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Positive scenario for Argentina's decisive battle with hedge funds later this week

Monday, June 9th 2014 - 20:52 UTC
Full article 17 comments

New York judge Thomas Griesa rejected last week a request by hedge fund investor Paul Singer to chide Argentina over its apparent “best option” plan to default on all its debt should it lose its last-chance appeal later this week before the US Supreme Court. Read full article

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  • ChrisR

    Well we will see what we will see.

    Is contract law dead in the US or has SCOTUS told Obuma to piss off?

    ANY ruling for The Dark Country will be a disaster for US commercial activity.

    Would you invest under a country's law that could be amended / deflected by the President, if so you have a prime example of where to invest: Argentina!

    Jun 09th, 2014 - 09:34 pm - Link - Report abuse 0
  • Troy Tempest

    I would think that such a leaked document not being officially recognised by the Court, is an indication of the Judge's integrity, rather than leniency.

    Outside of court, certainly it must influence the Market and the Lenders.

    Regardless, the deviousness of Argentina is exposed.

    Jun 09th, 2014 - 11:20 pm - Link - Report abuse 0
  • tRoll_with_the_Punches

    The anti-argie foreign thieves that want to steal OUR money, just keep adding wrinkles to their faces each time an article is posted.

    Look at Griesa ffsks... I don't think he'll last the year!

    And Singer obviously got some cheap Botox, but you can tell his face is sagging to.

    Exactly as I said two years ago.

    Argentina can wait, wait, wait, delay delay delay.

    Can the hold outs wait, wait, and wait?

    LOL... tick tock tick tock.

    Eventually all the bond holders will be dead, and Argentina will ultimately triumph.

    Jun 10th, 2014 - 01:13 am - Link - Report abuse 0
  • reality check

    There speaks the voice of a thief.

    No surprises there then!

    Jun 10th, 2014 - 04:42 am - Link - Report abuse 0
  • british bomber

    The Argues have already passed legislation to reissue the bonds in BA. This memo should be no surprise. Singer is an idiot.

    Jun 10th, 2014 - 04:54 am - Link - Report abuse 0
  • golfcronie

    @5
    Singer is showing the world what an ineffective Government Argentina has at present. CFK is stringing this out until the end of her Presidency. I am not surprised that Argentina has no effective opposition as they, if they win ,will have a dysfunctional country.

    Jun 10th, 2014 - 07:39 am - Link - Report abuse 0
  • british bomber

    @6
    Problem is that the opposition's policy is exactly the same so doesn't matter about cfk.

    Jun 10th, 2014 - 08:11 am - Link - Report abuse 0
  • falklandlad

    Tis all a smoke screen. The big guns are waiting for CFK to slip into retirement, if she ever makes that grade, gracefully. No amount of Argie screaming at this moment will delay the inevitable.

    Jun 10th, 2014 - 10:48 am - Link - Report abuse 0
  • Conqueror

    @3 Problem is that you don't have ANY money of your own. All “your” money belongs to someone else. Whatever you spent the money you stole on, it belongs to the people you stole the money from. You have NOTHING. It doesn't matter how you dress it up, you are thieves living on stolen money.

    You know that “thieves never prosper”. Temporarily perhaps, but then argieland will find that it can only do “business” with parties that are as bent as it is.

    Jun 10th, 2014 - 10:52 am - Link - Report abuse 0
  • Be serious

    Justice in the USA Courts....now there's an interesting concept.

    Jun 10th, 2014 - 12:26 pm - Link - Report abuse 0
  • Troy Tempest

    10

    Argentina - honour amongst thieves - there's an interesting concept - don't make me laugh!!!

    Too bad for you if the US upholds Contract Law and makes you abide by agreement you signed and the rules for borrowing followed by the rest of the world - “ it's not fair, it's not fair!!”

    Yes, it is fair.

    You were lent money on the presumption that were honest and honourable.

    It looks like you aren't.

    Jun 10th, 2014 - 04:16 pm - Link - Report abuse 0
  • Welsh Wizard

    Guys can some tell me urgently how many US$ argentinean nationals can take out of the country? Thanks!

    Jun 11th, 2014 - 04:00 pm - Link - Report abuse 0
  • Be serious

    11
    Contract law is one thing but when US judiciary legalise fraudulent claims against a Foreign company then that's quite another.
    Don't know much about Argentinas problems in the US ....don't much care either.

    Jun 11th, 2014 - 06:11 pm - Link - Report abuse 0
  • Holdout.from.Germany

    In the “Pari Passu” issue the Holdouts are 100% right! There is nothing to discuss. In the bond contracts “Pari Passu” is clear defined. Also, in the bond contracts Argentina has explicitly waived its sovereign immunity.
    It would be helpful, if the US Supreme Court rejected ASAP Argentina’s unjustified appeal. Then, Argentina and the holdouts could immediately negotiate a solution.
    The best scenario for the Holdouts (and finally also for Argentina) would be, if the court rejected the case. If this happens, the government of Cristina Kirchner and the Holdouts would be forced to sit down and negotiate immediately an acceptable solution.
    Probably under the review of Judge Griesa, who also invited Argentina and the Holdouts to negotiate a solution.

    Argentina should be reconciled with the holdouts.

    Each state in the world refinances its debt on the capital markets without using reserves. A return Argeniniens to the the capital markets would be welcome.

    BUT before reentering the world, Argentina must end this NIGHTMARE this since 2002 ongoing HORROR-Default with the Holdouts!

    Following might be the solution:

    Argentina makes a buyback offer of about 130-140% (for owned capital+ accrued interest between 2002-2015) for the holdouts.
    (Argentina owes to today about 230%, a cash buyback of 130-140% would so mean for Argentina already a debt relief of about 100%)

    Jun 11th, 2014 - 06:30 pm - Link - Report abuse 0
  • british bomber

    @14
    But none of that is going to happen. If the court does not take the case then the Argies will obey the “Pari Passu” and pay all bond holders equally zero dollars. Singer is an idiot.

    Jun 12th, 2014 - 06:30 am - Link - Report abuse 0
  • yankeeboy

    Comment removed by the editor.

    Jun 12th, 2014 - 04:20 pm - Link - Report abuse 0
  • Captain Poppy

    http://www.scotusblog.com/2014/06/the-argentine-bond-saga-made-simple/#more-212867

    There is at 11% chance this case will be decided against Argentina.

    Argentina has two appeals pending and the chances high for a fall to Argentina favor.

    The more I read on the Pari Passu the more questions I ask and this is not because I support Argentina. Has anyone actually read the contract? Did Argentina equally offer the same “haircut” deal to the holdouts and they refused?

    Or did Argentina never offer the clipped rate payments as the other 93%?

    I really think now that the worst case scenario will be that they must pay as they paid the other 93%.

    Jun 12th, 2014 - 04:32 pm - Link - Report abuse 0

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