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Over 100 British MPs come out in support of Argentina and condemn 'vulture funds'

Wednesday, June 4th 2014 - 07:43 UTC
Full article 49 comments

More than 100 British Members of Parliament have signed a resolution of support for Argentina in the fight against hedge fund holdout investors, and warned that if the United States Justice System ruled against the nation it could fall into default. Read full article

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  • ElaineB

    I read about this yesterday. Could you imagine if this was the other way around?

    It shows the difference between a grown-up country and the childish K government.

    I am waiting to see CFK acknowledge this.

    Jun 04th, 2014 - 08:28 am - Link - Report abuse 0
  • La Patria

    @1 I was just thinking the same thing.

    Jun 04th, 2014 - 08:35 am - Link - Report abuse 0
  • Anglotino

    Nice to see freedom of speech in action.

    No one has to fear an audit by the tax authorities. Though as far as I know the UK government doesn't have an official position on this.

    Jun 04th, 2014 - 08:41 am - Link - Report abuse 0
  • reality check

    Of course the alternate story that the 554 remaining MP's did not support the resolution, does not make as good reading.

    Democracy in action indeed.

    Jun 04th, 2014 - 09:04 am - Link - Report abuse 0
  • La Patria

    As there are about 650 MPs, the 106 who signed the resolution amount to 16%. The remaining 84% may or may not side with the vulture funds, but that's tranparent democracy.......you can state your position without having to worry about any retaliatory action from a deranged puppetmaster loco / loca

    Jun 04th, 2014 - 09:05 am - Link - Report abuse 0
  • Briton

    I don't really understand this,
    but in retrospect I bet we will get no thanks from CFK or her government, and her bloggers on here will just ignore it,
    as some of you rightly say,
    childish reactions or will she acknowledge this response from the British.??

    Jun 04th, 2014 - 09:07 am - Link - Report abuse 0
  • Trunce!

    Not much surprise that the support was from those that screwed the UK economy, plus other flotsam & jetsam.

    http://www.parliament.uk/edm/2013-14/666

    Jun 04th, 2014 - 09:12 am - Link - Report abuse 0
  • reality check

    Math is crap, that should be 544.

    What was the party break down.

    Exactly who signed the resolution?

    Also what was the wording of it?

    My guess is the majority would have been labour and that “support for Argentina” is not in the wording.

    Could be wrong of course.

    Jun 04th, 2014 - 09:13 am - Link - Report abuse 0
  • La Patria

    106 was probably all what Alicia Castro could manage.........her knees must be killing

    Jun 04th, 2014 - 09:18 am - Link - Report abuse 0
  • Trunce!

    I do hope that someone has re educated Simon Reevell - the lone Tory ; )

    Jun 04th, 2014 - 09:22 am - Link - Report abuse 0
  • AzaUK

    106 out of 650 Meh to that then :) Argentina's Doomed

    Jun 04th, 2014 - 09:27 am - Link - Report abuse 0
  • LEPRecon

    I'm glad my local MP didn't support this, despite being Labour.

    The headline should read: a very small minority support Argentina over the 'vulture' funds, whilst the majority say: 'Argentina - PAY YOUR DEBTS.'

    Jun 04th, 2014 - 09:28 am - Link - Report abuse 0
  • reality check

    Trounce.

    Thanks for that.

    Right on one account, no surprise there.

    Almost right on the other.

    Though BA herald making it look otherwise, quoting the opinion of the Jubillee Debt Campaign in a story on a parliamentary resolution, smoke and mirrors!

    Jun 04th, 2014 - 09:31 am - Link - Report abuse 0
  • Trunce!

    @13

    Trounce may be a more suitable epithet, given the nature of Mercopress debate : )

    Jun 04th, 2014 - 09:38 am - Link - Report abuse 0
  • Stevie

    This is called self preservation and long term planning...

    :)

    Jun 04th, 2014 - 09:46 am - Link - Report abuse 0
  • ElaineB

    I don't think they are supporting Argentina not paying their debts, even the K's have seen the reality of this and are negotiating. This is a big change from the 'We will never pay' statements of the past. I think the MPs do not want to see Argentineans suffer - as they would if the country is forced to default- because of feckless government.

    The sad thing is, they may default anyway.

    Jun 04th, 2014 - 09:52 am - Link - Report abuse 0
  • Conqueror

    This is disgusting. I have already written to MY M.P. to ask that this motion be defeated. It is unacceptable that argieland should be “supported” by British M.P.s no matter what the subject. Are they juveniles? Can't remember that cowardly, corrupt, criminal argies invaded and occupied British territory. At least Germany, Italy and Japan figuratively got down on their knees and apologised and changed their ways. Not argieland. Why not? Because it wasn't them. All those hundreds of thousands of militant argies demonstrating in the streets were figments. Overnight they disappeared. Never happened. Out of the blue, present day argies have come to the same conclusion, that the Falklands are theirs. Even as every single one of their lies is shown for what it is, they persist. It is beyond belief that British M.P.s should “support” argie crimes. Defrauding thousands of people across the world is to be whitewashed. Don't miss an opportunity. Contact your democratic representative. Denounce argieland for what it is. Does Britain have to do everything?

    Jun 04th, 2014 - 10:56 am - Link - Report abuse 0
  • JimHandley

    Forget all about this.

    It’s just another ‘gruesome’ example of our multinational, hugely formidable feral financial institutions ripping off the little meat still left on the aching bones the downtrodden proletariat, ably aided and abetted by our feckless friggin’ politicians who hold us all in chains of our own making.

    Jim, in Madrid.

    Jun 04th, 2014 - 11:33 am - Link - Report abuse 0
  • Redrow

    Early Day Motions (no scatalogical jokes please) almost never come to anything so this is just some earnest MPs letting off steam. Interesting that the DUP voted for it which tends to suggest that the MPs in the chamber were voting more on a point of principle than specifically for Argentina. I don't particularly disagree with the thrust of the EDM, i just think that Argentina's behaviour serves as the ideal counterpoint to the idea of treating debtor nations more generously. Indeed it would be interesting to know whether they might have had more signatures if they had removed Argentina from the text.

    Jun 04th, 2014 - 11:38 am - Link - Report abuse 0
  • CabezaDura2

    What have this guys got to do with anything anyway ??

    Good for nothing idiots that will end up finnancing dictators around the world.

    Jun 04th, 2014 - 11:57 am - Link - Report abuse 0
  • Ira Curtis

    What a brilliant exercise!!!
    We will help you get rid of the vultures; you will give up the Malvinas!!!
    Real 106 British patriots!!!

    Jun 04th, 2014 - 12:14 pm - Link - Report abuse 0
  • CabezaDura2

    Its American jurisdiction and American hedge funds dealing with Argentina. Move along Brits nothing to do with you move along, nothing to see none of your business.

    It’s ridiculous that a vastly recourse rich country like Argentina is in this position to begin with.
    The system in Argentina that got into endless cycles of overspending, debt and default is the main problem as far as I’m concerned.

    The sooner the system is collapsed the better. But then again it’s very likely that SCOTUS leaves CFK the intermediate road to kick the ball a year on. Hence, allowing a next gov’t to be bankrupt right from the start.

    Jun 04th, 2014 - 12:37 pm - Link - Report abuse 0
  • windy

    Vulture funds are just wrong ,its as simple as that. After Liberias destructive civil war Countrys wrote off debt and donated money to fight aids and restart education. The vulture funds embargoed the funds and would not release them until they got their pay off. They are not called vulture funds for nothing. They are the most disgusting people on the planet. And that is why more than 100 British MPs signed the petition. Including my Labour MP.

    Jun 04th, 2014 - 01:16 pm - Link - Report abuse 0
  • Lou Spoo

    A fuss over nothing as an EDM is basically meaningless. Very few get debated and even fewer actually result in anything.

    This is essentially a publicity exercise by the Jubilee Debt Campaign to draw attention to debt restructuring.

    The Parliament.uk website even points out that EDM's rarely amount to anything

    http://www.parliament.uk/about/how/business/edms/

    Jun 04th, 2014 - 01:24 pm - Link - Report abuse 0
  • ChrisR

    It seems that 106 M.P.s TGW @ 18 do not understand that the 93% who accepted the “take it or leave it” offer were those that could pass the losses onwards, usually banks who just loaded customer charges to clear the loss. In other words WE paid for the argies avarice.

    The pensioners, mainly Italians who trusted Argentina to pay up, were left with no income which they had relied upon and no way of enforcing the law through the US Courts.

    Their only option was to sell to the likes of Singer who WILL take money off these blackguards no matter how long it takes and good luck to him.

    The simple matter is this: if The Dark Country are given a bye then all the other crooks, mainly in very poor countries, will try the same.

    You take somebody’s money as a loan then you should pay it all back under the terms of the loan.

    Simples.

    Jun 04th, 2014 - 01:24 pm - Link - Report abuse 0
  • Welsh Wizard

    I have to say that I am not a fan of distressed debt traders such as these. If you buy debt at a heavy discount with everything telling you that you won't get par for that debt then it is a gamble and you know that you might not get your money back.

    Having said that, when you are a country who needs to restructure your debt you need to ensure that this is done is a manner which is acceptable to everyone. After all, those people invested in you IN GOOD FAITH and have now lost their cash. I watched a film about the 2001 default by an Argentine and they seemed to think that it was the banks’ obligation to track where all the money was going after it had arrived in Argentina’s bank account. As the banks didn't do this and the money just went in a well of corruption he asserted that it was the banks fault and therefore the sate was not obliged to pay back the money. Once and for all, this is not the case. A loan is given in good faith and normally with a purpose clause but the obligation is on the borrower to use it for the correct purpose.

    Most people who are up in arms and supporting Argentina in this case are doing so because they think that if the judgement is allowed to stand then there will be a huge knock-on effect on future debt restructurings. There won't. This case is different as bond docs now have all action clauses in them and, furthermore, the pari passu clause was not market standard in this set of docs. It usually makes reference to debt obligations. The clause in Argentina’s docs made reference to payment obligations and this is what has tripped them up. If anything I would be suing the lawyers for not advising on the risk ramifications of this wording. I don't think anyone wants to see Argentineans’ suffering but what they do want to see is Argentina being made to understand that actions have consequences and for the electorate to also see this. However, given the level of political and economic literacy in Argentina, I doubt this will happen.

    Jun 04th, 2014 - 01:31 pm - Link - Report abuse 0
  • Vestige

    Galloway among them I see, as expected, that man has the right attitude on many topics ... including the Malvinas.

    Jun 04th, 2014 - 01:34 pm - Link - Report abuse 0
  • CaptainSilver

    Vestige, dont forget Georges love of Saddam, and pussy love. Bahahahaha…

    Shows just what a knuckle dragger you really are!

    Jun 04th, 2014 - 01:40 pm - Link - Report abuse 0
  • Lou Spoo

    @27 That's right. As the following websites prove George is one of the UK's most loved and respected MPs.

    http://londonyarbles.blogspot.co.uk/2004/12/george-galloway-file-under-cunt.html

    http://londonyarbles.blogspot.co.uk/2004/12/george-galloway-file-under-cunt.html

    http://londonyarbles.blogspot.co.uk/2004/12/george-galloway-file-under-cunt.html

    http://londonyarbles.blogspot.co.uk/2004/12/george-galloway-file-under-cunt.html

    http://londonyarbles.blogspot.co.uk/2004/12/george-galloway-file-under-cunt.html

    Jun 04th, 2014 - 01:50 pm - Link - Report abuse 0
  • CabezaDura2

    Poor Liberia beset by vultures and cannibals..
    23
    What a country the first thing that the free American blacks did when they returned to Africa was enslave the local Africans
    You are right it was a brutal civil war

    http://www.youtube.com/watch?v=ZRuSS0iiFyo

    Jun 04th, 2014 - 02:15 pm - Link - Report abuse 0
  • Vestige

    Yes he once acted like a cat on a tv show for a joke in his own time.
    CaptainSliver scrapes the barrel.

    Jun 04th, 2014 - 03:02 pm - Link - Report abuse 0
  • ElaineB

    @26 Have you read 'And the Money Kept Rolling In (and Out)” by Paul Blustein? I highly recommend it as a really balanced portrayal of what led to the 2001/2 collapse. It is very readable and the author interviewed people at the IMF, Argentine government, bond traders - all involved - and people affected by the crash.(These are very similar to the stories I have heard in Argentina) It criticises both sides. And the IMF tried hard to reign in the reckless actions of the Argentine government. Equally, you have to look at how the market makers pumped up the bubble that finally burst.

    I don't excuse the actions of the Argentine government. They were greedy and reckless, like teenagers let lose with an unrestricted trust fund, they blew it all on frivolity and stole relentlessly. The IMF tried hard to tame the out of control spending and when there was no controlling the feckless behaviour they pulled the rug.

    But you also have to look at the actions of traders pumping up Argentina as the poster boy for investment , without any real justification. They didn't care as they all got their commissions and bonuses. Then they got it again when they restructured. (The chapter on this is particularly interesting. Effectively a snake-oil salesman turned up and ripped them off).

    Of course, the Argentine government could have turned down the money at any time. But when someone is waving money in your face and you are of an immature nature, who is going to do that?

    I would call it 50/50 but the Argentine government refuses to accept any responsibility. That should be the sole reason not to lend to them in the future without outside control of where the money is spent.

    Jun 04th, 2014 - 03:02 pm - Link - Report abuse 0
  • yankeeboy

    32. This is exactly why I keep saying Argentina will have to give up its financial severity, budget control when they need the next IMF bail out. This reckless lending won't be tolerated. The IMF learned their lessons.

    This next crash is going to much worse than 2001, they'll still have massive unpaid Int'l debts PLUS they'll be defaulting on their own Intergovernmental entities and people.

    2001 is going to look like the good ol' days

    And BA is going to look a lot like Caracas.

    Jun 04th, 2014 - 03:12 pm - Link - Report abuse 0
  • ernest shackleton

    These 106 would happily gift the Falklands to Argentina and for sure also support massive turd-world immigration into Britain. I am fully expecting CFK to send them “first class” (cough) Aerolineas Argentina all-expenses paid junket to Bariloche, or that other lakeside place where she likes to hang out - or anyway a part of Argentina where they won't be at risk of being mugged in the streets.

    Jun 04th, 2014 - 03:17 pm - Link - Report abuse 0
  • pgerman

    I believe this issue can be analized from different point of views.

    On the one side, any coutry must take responsibility of what their democratic goverments have previously done. Back in 1874 when Argentina had a large debt and was in troubles to pay it and Nicolas Avellaneda took the Presidency of Argentina in his famous speech he said “The two million Argentines might go hungry and thirsty but we will honor the our debt”.

    On the other side, buying bonds is an investment that, as any other, has risks. One of the risks of buying bonds of third world countries is that they won't be able to pay them back.

    In this situation it's quite clear that, due to globalization, the decision of the US Supreme Court will affect not only Argentina but Grece and, as a result, the rest of Europe. As the UK is in Europe it's quite clear what the MP inspiration was. As it's is said in Argentina “Both the UK representatives and the Argentine government are united for fear instead of for love”

    It might be time, for both govenments either Argentine or the British, to stop “playing the role” of enemies. The World is too small for stupid things nowadays.

    Conqueror...another letter to the UK Government?..nobody will take you seriously...

    Jun 04th, 2014 - 05:29 pm - Link - Report abuse 0
  • Briton

    You guys are correct in that we in this country have many problems to deal with,
    With that in mind, and considering the disgusting way CFK and her government has treated not on the British government and people, but their treatment of the Falkland islanders,

    They have been abusing, threatening and harassing them,
    They slag us of at every opportunity, and abuse the rights of the innocent,
    And yet what do we the law abiding honest silly British MPs do in part,
    Support a motion for Argentina,
    Of all the things they could be supporting like, the EU , trade , immigration , roads , railways , defence , airports , NHS and the list goes on,
    Instead we give CFK a propergander coup on a plate,
    And some wonder why some countries take the piss out of us,
    But,
    Alas that’s democracy for you,
    Just don’t trust politicians to make the right decisions , just screwing everything it all up is enough.

    Just an opinion.
    .

    Jun 04th, 2014 - 06:32 pm - Link - Report abuse 0
  • Monkeymagic

    Signed by 1 conservative MP...

    Jun 04th, 2014 - 08:41 pm - Link - Report abuse 0
  • ilsen

    A normal democracy, functioning well. That's all.

    Jun 04th, 2014 - 09:45 pm - Link - Report abuse 0
  • Steve R

    Well I know of 1 of those 106 who has already refused to join Ms Castro's bandwagon with regards to the Falkland Islands when she was trying to drum up support from the Nationalist communities a short while back and that was Mr Elfyn Llwyd, so please do not assume simply because a MP backs a EDM on Debt restructuring that they will jump into bed with Argentina, it does them a great disservice. Galloway as we know has and will support them but of the others 104 any one here know of any of them who has said they support Argentina over the Falklands?

    Jun 04th, 2014 - 10:25 pm - Link - Report abuse 0
  • windy

    @chris 25.
    Chris wrote
    “ The pensioners, mainly Italians who trusted Argentina to pay up, were left with no income which they had relied upon and no way of enforcing the law through the US Courts.”
    The facts are
    Italian banks held those bonds and when they saw the bonds turning bad they repackaged them as triple a investments and sold them to their own customers.
    So your statement is just false.

    Jun 05th, 2014 - 12:43 am - Link - Report abuse 0
  • DaveVK

    If they didn't want people to trade they should have bought them up them selves if they stumped up the cash. Perfectly legal trading.

    Jun 05th, 2014 - 02:28 am - Link - Report abuse 0
  • british bomber

    Finally. British MPs supporting British investors against Wall St robber barons. I hope that the British government will grow a pair.

    Jun 05th, 2014 - 06:39 am - Link - Report abuse 0
  • HansNiesund

    @23

    Aren't you just a little bit ashamed that a wealthy country like Argentina is hiding behind a case like Liberia?

    Jun 05th, 2014 - 07:02 am - Link - Report abuse 0
  • Be serious

    If Argentina started to prosper they might forget their made up claim to British territory and allow the Region to live happily ever after in peace, harmony and good relations.
    Meanwhile FOGL is planning the start of a renewed search for oil and gas with detailed survey and preparation work available. An exciting time for the Islanders and all Companies involved. Good luck and Good Hunting.

    Jun 05th, 2014 - 07:10 am - Link - Report abuse 0
  • ChrisR

    @ 40 windy

    And why did the bonds go tits up? The actions of your despicable governement.

    The fact remains, whether you like it or not that the vast majority of Italians bought them because they trusted Argentina.

    So stop blowing the wind out of your culo.

    Jun 05th, 2014 - 12:04 pm - Link - Report abuse 0
  • pgerman

    @43

    I totally agree with you.

    As Angela Merkel mentioned to Argentine negotiatiors when they were discussing about the Paris Club debt: “Don't expect the same treatement as an African country”.

    Jun 05th, 2014 - 01:41 pm - Link - Report abuse 0
  • Andy Scott the spark

    @46

    Where did you find that out? That's funny!

    Jun 05th, 2014 - 04:20 pm - Link - Report abuse 0
  • Briton

    Every Agreement Argentina signed was either ignored or broken within
    weeks..

    Jun 05th, 2014 - 05:55 pm - Link - Report abuse 0
  • pgerman

    @48

    I'm sorry but not every. Some of them were broken by the current Government.
    Take for instance the agreement reached with Chile about the Beagle Channel. There are other treaties signed by Argentina that have always been respected.

    @47
    It's not a “classified” information. This detail was published by the Argentine media at that time.

    Jun 05th, 2014 - 06:05 pm - Link - Report abuse 0

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