MercoPress. South Atlantic News Agency
Argentina confirmed Monday 7 July negotiations with hedge funds as instructed by Griesa
Argentina confirmed that next Monday, 7 July it will hold a meeting with “Judge Thomas Griesa delegate, Daniel Pollack”, in the framework of the current litigation with speculative funds, according to a Monday release from the Ministry of Economy in Buenos Aires. Read full article
Comments
Disclaimer & comment rulesArgentina is still squealing.
Jul 01st, 2014 - 07:40 am - Link - Report abuse 0More useless delays and pointless obfuscation, at the OSA.
The only action is what Judge Griesa has ordered and is holding Argentina to account to do, pari-passu as mentioned.
Pay your debts squealers.
Chose to meet with the OAS instead of these negotiations.
Jul 01st, 2014 - 08:24 am - Link - Report abuse 0Well that is a shame. Instead of meeting 3 days into the 30 day period they will meet 7 days.
Won't change the outcome.
Argentina will pay.
They have had three weeks to talk and they have talked in volumes, everywhere, except where they should be talking.
Jul 01st, 2014 - 08:34 am - Link - Report abuse 0A blind man could see what is going to happen, when they eventually do sit down and talk, it's going to go nowhere and they are going to claim, tha they were willing to negotiate a solution, but we're not given enough time.
Griesa is not going to fall for it.
I second that RC. It will have been 22 days from the ruling and they spent their time wisely didn't they: crying to every limp dick they opened their ears. That leaves 24 to negotiate (which should not be a problem.....for most countries) and they will be crying afterward as well.
Jul 01st, 2014 - 09:20 am - Link - Report abuse 0Why is TMBOA so quiet? corruption....pending default......political losses......declining support.......declining public opinion. Most countries the leader would be out in the public calming their fears. Her.........she is on medicated cocktails.
It would be a historic event, when President Kirchner after 13 years finally finished this HORROR Default with an amicable agreement with the holdouts.
Jul 01st, 2014 - 12:09 pm - Link - Report abuse 0What 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.
What is there to “negotiate”? Who's going to accept argieland's preferred option of more worthless bonds under argie law? Open up all the piggie banks, bunkers, vaults, foreign accounts and PAY! Sit there and watch the electronic transaction go through the systems. Watch for the confirmations that the electronic transfers have been turned into real money that argieland can't get back.
Jul 01st, 2014 - 12:37 pm - Link - Report abuse 0@5. And, just to be on the safe side, argieland shouldn't be allowed to return to the captal market for at least a year. Maybe two. Would it pay any attention if it was warned that any future offences would be met by immediate sanctions? Argieland should pay close attention. Judge Griesa has shown how it can be brought to heel. And now there is precedent. Lawyers love precedent.
He doesn't seem too be in a hurry.
Jul 01st, 2014 - 12:55 pm - Link - Report abuse 0Their idea of “negotiations” seems to be to go in front of a microphone and insult the judge, berate the court ruling, and declare everything that they don't like to be part of some massive conspiracy against them.
Jul 01st, 2014 - 01:14 pm - Link - Report abuse 0No he doesn't, one has to wonder if he really understands the seriousness of the situation?
Jul 01st, 2014 - 01:22 pm - Link - Report abuse 0This could all probably be sorted out if the will to do so, was there.
I would go to the talks, make suggestions that could be see has fair and then and only then, if they were rejected, go back to the court of public opinion.
Not as it appears to be in this case, the other way round.
You can't sign up to a set of rules and then complain then they are implemented, in the real world, that just does not work.
All these bodies are going on about how wrong and unfair and what consequences this ruling will allegedly have.
Well that's fine, to my my mind, if it needs changing then change it for the future and not retrospectively, because frankly it gives the impression you do not know what you are doing.
Wow 7 days completely wasted.
Jul 01st, 2014 - 04:32 pm - Link - Report abuse 0Anybody else get the impression that these negotiations are not going to work out.
It is working out perfectly for The Dark Country: they do not want to pay and will not pay until someone points out to them (again) that no-one is going to loan them anything if they default.
Jul 01st, 2014 - 05:30 pm - Link - Report abuse 0It needs to be Obuma telephoning TMBOA himself. Can anyone imagine that happening?
No, I didn't think so.
@9. How would the “court of public opinion” help? It might be of some benefit if it was a decision by some government. But the reality is that the entire world knows that argieland is corrupt, criminal and crooked.
Jul 01st, 2014 - 08:28 pm - Link - Report abuse 0However, we can see the beginnings of a “plan”. Argieland has taken out more full page advertisements in the Financial Times and Wall Street Journal. It says that having bonds under US jurisdiction “does not mean accepting court decisions that are impossible to comply with. All the more so if any such decision violates the sovereign immunity principle effective in the US.”
Itb seems that Capitanich is also not ruling out “starting actions at international organizations” such as the International Court of Justice in The Hague.
Also accusing Judge Griesa of bias again.
It seems that argieland is about to start ducking and diving again. Not sure where the ICJ would be appropriate since it deals with contentious issues between states. Surely argieland wouldn't be so stupid as to try to start an action against the United States? It's clear that sovereign immunity is not an issue. Argieland gave that up.
Perhaps we have to go back to the supposition that this is being dragged out until CFK has fled the country with all her ill-gotten gains for somewhere with no appropriate extradition treaties. Perhaps the majority of the argie “government” will flee at the same time. The world needs to be prepared.
@11. I don't suppose CFK is bothered about argieland as long as she gets away. How long to go now? A year?
@ 12
Jul 01st, 2014 - 10:36 pm - Link - Report abuse 0But don't you think she has to do sufficient “plactating” the masses to avoid the wire noose?
Gents,
Jul 02nd, 2014 - 12:00 am - Link - Report abuse 0Came across this article in the Swedish business paper:
http://www.svd.se/naringsliv/nyheter/varlden/argentina-nara-ny-statskonkurs_3707876.svd
The article doesn't contain much new under the sun, other than it does a good job of going through the accounting of Argentina's currency reserves and how the existing $29B are mostly spoken for already, making the default scenario more likely than ever.
But the best part is the picture. Someone found a picture of Her Whackiness herself where she looks like a buck-toothed Roseanne Barr...
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