MercoPress. South Atlantic News Agency
Holdouts claim the Argentine government refuses to negotiate with hedge funds
The holdout hedge fund Elliott Management Corp representative emerged on Friday from five hours of meetings in New York with a court-appointed mediator, claiming the Argentine government still refuses to have negotiation years after its historic default. Read full article
Comments
Disclaimer & comment rulesSo, if Argentina is in contempt of court, it should be punished, right?
Jul 12th, 2014 - 11:30 am - Link - Report abuse 0Tick tock.
Come on Austral Elvis you're not dealing with people La Campora can intimidate now. Get the cheque book out.
Jul 12th, 2014 - 11:33 am - Link - Report abuse 0Meeting with the mediator and not NML is a waste of time. It is meaningless and merely a show for the unwashed masses in Argentina.
Jul 12th, 2014 - 11:38 am - Link - Report abuse 0The economy is dropping like a rock.
I guess they can blame the terrible economy and coming austerity AND hyperinflation on the default caused by the bad ol' gringos against the weak but good Argentinians (barf)
3 YB
Jul 12th, 2014 - 11:52 am - Link - Report abuse 0You've been spot with your analysis of this throughout the whole chaotic affair. I'd love to hear what you think Argentina have in stall from the end of this month til say, 10 years from now.
I'm sure lots of others on here would like to hear it also.
A decade is a long time. I will tell you what I think will happen in the next few years though.
Jul 12th, 2014 - 12:37 pm - Link - Report abuse 0Whether they default or not they have an immediate cash flow crunch. With the HUGE drop in exports, decreasing grain prices and increase in o/g they are seriously out of whack. If the default there zero chance of anyone loaning them U$ to get out of that mess.
If they don't default they may get a very high interest loan from a hedge fund or other bank consortium. I don't think they have enough time to pull it together though.
Countries will begin to retaliate over the WTO ruling. Exports will drop even more. It is unprofitable to mfg in Arg. Its been coming for awhile but its here now. Auto companies will shift production out of the country, slowly so not to anger the unions or gov't until they are whittled down to the bare minimum. If they get into hyperinflation the Auto mfg will leave for good.
They are going to dump 170B pesos into the economy by eoy to make up for the budget shortfalls. Peso will drop significantly regardless of another depreciation.
They will devalue again.
That will drive inflation up, everyone is saying with the slowdown they expect inflation to top out at 40% this year. I think that was what i predicted last year and people here argued with me.
If nothing changes ( I don't expect it to) they'll be on track for 50+% next year.
Next years Soy crop will be unprofitable for the farmers as o/g climbs and the peso sinks. You'll see a bunch of small/medium farmers going out of business. The big ones can hold out for awhile.
Next year looks pretty bleak even if they don't default. They owe lots of U$ LOTS. They were led to believe the USA would lift the ban on funding at IDB WB but we won't especially if they don't pay the holdouts. Even if they do I don't see it happening until they have verifiable accurate economic reporting to the IMF.
The next few weeks will be telling.
As I said this will be fun to watch from afar.
@5 yankeeboy
Jul 12th, 2014 - 12:51 pm - Link - Report abuse 0interesting stuff, I'll be watching with interest.
Thanks that was very interesting. What a terrible mess for the next government. Who will want to stand for election with the prospect of those figures sitting on the big desk in Casado Rosada on day one?
Jul 12th, 2014 - 12:52 pm - Link - Report abuse 0How do you see this unfolding in terms of civil unrest and a likely military takeover?
Thanks Yankeeboy.
Well for their sakes I hope they win the World Cup this weekend so that they can hand the USD35,000,000 over to NML. What about the cup itself. Do they actually get one or just get their name engraved on one that stays locked up somewhere? If they actually get one that could be worth a few bucks also.
Other than self enrichment I don't know why anyone would want to run that place.
Jul 12th, 2014 - 12:57 pm - Link - Report abuse 0The next gov't is being set up to fail.
Who knows what will happen with the population. The do love to strike and cause mayham.
The military is an option, probably their best one. They need to restore order, crime and violence is out of control and they've never seen that there. The gov't seems to turn a blind eye like in Caracas.
Let's see now. When you have a debtor that refuses to pay despite a court order, what do you do? Bailiffs? Armed bailiffs? Prison? Bounce its head off the wall? Grind its face into a mudbath until it smothers?
Jul 12th, 2014 - 01:55 pm - Link - Report abuse 0I reject the idea of nuclear weapons. Surprised? There'd be nothing left! Take everything. Aircraft, vehicles, vessels, roads, railways, runways, baths, brothels, buildings, electricity, gas, power. Food, animals, vegetation. Air, lakes, rivers, sea. Then take the boulders, gravel, sand and dust.
But the best bit is that Toby will get properly screwed. By a tunneling machine that still can't touch the sides. But it does have an attachment for producing micro chipolatas.
If some people on here are to be believed, then CFK may be playing the perfect game here: work the population up into a blind frenzy before paying off a huge sum(which gives a massive amount of leeway for skimming something off the top). All the USA's fault, of course.
Jul 12th, 2014 - 11:08 pm - Link - Report abuse 0One last big payday?
No bad earnings...if they play their cards right they could even max the whole 'country' out, run back to Latin Europe and leave the Amerindians stiffed with the debt. What a hoot that would be!
@10
Jul 12th, 2014 - 11:12 pm - Link - Report abuse 0I fully expect her to 'retire' to Cuba on 'medical' grounds, just like Chavez.
Rumour has it that he died in December, not March as Maduro claims. It just wasn't politically expedient for him to die at that time so they kept the lie going...
Just as CFK wants her lies believed for as long as possible...
Comment removed by the editor.
Jul 13th, 2014 - 06:27 am - Link - Report abuse 0What's to negotiate. Wall St robber baron singer is a highway robber. You don't negotiate with felons.
Jul 13th, 2014 - 11:33 am - Link - Report abuse 0There is nothing to negotiate. The Court has passed judgement.
Jul 13th, 2014 - 12:13 pm - Link - Report abuse 0Time to pay up.
Argentina is further cementing the fact that they are a uniquely recalcitrant debtor.
Jul 13th, 2014 - 01:42 pm - Link - Report abuse 0They think they are winning by losing.
Does Argentina not realise no one in there right mind will ever lend them money again in the future
Jul 13th, 2014 - 04:47 pm - Link - Report abuse 0@16 I bet they do but by then most of the Ks will be already enjoying their fortune in Cuba. All the money we borrow is stolen or spent to keep the mafia happy and not burning down the whole country.
Jul 13th, 2014 - 05:59 pm - Link - Report abuse 0Germany wins!!!
Jul 13th, 2014 - 09:37 pm - Link - Report abuse 0Future is only dark for Argentina ... !!!
Well a northern hemisphere heavy-weight once again defeats Argentina in the South Atlantic. Did TMBOA send a representative to the match or just cry off herself and leave it at that?
Jul 13th, 2014 - 10:01 pm - Link - Report abuse 0Argentinians are very superstitious. Just wait to see how this plays out with the negotiations and the economy.
Jul 13th, 2014 - 10:03 pm - Link - Report abuse 0I think the vortex just sped up a little in the last 30 minutes
@19 I didn't see Fat Max there.
Jul 13th, 2014 - 10:27 pm - Link - Report abuse 0Some eerie photos of Blatter and Putin muttering to each other. One has to wonder ……..
Poor form but why am I not surprised?
Jul 13th, 2014 - 10:30 pm - Link - Report abuse 0I thought the man of the tournament decision was extremely' messy' also. He didn't win and he was inconsistent. Could think of several players who contributed more throughout the 3 weeks.
@22 I have to agree with that. I didn't think Messi was the man of the Argentine team let alone the tournament.
Jul 13th, 2014 - 10:33 pm - Link - Report abuse 0I think Messi is a truly wonderful player, normally, in club games. He didn't really show up for the tournament. Shame.
Jul 13th, 2014 - 11:21 pm - Link - Report abuse 0Maybe one great goal, but that's not enough. As we have seen.
Anyway, Congratulations to Germany. Well planned, well played.
Well Done!
I hope that the English FA takes notice.
Cristina played well, hiding indoors with her supposed sore throat. Wonder what she managed to croak out to Putino ?
Dolma looked like she had been slapped in the face with a wet kipper.
Jul 13th, 2014 - 11:52 pm - Link - Report abuse 0What's the matter with the woman, Brazil may not have won the football. But by Christ they have won the admiration of a lot of people, they did a great job, staging the tournament.
So have the People of Brazil!
If this tournament is anything to go by, anyone and I mean anyone, who is travelling to the Olmpics is in for a treat.
Any Brazilian reading this, thank you, it was magic, you did yourselves proud!
@reality check.
Jul 14th, 2014 - 03:45 am - Link - Report abuse 0I really enjoyed it too. A good world cup bar the final (sat with a German). Both were very fast playing ping-pong with the ball, both created a very boring game however as I watched the pub empty.....As one woman said, we just don't have the time to hang around for extra time and penalties, and all three just wanted an enjoyable game to watch.
Overall, if I have a choice about reading the future match report or the comments by Yankee Boy above, I'd rather read his: How an entire nation can be screwed by the leaders.
25
Jul 14th, 2014 - 04:14 am - Link - Report abuse 0“Dolma looked like she had been slapped in the face with a wet kipper”
Agreed.
Dilma as host, should've been more gracious and faked it, at least!!
I guess she knows what is coming for Arg and SA.
Riots tonight?
@24 Do you read The Independent? There was a great and humorous article by Mark Steel about why the English F.A. will never replicate the Germans success.
Jul 14th, 2014 - 06:11 am - Link - Report abuse 0I think the tournament was successful primarily because of the football. We had teams like Costa Rica and Chile playing so well and causing upsets. Big teams going home early really opened up the competition, even if two footballing greats occupied the final. Added to that. most people said the atmosphere was great. But…….. I don't think we should get too carried away about the Olympics. That is a whole different level of logistics.
@27 Yes there was trouble in Buenos Aires. I haven't got the full details yet but one of my friends went down town and it turned ugly. She left and was making her way home on foot as taxis were scarce and she was robbed.
I am so glad this is finally over so my news feed doesn't have the WC b/s in it any longer.
Jul 14th, 2014 - 01:13 pm - Link - Report abuse 0The new excuse for the Rgs not negotiating with the holdouts is because they don't want this to look “voluntary” to avoid RUFO.
They are expecting Griesa to define, RUFO, Voluntary and re-institute the stay.
I hope they aren't holding their breath.
My guess is he will say read the judgement it is all there already.
“HOLDOUTS CLAIM THE ARGENTINE GOVERNMENT REFUSES TO NEGOTIATE WITH HEDGE FUNDS” . We read (in Spanish) in the DICCIONARIO ENCICLOPEDICO HISPANO AMERICANO (Editors: Montaner y Simón, 1912 ), when describing the ordinary vultur (Gyps fulvus): “Eyes with hypocritical and malignant expression”. This is a good occasion to delight ourselves with ancient books´wisdom, if you augment Mr. Newman´s photograph, at the left.
Jul 15th, 2014 - 09:51 am - Link - Report abuse 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!