MercoPress. South Atlantic News Agency
Argentina confident US Supreme Court will take its litigation case with hedge funds
President Cristina Fernandez administration has high hopes that the US Supreme Court will take its long running litigation case with holdout hedge funds that refused to accept sovereign debt rescheduling after Argentine defaulted in 2001. Read full article
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Jun 02nd, 2014 - 07:56 am - Link - Report abuse 0So basically they are stating, if their financial status changes after signing the contract, receiving the money, they are not going to meet their repayment obligations, or, we will pay if we can. If we can't, we won't!
Erm! And in at the same time they are hoping for the reopening of international Credit Lines.
Am I missing something here? Because this sounds crazy.
Who the hell is going to lend to them after hearing that?
“So Basically they are saying..” --> This is just your interpretation and assumption.
Jun 02nd, 2014 - 10:00 am - Link - Report abuse 0The country is doing the right thing. They are not hoping for the credit lines. They already are in the market and their bonds were bought by many financial institutions and were oversold. Get your facts straightened out.
The Vulture funds and NML are one without any merit as they have proven in their past how they have brought cases after cases to squeeze money from poor countries in Africa.
What the country is doing now and has done in past is in accordance with wider international efforts where debt had to be restructured to bring back the economy of the country.
There is no question who will lend them as they have sold bonds recently and many bought them.
Argentina is collaborating with many financial institutions and companies like Chevron who are investing big time in their growth.
This notion of that no one is supporting them is just plain lies by Vulture funds.
You are really missing the real NEWS!
@ 2 VFAW
Jun 02nd, 2014 - 11:58 am - Link - Report abuse 0If the SCOTUS acts in accordance with the law (and does not try to set precedence for whatever reason) they have to rule in favour of the existing decisions which were based on contract law.
Without upholding contract law the US would be damaged beyond recognition as far as commercial dealings are concerned, just like your damnable country is now.
The facts are very simple: The Dark Country stuffed all the investors by a unilateral decision to give a massive haircut to the investors. Banks and other associations who could pass the loss to their customers did so, ALL of us paid for that. The small investors couldn’t and therefore did not enjoin with the banks. Some of them sold out to NML to get something back at least: they TRUSTED you to do the right thing and you did the usual Argentine practice of robbing everybody.
BUT, and there’s always a but, NML are not intimidated by robbing bastards such as Argentina because under the contract terms the deciding law is American.
Oh dear, you are in for a real disappointment – just like the little investors “you lot” screwed.
And, you deserve it.
“The next government will inherited U.S. $ 12,100 million in additional debt as a result of the Pari3 Club deal”
Jun 02nd, 2014 - 12:02 pm - Link - Report abuse 0http://www.ieco.clarin.com/economia/proximo-Gobierno-hereda-US-millones_0_1149485060.html
I find it odd that any gov't official is talking about this case. There's no upside to their opinions and we'll all know next week.
Jun 02nd, 2014 - 01:36 pm - Link - Report abuse 0In the USA the general consensus is that SCOTUS won't hear the case.
Mr Market thinks that too, the bonds are dismal better than Venezuela but that's not saying much.
Who'd ever thought Peru would be more respected than Argentina economically and politically?
Scary really...
Sad for the people still trapped in Argentina that's for sure
@2
Jun 02nd, 2014 - 02:08 pm - Link - Report abuse 0No what I am saying is, that if I borrow money at a fixed rate of interest over a fixed period I am legally bound by that contract to meet those payments.
What I am also saying, is that, if I could not meet those payments due to a change in circumstance, I would let the lender know and arrange a payment scheme to meet that repayments.
I would not borrow the money in the first instance if I did not intend to pay it back, that's called criminal deception.
Oh and isn't a astonishing concept, that the borrower dictates to the lender, when and how much you will pay back on the principal.
Your lot could not run a household budget let alone a country, which it would now appear is becoming blatantly obvious to the worlds financial lenders.
As for bonds, what the hell are they. Just another form of promissory note for a debt, an exchange, an IOU and in your case not worth the paper they are printed on, because you consistent and predictably renage on their terms.
@2 TiT without, for once, a Troll. You are deluded, as ever. FACT. Argieland borrowed money by means of selling bonds. Notice the word “bonds”. FACT. Criminal argieland didn't want to pay. FACT. Over time, criminal argieland told legal creditors to accept what it was prepared to offer or get nothing. In other words, a combination of blackmail and fraud. And what has argieland's record been? Cheating, corruption, criminality, attempted larceny, mendacity, innumerable war crimes.
Jun 02nd, 2014 - 06:01 pm - Link - Report abuse 0I do hope that anyone who enters into any financial transactions aimed at providing argieland with money will suffer. Bought any bonds from argieland 2013/2014 and your on your own. Don't care if two gangs of criminals kill each other. If Chevron gets its stuff “expropriated” (stolen) that' s its problem. If they assessed the risk and thought they could get away with it, their decision. If all Chevron's stuff gets stolen a la Repsol, I shall laugh my socks off.
Listen up, business people. If you go into argieland, you're on your own. If you lose billions, it's your problem. Stay OUT of argieland. Think again. Wait 200 hundred years! By that time argieland will be back to the Stone Age. Just wait until they are starving, eating each other and desperate!
By the way, SCOTUS, nothing wrong with Judge Griesa's judgement. No reason for you to be involved. Refer it back and watch argieland squirm!
It seems apparent that any number of us have done business and gotten screwed over in one manner or another in Argentina sometime in the past. We have all retained a specific sour taste from it ... Sad really that there are a lot who think that it is still worth trying to make business in that country. I can recall people telling me how great their plan was and how they would make a fortune based on the banter they were fed. We all know that the Argentines are born and raised to think that they are the best of everything no one else compares. It is their right to borrow, steal, launder as much money as they can and take no responsibility to anyone for their discretions. Why? We are the best, why should we have to? A strange mentality. They really need to be ground down again but not just the people in the street. They need to revise the laws so that the executive branch can be held accountable. As they say Shite runs downhill. Let's put the she devil away with her VP and see if that helps. Eventually someone is bound to take notice.
Jun 02nd, 2014 - 08:23 pm - Link - Report abuse 0I read a good article today that the lead attorney told CFK to keep her mouth shut, only speak positively on the US courts, PUBLICLY agree to honor the rulings and to try to get into alignment with every court order and loan that they can.
Jun 03rd, 2014 - 11:51 am - Link - Report abuse 0I guess he knows it is a losing battle and the Ks are liars and scofflaws.
and in the end they're going to renege anyway
There are rumors that Jay Newman on of the biggest hedge fund directors may be heading down to Montevideo to a secret meeting with Capitanich.
Jun 03rd, 2014 - 04:08 pm - Link - Report abuse 0The gov't might be naive enough to believe that whatever they got in Paris would have allowed them to get fresh loans from the BID and World Bank with no IMF audit.
But they certainly will do whatever they can to prevent another technical default, out of fears of the political costs this implies.
Pagni says it’s the US government and financial system that is on Cristina’s side though the US will not ever present itself as a amicus curiae of Argentina. Against is the US congress and judiciary.
http://www.lanacion.com.ar/1696594-evitar-el-default-la-proxima-gran-batalla
@ 10 CabezaDura2
Jun 03rd, 2014 - 05:37 pm - Link - Report abuse 0“Against is the US congress and judiciary.”
At least they have it right then!
How can anybody trust the snake oil salesman Obama and his laughingly called “advisors”? I really believe they have not thought this through with regard to effect it would have on the US itself.
My ultimate fears from what I have being reading lately is that there is a high chance that SCOTUS will give the Ks another year to settle with the holdouts and kick the ball away further down the road for the next government to face bankruptcy in 2016.
Jun 03rd, 2014 - 05:51 pm - Link - Report abuse 0The Obama government doesn’t want to see the consequences of Argentina to fail and probably ends up giving CFK the political life jacket she needs and condemns in turn the next govt to be drowned and a neo Kirchnerist gov't to return in 2020 easily.
@ 12 CabezaDura2
Jun 03rd, 2014 - 07:40 pm - Link - Report abuse 0Life, the say “is a bitch”, and it certainly is in Argentina for people such as your goodself.
I cannot see any way to remove the poison that is Peronism from the body of Argentina without killing it.
The only other option is to kill the 15M peronistas. Probably 5,000 would do, the others would soon recant.
@12 the next government would most likely be a neo K one anyway.
Jun 06th, 2014 - 01:05 am - Link - Report abuse 0Commenting for this story is now closed.
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