MercoPress. South Atlantic News Agency
Argentina requests a 'stay' order on the ruling favoring holdout creditors
Argentina asked a U.S. judge on Monday to issue a stay of his ruling against the country in its case against “holdout” creditors as it sought to avoid a possible new default. The country is in a 12-year-old legal fight with investors who declined to participate in bond restructurings (2005 and 2010) after the country defaulted on 100 billion dollars in sovereign debt in 2002. Read full article
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Disclaimer & comment rulesMore twisting and turning and trying to avoid paying what's due. It does make a change Argentina 'requesting' something rather than 'demanding' it. Perhaps they are learning some humility?
Jun 24th, 2014 - 07:47 am - Link - Report abuse 0However, I hope the judge denies this request, they've stalled long enough.
They have has 12 YEARS to pay up.
Jun 24th, 2014 - 08:31 am - Link - Report abuse 0How will the president explain the feeding of the Vultures.
It's almost as if she wants to default, but even she cannot be that stupid, can she?
Novel tactic.
Jun 24th, 2014 - 08:48 am - Link - Report abuse 0Judge: I sentence to you jail for 19 years for the murder of George X.
Defendant: Ok, you've made your point. It's just that I've got my daughters 18th birthday in a couple of years and I'd quite like to go...any chance we could just put this back for a couple of years? We can negotiate how long in to to jail for then
Judge: Well, now you put it that way...
That is how, what passes for a so called judiciary, works in their country.
Jun 24th, 2014 - 09:09 am - Link - Report abuse 0I think they got the idea from the Bruce.
If at first you don't succeed, try, try, and try again.
Judicial process? They don't know the meaning of the word!
We all seem to be of one mind. No “stay”. Pay your US$1.33 billion. Mediator appointed. There's nothing to “negotiate”. You can't pay in “bonds”, or a cheque or a “note”. Cash. I'm sure you won't need advice on how to stuff money into a suitcase or holdall. 13.3 million hundred-dollar bills. Big suitcase(s). Six days left. Better hurry!
Jun 24th, 2014 - 10:08 am - Link - Report abuse 0What would possibly induce Griesa to “override” the SCOTUS judgement and impose a stay on these crooks himself?
Jun 24th, 2014 - 11:31 am - Link - Report abuse 0We can all imagine the next step: NML try to come to a reasonable agreement such as pay what you owe plus half our legal fees and you are home free, but the crooks just claim they cannot without defaulting, etc. And another 10 years go by.
Then of course the argies, in their way of reasoning, would have a stronger “case” to claim “we wanted to pay but it wasn’t us mister: honest”!
No, best all round to enforce the judgement and get on with the default, because they WILL default: they are busted and cannot pay even if they wanted to.
Can anybody imagine, in their wildest dreams, these crooks ever paying?
Ha, ha, ha. Now that IS funny.
Yeah I can't imagine they can't get a deal done in 6 weeks. They can do this in a day or two if they were really serious.
Jun 24th, 2014 - 11:37 am - Link - Report abuse 0I am sure they want to pretend they are negotiating in good faith with the intention of defaulting and blaming it on the USA Courts.
They still don't realize they lost.
Fun to watch tho
Did those investors who did not feel inclined to accept the terms of the restructured Argentine debt have a legal choice not so to do? If affirmative then what is Argentina's problem? Like it or lump it - pay up!
Jun 24th, 2014 - 01:30 pm - Link - Report abuse 0There was no SCOTUS judgement so the only judgement would be Griesa's own ruling. I can imagine a temporary short stay under stringent conditions...i.e. an escrow for Argentina to show their good faith. Based on Argentina's history, they need to prove good faith(good luck with that).
Jun 24th, 2014 - 02:30 pm - Link - Report abuse 0They are so fucking arrogant to think their house of cards would last forever. Even the smallest number of brain cells would have had them creating a sinking fund for when the day of reckoning occurs.
I can hardly wait to hear. ELVIS HAS LEFT THE BUILDING.
Remember his predecessor.....I bet he is happy to be in Italy.
When we hear kicilloff say.......I WANT TO LEAVE!
I don't see how it is possible to both ratify a contract and avoid the RUFO clause.
Jun 24th, 2014 - 03:00 pm - Link - Report abuse 0Seems to me they'd end up in court again if they deliberately tried to scam the other investors.
The judgement (opinion) of the SCOTUS is here:
Jun 24th, 2014 - 04:19 pm - Link - Report abuse 0http://www.supremecourt.gov/opinions/13pdf/12-842_g3bi.pdf
12 REPUBLIC OF ARGENTINA v. NML CAPITAL, LTD.
Opinion of the Court
The judgment of the Court of Appeals is affirmed.
It is so ordered
In other words they judged the lower court to be correct in it’s judgement.
My bad. I thought you meant the recent actions. Either Argentina is in the hole they dug.
Jun 24th, 2014 - 04:35 pm - Link - Report abuse 0No point negotiating with these people - they are only interested in a one directional “discussion” from my observation.
Jun 24th, 2014 - 05:55 pm - Link - Report abuse 0Next stop the UN.
Jun 24th, 2014 - 07:02 pm - Link - Report abuse 0WGAF about Argentine bad debt.
Get your ferkin priorities right and sort out Syria, Iraq and Ukraine. That's why you are there, not to give cred to a bunch of thieving corrupt SA politicians.
FFF! Get a grip!!!!
3 days and a couple hours left. Have they even started negotiating?
Jun 24th, 2014 - 07:42 pm - Link - Report abuse 0I think not
Psst I wouldn't hold my breath hoping for a new stay...
tick tock tick tock
Whats all the fuss, Argentina are loaded so they say, they have 20 odd billion of reserves, they can afford to pay off Repsol with 5 billion just like that, whats another measly 1.3 billion.
Jun 24th, 2014 - 09:12 pm - Link - Report abuse 0Get your hand in your Pocket Christina you know it makes sense.
“ ... invoke the stay, so we can continue paying the restructured bonds ..... ” ?
Jun 24th, 2014 - 10:00 pm - Link - Report abuse 0That would equal a return to the stalling pattern again, with yet another excuse.
The US judgment is clear:
No more stalling, and $900 Million USD is due Monday.
This all takes me back to when my kids were little; especially my son. He must have been about 8 or 9 and he used to try everything he could possibly dream up to stall from doing something he didn't want to do. He finally learnt- by the time he was about 12- that the clock just keeps ticking anyway.
Jun 24th, 2014 - 11:52 pm - Link - Report abuse 0Hey I tell you what! That Uruguayan football team have got some bite. I was listening to a Uruguayan Liverpool fan on 5 Live tonight saying there was nothing wrong with biting on the pitch. She said it was acceptable in SA culture.
In Bolivia perhaps.
Jun 25th, 2014 - 02:22 am - Link - Report abuse 03rd time for Luis Suarez.
A great player, he is obviously “ buck-teethed ” to begin with, and better start wear a mouth guard, or an oral surgeon before his is removed.
Great day all around for our South American teams, especially Colombia !
@16 most of these reserves are IOUs.
Jun 25th, 2014 - 07:01 pm - Link - Report abuse 0Commenting for this story is now closed.
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