
  • paulcedron

    argentina is, in fact, the 3rd most important regional destination for french products in latin america, behind brazil and mexico.

    the exportations of france to argentina have increased 50% in the last years, while the exportations of argentina to france have increased just 10%.

    so the position of hollande was pretty predictable.

    Mar 20th, 2014 - 12:35 pm - Link - Report abuse 0
  • St.John

    Hollande is the right person to get support from.

    His approval rating in France last week was 18%;
    in early February it was as high as 19%.

    Getting Hollande's support is like getting support from a dead duck.

    Mar 20th, 2014 - 12:40 pm - Link - Report abuse 0
  • CabezaDura2

    18

    What position of Hollande ?? What he said is just good morning Argentina, i hope you have a nice day...What has he got to loose anyway by paying lip service to the whore??

    50% in the last years with Moreno in the secretary of commerce sounds like a load of balls.

    Mar 20th, 2014 - 12:42 pm - Link - Report abuse 0
  • yankeeboy

    Crissy, has been going around telling various scumbag leaders if you support us at SCOTUS I'll release your goods in our ports.
    So whatever country she gets these worthless letters from will be ignored anyway.
    She's too stupid to know how things work in a civilized country.

    Mar 20th, 2014 - 12:48 pm - Link - Report abuse 0
  • Condorito

    @ 20 CD
    “What position of Hollande ?? What he said is just good morning Argentina, i hope you have a nice day”

    Correct. It is little more than a photo opportunity for the simpler folks back home.

    Mar 20th, 2014 - 01:08 pm - Link - Report abuse 0
  • ElaineB

    @9 You are absolutely right. France is the elephant in the room of Europe. No one wants to face the fact that France is in big trouble.

    @13 LOL!

    Mar 20th, 2014 - 01:39 pm - Link - Report abuse 0
  • yankeeboy

    Looks like the teachers aren't going to back down, still no classes and another strike next week.
    Rumors are Farmers are only going to sell th bare minimum since they know another devaluation is on the way.

    This is all setting up better than I have hoped.

    Mar 20th, 2014 - 02:47 pm - Link - Report abuse 0
  • FI_Frost

    NEWS FLASH from Filmas...

    Although not reported in the French press, or in any public or private communique, but it is now official: the whole of France wholeheartedly supports Argentina's claim to the Malvinas Islands.

    END OF MESSAGE....

    Mar 20th, 2014 - 04:36 pm - Link - Report abuse 0
  • paulcedron

    20.
    “50% in the last years with Moreno in the secretary of commerce sounds like a load of balls.”

    you are not very informed, are you?

    ”La progression de nos exportations est remarquable (+50,7% en 2010, à plus d’1Md Euros). Les biens d’équipement en constituent 60%, et les produits liés à l’automobile plus du tiers.“

    on the other hand, what moreno did was to wreck argentina´s exportations, most of all.

    ”Les importations de produits argentins en France sont également en hausse, mais bien plus modeste (+9,6%).”

    Mar 20th, 2014 - 05:16 pm - Link - Report abuse 0
  • CabezaDura2

    You dont think very much before writing do you??

    The Article from wich you picked that comes from the French embassy in Buenos Aires, and it talks about the rise in bilateral trade up to 50% ( Its not a actual rise but a reestablishment of the 1990s levels overtime in the past decade) In 1997 Argentina imported from France 1375 million USD alone. Remember the dollar was much more powerful and less aundant in the world.

    Now lets see what happened with to date info (from the end of 2011 onwards) Moreno stalled the imports, dollar restrictions, etc.

    Argentina owes Franch companies 5000 MM alone... I guess something of that must have been talked about in Paris in the past days.

    “Pero la situación se ha degradado y los motivos de litigio superan las coincidencias, sobre todo en el terreno comercial.”

    ”En julio de 2012, los productores franceses de biodiésel denunciaron a la Argentina ante la Unión Europea (UE) por dumping“

    ”En ese contexto, la embajada de Francia en Buenos Aires mantiene excelentes relaciones con el secretario de Comercio, Guillermo Moreno. “Nuestras empresas se benefician”, admitió un responsable de Ubifrance, la agencia francesa para el desarrollo internacional de empresas. “Pero todos nos preguntamos hacia dónde va la Argentina”, precisó.”

    http://www.lanacion.com.ar/1548470-inquietud-en-francia-por-la-argentina

    Mar 20th, 2014 - 05:49 pm - Link - Report abuse 0
  • ChrisR

    Yes, it's going swimmingly for TMBOA.

    New dresses, new Rolex after the Lunatic of Chew Butt compained she was wearing and old model, and best of all, the WHOLE WORLD supports the Falklands!

    Er, is this correct? Gollum, come here you twat, who wrote this crap?

    Mar 20th, 2014 - 07:12 pm - Link - Report abuse 0
  • Briton

    No doubt CFK will thank Hollande for his support over the Falkland's, after all, she thanks everyone else,
    still,
    perhaps her stance on Russia will bring rewards to Argentina, perhaps Putin will support her ambitions and send help to her...

    Mar 20th, 2014 - 07:54 pm - Link - Report abuse 0
  • Falkland Islands

    Argentina 99% of it's time moaning, trying to wriggle out of paying debts, crying about the Falklands, SG, SSI, and Antarctica, throwing insults at other countries, while all the time not thinking about fixing their own house. What a pathetic excuse for a country.

    Mar 20th, 2014 - 08:15 pm - Link - Report abuse 0
  • yankeeboy

    Yikes, bad news on the trade balance. Looks like after the harvest it will swing negative.
    The BCRA funds are already alarmingly low.
    Rut ro
    brr

    Mar 20th, 2014 - 08:39 pm - Link - Report abuse 0
  • CabezaDura2

    31

    More bad news?? I just read that Chevron is not sure to leave VM all together and panic has stricken the argentine state. Chevron has 60 days left to decide if they stay or not

    The National gov't wants to pass over a share of the cost of nationalization of YPF to the petroleum provinces of Patagonia, Neuquén, Chew butt, Rio Negro, Santa Cruz etc..

    http://www.urgente24.com/224923-chevron-podria-irse-de-vaca-muerta-y-dejar-a-cristinakicillof-pedaleando-en-el-aire

    Mar 20th, 2014 - 08:53 pm - Link - Report abuse 0
  • Monkeymagic

    I am wondering why French Guyana is not a “Latin American” cause and a rupturing of continental territorial integrity.

    Ah yes...Argtardtina don't want to steal that one!!!

    Mar 20th, 2014 - 09:25 pm - Link - Report abuse 0
  • toooldtodieyoung

    “Argentina secures French support for its ongoing litigations with hedge funds”

    Now, why am I not surprised by this??

    Both of them are ineffectual leaders and both of them are currently running their countries into the ground.

    It's a match made in heaven!!

    Mar 20th, 2014 - 09:26 pm - Link - Report abuse 0
  • yankeeboy

    32. I am sure it is because Ecuador lost their ability to seize their assets ( I don't think they ever really had that ability but that's how it works down yonder)
    If they leave VM is really Muerte.

    I really hope this happens the same time they lose at SCOTUS and the IMF tells them they have to have an audit to stay in the club.

    It will really be a fantastic., hilarious and appropriate ending to the K dynasty

    Mar 20th, 2014 - 09:35 pm - Link - Report abuse 0
  • Don Alberto

    “The Argentine leader made the announcement”

    Has anyone seen a French confirmation of this?

    All I have seen in Le Monde is about the Argentine book fair “L’Argentine au Salon du livre de Paris suscite une polémique”and “L'Argentine au Salon du livre de Paris suscite une polémique ” + a lot more about Arg. books in “LE MONDE DES LIVRES ”

    Mar 21st, 2014 - 03:57 am - Link - Report abuse 0
  • JollyGoodFun

    A bit crass, but i'm sure everything one has been thinking it......... Did she spit or swallow?

    Mar 21st, 2014 - 05:04 am - Link - Report abuse 0
  • CabezaDura2

    Its incredible and outrageous plan they offered to the creditor nations....It’s pretty much bankrupt the next 2015 gov't who has to pay up everything by 2019 While they pay shit in this last two years and get the new debts in place!!
    Political timing anyone?

    She wants to get the barriers lifted for new funds to spend herself in order to reach 2015 with a functional country. The Paris club rejects this and wants the Ks to pay far more than the initial 250 million it pretends. It may go up to 2000 MM up front cash.

    http://www.lanacion.com.ar/1674088-el-club-de-paris-quiere-que-la-argentina-haga-un-pago-inicial-mayor-y-acorte-los-plazos

    Mar 21st, 2014 - 01:41 pm - Link - Report abuse 0
  • Briton

    It seems, the new European empress is on the march,

    Talking abt penguins..lol
    .

    Mar 21st, 2014 - 07:20 pm - Link - Report abuse 0
  • ilsen

    Christina - mad as a box of frogs.

    Does she really think anyone in Europe takes her seriously?

    Mar 23rd, 2014 - 11:31 am - Link - Report abuse 0

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