MercoPress. South Atlantic News Agency
UN agency warns Argentina debt ruling does not comply with US sovereign immunities act
The United Nations trade and development agency UNCTAD said on Wednesday in a rare release that the recent U.S. court ruling on Argentina's debt erodes sovereign immunity and does not comply with the country's own U.S. Foreign Sovereign Immunities Act. Read full article
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Disclaimer & comment rulesGuess we'll just have to wait and see if all these doomsday predictions are true.
Jun 26th, 2014 - 05:24 am - Link - Report abuse 0Funny that only now are people saying this judgment is in violation of a government act. No one noticed this until now?
Highly unlikely.
I thought Argentins waived their rights under the Sovereign imminently Act as a condition of the bond release?
Jun 26th, 2014 - 05:56 am - Link - Report abuse 0Given that, can someone explain how that legislation was breached? Because to my mind, it was not for consideration in court in hearing in the first instance.
It did not apply!
To quote Monty Python, “This Parrot is dead!”
UNCTAD needs to shut its face. It is very bad practice for an NGO to attempt to interfere in an ongoing judicial process. Did UNCTAD ask Judge Griesa for permission to publish this “online essay”? Does this constitute contempt of court?
Jun 26th, 2014 - 09:50 am - Link - Report abuse 0Fancy that - a UN organisation lecturing a sovereign nation on it's judicial process.
Jun 26th, 2014 - 11:01 am - Link - Report abuse 0Just as I always thought, UN stands for Useless Nonentities.
It should be renamed the OO.
Jun 26th, 2014 - 11:10 am - Link - Report abuse 0Oral Outhouse.
A building for talking shite!
for Christ's sake, either make her pay or put sanctions on Argentina and force them to pay,
Jun 26th, 2014 - 11:17 am - Link - Report abuse 0they shout poverty, yet are embarking on unclear power,
CFK will utterly destroy Argentina for her own plastic vanity..
These are the same loser countries that wouldn't allow the IMF to set up a Sovereign Bankruptcy Tribunal.
Jun 26th, 2014 - 01:10 pm - Link - Report abuse 0Nobody cares what poor countries think
nobody
The Argentine leadership are proving themselves exceptionally good at spinning this.
Jun 26th, 2014 - 03:23 pm - Link - Report abuse 0This case was never about sovereign debt or sovereign immunity. It is about distressed bonds that Argentina issued where they specifically waived off sovereign immunity to get the money in the first place.
And then turned around and said that they were not going to pay it back anyway. It is strictly about irresponsible financial behavior that has to be stopped before it spreads...
So SCOTUS don't know what they are doing according to this “eminent” outfit.
Jun 26th, 2014 - 03:42 pm - Link - Report abuse 0Mmmm? I wonder who to believe?
Ha, ha, ha.
@7
Jun 26th, 2014 - 04:28 pm - Link - Report abuse 0Precisely. Look at this in the article:
“The United States Supreme Court rulings have once again demonstrated what can happen in the absence of an international debt workout mechanism.”
In order to have a working jurisdiction for distressed debt away from the courts you would have to set up an international tribunal - OK. But for it to actually work, every single country would have to be a signatory to the tribunal, agreeing to enforce the tribunal's rulings even if it conflicts with its own national laws. In other words, nations would have to waive off some portion of their sovereignty.
That is about as likely to happen as pigs flying. The US will never agree to it. The UK may, unless the specific construction of the agreement threatens some portion of their financial industry.
So if they forbid courts to rule on national bonds even in cases where the borrowing country specifically waives off sovereign immunity to get the money, and do not have any other enforcement mechanism in place, then surely they realize that the market for such bonds would fall into utter chaos.
I don't understand their logic. It seems to be a more emotional argument by people with little insight into bond markets and what function the bond markets have in getting money to poor countries and then getting paid back.
“ Argentine President Cristina Fernandez argues that paying the hedge funds in full could potentially trigger demands of up to 15 billion from others who did not participate in previous debt exchanges following the 2002 default on 100 billion. ”
Jun 27th, 2014 - 02:59 am - Link - Report abuse 0“...could ... ” and ” ... 15 billion (USD ) dollars ... “
The figure is made-up by Argentina, probably Elvis himself, as a scare tactic amount. No more valid as the term employed ” could. “
In other words, after 12 years of stalling, let us have a ” free hand ” to decide if we are going to pay, or not pay, and if so how much, and only on our terms.
The United Nations makes a wonderful crying wall.
Of course it does not comply it does not have. The Circus de Argentina waived it's rights. It had to it had a 350 credit score. Lolol.
Jun 27th, 2014 - 07:14 pm - Link - Report abuse 0Commenting for this story is now closed.
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