MercoPress. South Atlantic News Agency
US Supreme Court inclined to limit disclosure of Argentine non-US assets
US Supreme Court justices seemed to indicate on Monday that creditors should be able to seek limited information about Argentina's non-US assets in a case stemming from long-running litigation over Argentina's obligations to hedge bond investors. The US administration of President Barack Obama sided with Argentina based on the foreign sovereignty immunity act. Read full article
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Disclaimer & comment rulesAh ha. Good plan. Ask for more than you hope for, get what you want. As a matter of interest, where IS argieland getting the money to buy jet fighters? Still, as long as information is provided to enable at least US$1.7 billion can be recovered, that's a start. And when Kirchner & co have gone, perhaps the next argie “government” will have more sense. Wonder how much the argies have paid to try to avoid coughing up? And, don't forget debt-swap bondholders, a contract under duress is not a contract!
Apr 22nd, 2014 - 12:06 pm - Link - Report abuse 0For so long I've been telling the Rg they will lose at SCOTUS. Everyone one of the dimwits that argued with me said terrible things about me and the US court system.
Apr 22nd, 2014 - 12:07 pm - Link - Report abuse 0They are so blinded by narcissism, propaganda and they only know the screwed up way their country works so they think every other country is a messed up as Argentina.
This is why they are always humiliated on the world stage.
When will they ever learn?
It seems the deputy solicitor general and Chief Justice Roberts have a sound understanding of the situation.
Apr 22nd, 2014 - 12:09 pm - Link - Report abuse 0“The United States would be gravely concerned, about an order of a trial court in a foreign country, entered at the behest of a private person, seeking to establish a clearing house in that country of all the United States’ assets.”
That is the logic that should prevail and I think will.
Limited disclosure of RG assets isn't going to help the creditors much anyway, so NML are either going to lose this case, or get a ruling that helps them none.
3. You are misunderstanding the procedure. They are going to allow ALL assets except for military and diplomatic assets to be identified and if commercial they will attach them.
Apr 22nd, 2014 - 12:31 pm - Link - Report abuse 0It is just a way to get the noose a bit tighter.
This ruling has the possibility of having the BCRA reserves attached in Switzerland. They never ever should have used them to directly pay for gov't debt.
Never ever.
@yankeeboy
Apr 22nd, 2014 - 12:59 pm - Link - Report abuse 0We don't know yet what they are going to allow.
The opening statements of the judges indicate that they are split between limited disclosure and no disclosure, which means they might end up with very limited disclosure.
Even if the banks are forced to disclose non US assets, NML will have another fight on their hands trying to enforce a lower court ruling in countries like Switzerland.
5. We pretty much know based on the questions, responses and banter.
Apr 22nd, 2014 - 01:03 pm - Link - Report abuse 0Argentina clearly lost.
Most large banks Intl banks have USA branches and
Switzerland has been very compliant of late so I wouldn't be too sure about that.
CFK screwed up when by using BCRA as a Gov't piggy bank. It is going to come back and bite her or the next Prez
I am so happy this is all coming to the rightful and just end.
@6
Apr 22nd, 2014 - 02:45 pm - Link - Report abuse 0I agree generally with you on CFK's screw ups (and Nestor's original misdemeanor in handling of the default) but I do have a very different opinion of what a “rightful and just end” will be here.
If you step back from this narrow issue, you can see that Argentina, through necessity is being forced back into the world. They are making moves to placate the IMF, they have settled several outstanding commercial disputes, they are bringing in orthodox economic policies.
This is good for the Argies and it is desirable for a diversity of international business interests. (Almost) no one wants Argentina to stumble and fall again.
NML is swimming against a tide of global interests that want to keep Argentina on a sensible path. Singer will not be allowed to jeopardise that by getting what he wants.
I think you're wrong. Very very wrong.
Apr 22nd, 2014 - 03:36 pm - Link - Report abuse 0If you think they're going to say a Contract is not valid you don't know the USA very well.
Argentina will most likely have to reopen the swap and try again with IMF supervision.
The next prez will be forced into it.
I cannot in my wildest dreams envisage the SCOTUS reneging on Contract Law: it does after all go to the very heart of the matter between two parties.
Apr 22nd, 2014 - 05:24 pm - Link - Report abuse 0Whether other countries will just fall over and allow NML to succeed in removing assets is yet to be seen and is very much an unreadable position. I thought it was very telling that in the end only Obumma’s henchmen stood on their back legs and brayed like donkeys on this matter.
Not at all edifying, was it?
@9 “Whether other countries will just fall over and allow NML to succeed in removing assets is yet to be seen”. “Fall over”? You mean as opposed to diving in ripping the rest of the flesh off? Let's see the world do the right thing. Rip the flesh off. Tear out the intestines. Eyeballs are good. Kidneys are tasty. What does argieland have left? Avoid Timerman. That's the prick.
Apr 22nd, 2014 - 05:42 pm - Link - Report abuse 0@Chris / yankeeboy
Apr 22nd, 2014 - 05:51 pm - Link - Report abuse 0The lower court already ruled in favour of NML on the matter of the contract. The problem for NML is that they can't enforce the award. This case was brought to the US SC because NML wants to force the banks involved to divulge information on non US assets.
This case is about jurisdiction not contract.
IMO ruling in favour of NML would be a bad precedent to set. I am not alone in that, the Chief Justice and the Solicitor General share the sentiment.
He said no other country had filed a brief supporting Argentina in the case, Republic of Argentina v. NML Capital, No 12-842.
Apr 22nd, 2014 - 06:17 pm - Link - Report abuse 0Now where are all those countries that support Argentina against the vulture funds? :/
Again you are misunderstanding what they said.
Apr 22nd, 2014 - 06:37 pm - Link - Report abuse 0I am very sure nml will be able to force Intl asset disclosure except for military and diplomatic assets.
We will know shortly.
@2
Apr 23rd, 2014 - 02:27 am - Link - Report abuse 0“When will they ever learn?”
Asking others to learn? MIGHTY strawn wodz coming from an American. I mean the “learning” part.
American Universities best in the world... And here is the proof, they build future leaders that make it all the way to their CONGRESS with the following education that blows the world away!
https://www.youtube.com/watch?v=KgbBP9Em00A
How can my university compete against that!??
Toby, I hear electricity rates are going up 800%, gas is going up another 4% this month and even with the U$ MULTI BILLIONS of SOY sales, the ONLY time of the year BCRA can increase reserves their balance is not growing!
Apr 23rd, 2014 - 11:37 am - Link - Report abuse 0I couldn't be happier.
Round and Round she goes where she stops nobody knows.
Psst I know.
@16
Apr 23rd, 2014 - 03:31 pm - Link - Report abuse 0Interesting article about stagflation in argentina
http://www.ambito.com/noticia.asp?id=737972
16. I've seen that coming for a long time. I think they've been in a recession for a long time.
Apr 23rd, 2014 - 03:36 pm - Link - Report abuse 0Next up is massive layoffs
and most likely hyperinflation after the next depreciation.
There's no way to stop the series of events
I has to happen to right the economy of all of the imbalances
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