MercoPress. South Atlantic News Agency
OAS Permanent council expected to consider Argentina/hedge funds conflict
The Argentina litigation with holdout hedge funds will have an additional ingredient this Monday when the Organization of American States, OAS, Permanent Council holds an extraordinary session, on a special request from Argentina, to consider a consultation meeting of foreign ministers to address the issue of sovereign debt restructuring. Read full article
Comments
Disclaimer & comment rulesArgentina still squealing.
Jun 30th, 2014 - 06:16 am - Link - Report abuse 0OAS then defer to Judge Griesa as the find they have absolutely no power in this at all.
Pay your debts squealers.
Poor, poor Argentina. Forever appearing in front of one body or another, claiming how hard it's done by. And all of it always Somebody Else's Fault.
Jun 30th, 2014 - 06:43 am - Link - Report abuse 0Whatever happened to dignidad?
The OAS is free to discuss this issue.
Jun 30th, 2014 - 06:44 am - Link - Report abuse 0And then Argentina will pay.
Nothing has changed.
next step: the fifa
Jun 30th, 2014 - 07:22 am - Link - Report abuse 0next step: the pope and the catholic church.
next step: the heaven
last step: the hell
Argentina calling yet another meeting for them to moan at.
Jun 30th, 2014 - 08:21 am - Link - Report abuse 0Ferk me, the others must have patience of a saint.
Maybe OAS will offer financial support to bale them out ; )
Jun 30th, 2014 - 08:58 am - Link - Report abuse 0Victims-aЯg-Us ©
I bet Griesa pays more attention to the World Cup than to OAS
Jun 30th, 2014 - 09:26 am - Link - Report abuse 0The Dark Coutry will start taking Gollum's hat around SA for “contributions” it's big enough but exceeded in size by his mouth but not his two brain cells.
Jun 30th, 2014 - 11:34 am - Link - Report abuse 0What a bunch of losers.
bloody hell,
Jun 30th, 2014 - 12:05 pm - Link - Report abuse 0what with all these councils , committees ,and organisations , etc ect,
a case of to many chiefs and not enough Indians..
@9 Yup, and we all know why there aren't enough Indians...
Jun 30th, 2014 - 01:58 pm - Link - Report abuse 0Argentina has for 70 years been the economic aggressee of jealous Europeans and North Americans who envied the fact that Argentina was the only country in the world outside Europe and North America that had developed. They didn't like that and over the decades did everything in their power to destroy the Argentine people. For those reasons my generation will never forgive them.
Jun 30th, 2014 - 02:03 pm - Link - Report abuse 0The funny irony of that is, Argentina was declining anyway, both due to the natural course of history and political events at home, self-inflicted wounds. They attacks on our way of life accelerated the process (refusing our exports after WWII, forcing he military to make all private debt public in 1974, promoting the 1-1 peg PLUS insane IMF borrowing in the 90s), but their jealousy and hatred of Argentina made them want to aid the decline.
They succeeded, but now they wonder why Argentines find Europeans and North Americans sub-human scum that should be fumigated from the surface of the planet?
@11 Nope, you just destroyed yourselves. This latest hissy fit is the perfect example of why you are regressing economically. What you don’t seem to understand is that the City doesn’t care what happens to Argentina, it doesn’t expend time thinking about it as it is an outlier on the economic map. There has been very little coverage in the FT (all things being considered) as we don’t see you as being important in any way. You’ve done this to yourselves. If you accept this then the zeitgeist can change and you can start to put a system in place which will allow you to succeed as an economically viable country.
Jun 30th, 2014 - 02:27 pm - Link - Report abuse 0@12
Jun 30th, 2014 - 02:41 pm - Link - Report abuse 0What FT or the “city” thinks or does is irrelevant. We don't want to be partners with FT or the “city”, you are increasingly irrevelant to Argentina's economic landscape.
@13 - City with a capital C, no need for “”s
Jun 30th, 2014 - 03:00 pm - Link - Report abuse 0We are obviously irrelevant; you only have to look at how your sovereignty is subject to the courts of the US in a particular bond dispute to see how irrelevant the North Americans are. So irrelevant, in fact, that your government barely mentions this ruling from day to day.
@11
Jun 30th, 2014 - 03:05 pm - Link - Report abuse 0“Argentina was the only country in the world outside Europe and North America that had developed”
Really?
What about Malaysia, Singapore, Hong Kong, Australia, New Zealand. India, China - I've been to all these places and seen their development but quite obviously you haven't so as per usual you are talking bolleaux
@11 TTS
Jun 30th, 2014 - 03:19 pm - Link - Report abuse 0“They didn't like that and over the decades did everything in their power to destroy the Argentine people.”
You are describing Argentina's jealousy and holding back of their neighbor Uruguay.
@11
Jun 30th, 2014 - 04:05 pm - Link - Report abuse 0I must say I agree with you, Argentina has DEVELOPED into a counrty that finds it hard to hold its head up in the world, lets face it you are going to default because your polititians are inept and driven by greed. SOME DEVELOPMENT
Why not pay the 1.3 billion, if you are short of cashh you have only yourselved to blam by spending 9.3 billion dollars compensating for the Respol steal. - How stupid does Christina think Judge Griesa is ?? as stupid as the average Argentinan voter maybe?
Jun 30th, 2014 - 04:22 pm - Link - Report abuse 0@15
Jun 30th, 2014 - 04:23 pm - Link - Report abuse 0I was talking about back in the 1920 and 1930s. At the time it was a fact.
And Europe but specially North America were envious and insulted that a “non-White” nation was developed. Read internal memos of the time from Europe and USA.
Hey Rollinga ... Let's say you are absolutely right about those envious North Americans and Europeans ... Let's say they silently conspired to bring us down ...
Jun 30th, 2014 - 04:39 pm - Link - Report abuse 0Don't you think we had paved the way for those evil foreign plans to succeed? Have you heard what the “Infamous Decade” was all about? (That period refers to the 1930s by the way)
Our leadership has always been corrupt with a few exceptions here and there.
@20
Jun 30th, 2014 - 04:45 pm - Link - Report abuse 0I agree, many local politicians were bought by the evil North Americans and Euopeans, and did quite a bit of their dirty work for them. I would never deny that.
You are still not getting it. Are you suggesting that Cristina is being paid by those evil empires to ruin Argentina the way she's ruining it?
Jun 30th, 2014 - 04:53 pm - Link - Report abuse 0Not so much. I'm talking the period 1930s to 1970s, and somewhat in the 1990s.
Jun 30th, 2014 - 04:57 pm - Link - Report abuse 0Now, the decline is self-sustained the foreigners need to do nothing anylonger.
The decline and end of Argentina is irreversible and final. But the true end is still many decades away.
@23
Jun 30th, 2014 - 05:11 pm - Link - Report abuse 0“Now, the decline is self-sustained the foreigners need to do nothing anylonger.”
-No argument here.
“The decline and end of Argentina is irreversible and final. But the true end is still many decades away.”
-No. I would argue this. All you need is a straightforward leadership and management team. None of that greedy, corrupt, arrogant, and incompetent circus that you are suffering through now...
There are many ways to settle a debt besides just money. Some examples are:
Jun 30th, 2014 - 05:15 pm - Link - Report abuse 01) give them some land in Patagonia to build a world class ski resort. It would be great for the country and would cost next to nothing..
2) Give them fishing rights for a specific period of time.
3) Lease them 100 hcts of land along the eastern coast so they can build a financial empire free of regulations much like China did by leasing Hong Kong. Every international company will want to be a part of it. Again, no cost and then in say 100 years Argentina gets it all back, just like China did Hong Kong in 1997. What a great deal that was.
Get rid of the load mouths that get Argentina into these problems in the first place and send some business minded people to negotiate. The hold outs will make a deal.
24 z-ville
Jun 30th, 2014 - 05:26 pm - Link - Report abuse 0Don't fall for Nostrils old ploy of,
“we are beset by everyone, nothing we can do about it, and we are doomed to spiral to our inevitable ruin, because you hate us”
He then has everyone rushing to reassure him, “ no no, don't say that. You're not doomed, and really we love Argentina. You are basically good people with a few bad politicians. Let is help you... ”
Nostrils loves that game and will play it all day long
:-)
@19
Jun 30th, 2014 - 05:29 pm - Link - Report abuse 0What bizarre, paranoid, self-serving nonsense. If Argentina was ever developed in the first, it was because of European, North American, and notably British investment. You have nobody to blame for your failure to prosper and eventual decline but yourselves. And part of the reason for that is a chronic inability to recognise and take responsibility for your own mistakes, as you so eloquently demonstrate here.
@26
Jun 30th, 2014 - 05:39 pm - Link - Report abuse 0You are an utter imbecile. The people of Argentina thus had nothing to do with it. They didn't work hard, they just sat back saw the foreign money come in and that's it huh?
Fuck off you racist loser.
The only people to blame , that has reduced Argentina to the state it is in right now, is CFK and her government,
Jun 30th, 2014 - 06:26 pm - Link - Report abuse 0you have no one to blame bar yourselves,
[-unless of course you blame the brits, as usual.]
@28
Jun 30th, 2014 - 06:29 pm - Link - Report abuse 0Tut tut, language Timothy.
Listening to radio 4 this morning on the way to work. I cannot fathom why the OAS are not meeting to react to what is going on in Venezuela, its coming apart at the seams, but south america doesn't want to talk about it.
Argentina and its debts and the fact it doesn't want to pay them is surely the mundane daily business is it not.
Anything for attention these argies..
Jun 30th, 2014 - 06:41 pm - Link - Report abuse 0Breaking news:
Jun 30th, 2014 - 06:59 pm - Link - Report abuse 0Also President Obama asked Argentina to respect the decisions of the US Court! (and to sit down and negotiate)
It would be a historic event, when President Kirchner after 13 years finally finished this HORROR Default with an amicable agreement with the holdouts.
What could be the solution to solve IMMEDIATELY the Holdout problem?
Argentina owes to today about 230% to the Holdouts (capital + accrued interest since 2002)
If Argentina made a buyback offer of about 150-170%, it would presumably not violate the RUFO clause, because it would not be an exchange offer.
A buyback offer by a bank would definitively not violate the RUFO clause.
Such a cash buyback would also give Argentina a debt relief ob about 60-80%.
AND
Seizure risks and a technical Default would be immediately averted. Argentina could immediately return to the capital market and thus Argentina could refinance the payments to the holdouts, without using reserves.
32 Argie Sock
Jun 30th, 2014 - 07:40 pm - Link - Report abuse 0Repeating the usual message, right??
Start TALKING to the 7%. You are telling the world you are ready to negotiate in the past two weeks and you have done NOTHING.
Jun 30th, 2014 - 08:37 pm - Link - Report abuse 0Poor Nostrils
Jun 30th, 2014 - 10:28 pm - Link - Report abuse 0He likes to think of himself as quite the intellectual and yet all he does is parrot the government's propaganda.
And he doesn't even realise it.
He probably thought he was the one that came up with the whole 'Argentina is a victim' idea.
@25
Jun 30th, 2014 - 10:42 pm - Link - Report abuse 0Actually, you're on to something there. There is a way for Argentina to get out of this, and it is along the lines of what you describe:
They could negotiate with the Chinese, and have the Chinese pay off the holdouts on their behalf. They would need to structure the transaction in such a way that it does not trigger any holder clauses for the reissued/restructured bonds, but that can probably be done.
So the Chinese would be out $1.5B, without taking on any larger obligations, and the Whacky leadership would get rid of an embarrassing headache. The hold-outs would get paid, and the holders of the restructured bonds would be left in the dust.
Now, of course the Chinese would want something substantial in return for this help, of course. Most likely long-term rights to prime oil fields or similar...
36 Zed
Jun 30th, 2014 - 11:57 pm - Link - Report abuse 0Good thinking .
Like all the plans however, the element of trust is needed.
It would be far easier for the Aargies to barter away intangibles like Future Earnings on currently untapped or undeveloped resources, like LNG reserves etc.
The second-guessing wouldn't start for years and CFK will have turned to stone or burnt to a crisp by then.
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