MercoPress. South Atlantic News Agency
Argentina's bond fight with holdouts will be addressed by G-77 plus China
Argentina’s bond fight against holdout hedge funds will reach the United Nations headquarters on Wednesday when Economy Minister Axel Kicillof addresses the G77 plus China 134-nations plenary on Argentina's debt restructuring process. Read full article
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Disclaimer & comment rulesThat's my boy but make sure madre puts a tie on you before you go and meet all those unimportant people. In the meantime there are only 6 days left before the end of the month.
Jun 24th, 2014 - 11:46 pm - Link - Report abuse 0Tick tock
...and don't forget to mention just how much a U.S. judge wants to be told what to do by third-world politicians...
Jun 25th, 2014 - 12:55 am - Link - Report abuse 0“Plus China” .... Shamefully quoted like a badge of respect.
Jun 25th, 2014 - 01:17 am - Link - Report abuse 0Do you really think the Chinese care about other nations?
The thing is all these latam neighbours give the political backing to CFK for being a leftist latinamerican leader... Yet the diplomates off the record know that there allies are laughing there ar$e$ out them as soon as they turn their back.
Jun 25th, 2014 - 01:25 am - Link - Report abuse 0Argentina has become the laughing stock of SA as eveen Uruguay and Bolivia have more reserves and can issue debt far more cheaper than Argentina.
The whole point of the ruling was that these bonds were NOT typical sovereign debt. In order to get US$ at the time, with a history defaults and bad payment history, the lending funds at the time insisted on special terms. Argentina had to agree to having the bonds issued under New York law; they had to pledge national assets as security etc. In other words, because they had already proven themselves to be bad borrowers, they had to extra-special-double promise to pay the bonds in full, and to have the U.S. court adjudicate if they didn't.
Jun 25th, 2014 - 01:52 am - Link - Report abuse 0But then, after they got the $$, they turned around anyway and said “no, we're not going to pay you back”. As the judge pointed out, that kind of spectacularly irresponsible financial behavior is eventually going to destabilize the global bond market - if a distressed nation needs to borrow money, and is willing to waive sovereign immunity, then no one can help them if the waiver of sovereign immunity cannot be enforced.
That is why SCOTUS didn't take the case. Argentina did this to themselves, all the while pretending that they were the victim and the lenders were the aggressors.
If all distressed nations behaved as badly as Argentina, the world bond market would either collapse or just dry up. There has to be some for of order or discipline.
Argentina did this to themselves, in a
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Jun 25th, 2014 - 03:06 am - Link - Report abuse 0Argylands ruinous debts are just small change to the Chinese. If they do care they will simply pay the entire amount and the problem will be solved. Can't see them even bothering to impose any conditions or extract any favours. Must be so embarrassing for Argyland to be so cheap and ...well.....pathetic.
Jun 25th, 2014 - 03:21 am - Link - Report abuse 0@6
Jun 25th, 2014 - 03:40 am - Link - Report abuse 0Actually, the Brits invented the modern court system, and the whole concept of equal under the law. Before that, legal judgments where the discretion of the King or his cronies.
@7
Yes, the Chinese could easily pay this debt off, if they so wanted. But why would they? But they would want something in return, wouldn't they?
Even the Chinese couldn't bail out every deadbeat country in the world. they would only get involved if there was a strategic benefit to them.
And there well could be. They could ask for a stake in the Argentine oil fields, for example.
So Argentina would sell itself out again - until something changed and they rip up the agreement with the Chinese and throw them out...
@8
Jun 25th, 2014 - 03:48 am - Link - Report abuse 0Equal under the law. You are truly a bunch of fools in your self-delusions.
@7
And it hurts that such a cheap and pathetic nation wants nothing to do with you nor anyone else? That must be humiliating.
@9
Jun 25th, 2014 - 03:58 am - Link - Report abuse 0Yes, well I understand that the courts in Argentina are truly a model of fairness and efficiency.
For your sake I hope you never have to go to court for anything down there...
Titti is talented he can blow himself out of a jam. His dad taught him well.
Jun 25th, 2014 - 04:11 am - Link - Report abuse 0...Like bring along a huge bucket of pesos to get the judge to smile at you?
Jun 25th, 2014 - 04:18 am - Link - Report abuse 0I saw Argentina's ranking in the World Corruption Index. Truly scary reading - they are heading for the bottom in just about every category.
@12
Jun 25th, 2014 - 04:22 am - Link - Report abuse 0And that affects you, how?
Thought so.
@13
Jun 25th, 2014 - 04:40 am - Link - Report abuse 0It makes me feel good knowing that I can live my life without having to bribe my way through it...
@14
Jun 25th, 2014 - 04:48 am - Link - Report abuse 0Which is why when you or anyone else you know goes down the tubes, they go down the tubes. But your rich compatriots when going down the tubes just ask for your tax pounds and get.
It pays to be rich or a corporation in a country like yours, where people are foolish enough they live in a clean, upright society where everyone acts in the best interest of all others.
The EUian and NorthAmian upper, wealthy, and political classes laugh at your arses. In fact they call all of you down there “muppets”
http://business.time.com/2012/03/22/with-muppet-hunt-will-goldman-sachs-end-email-smack-talk/
http://business.time.com/2012/03/22/with-muppet-hunt-will-goldman-sachs-end-email-smack-talk/
Rip your face off: standard operating procedure of EUian and NorthAmo companies... and the underling population of EUians and NorthAmians still believing the fairy tail they are indoctrinated in school that their nations are fair and equal...
http://business.time.com/2012/03/22/with-muppet-hunt-will-goldman-sachs-end-email-smack-talk/
Poor bastards.
@15
Jun 25th, 2014 - 05:03 am - Link - Report abuse 0Hmm, the “too big to fail” problem eh?
But I suppose that means that the Argentine economy has never been “too big to fail”?
Stable responsible countries like mine have correction mechanisms built in to prevent defaults and crashes. That's why we still maintain our AAA Stable rating. Argentina, on the other hand, no longer has many of the stabilizing mechanisms in place. That's what happens when you print money and then manipulate numbers to hide it. It eats away at your long-term stability. The world knows this - though for some reason you don't...
“stable mechanisms” code word for = if you are rich you can gamble your money away, we will bail you out every time.
Jun 25th, 2014 - 05:22 am - Link - Report abuse 0A Ah… mass Argie NYC invasion by Killitoff, Gollum and Film us, must be time for new shirts, bank deposits and new watches. Whinge to 77 nations, expose your shame and corruption, the tidal wave is approaching in mid winter…
Jun 25th, 2014 - 08:45 am - Link - Report abuse 017. It is hard to tell if your posts are based in jealousy or stupidity. It may be a combination of both.
Jun 25th, 2014 - 10:43 am - Link - Report abuse 0You obviously don't understand the links you post. You might want to think them through before you try to use them to support your posts.
Why are you up all night now?
Lost your job?
Can't afford school?
Internet cheaper at night?
@9, 13, 15, 17. Poor little TiTi boy. All gone tits-up has it? Was it you that said that argieland would never pay? But it's going to pay, isn't it? Are YOU going to suffer? Too many scumbags like you think you can do what you like and get away with it. Well, you can't. I do hope you'll be down to a slice of bread and a drink from a muddy ditch per day. Or perhaps no bread. And no loans from international bodies. You'll be glad to be self-sufficient. Or are you? I do feel a tiny pang for ordinary, honest, argentines. If there are any. Maybe they'll be the ones to disown animals and try to become an honest country. In which there will be no place for you and your ilk. Prison beckons!
Jun 25th, 2014 - 11:18 am - Link - Report abuse 0Commenting for this story is now closed.
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