MercoPress. South Atlantic News Agency
In defiant speech CFK openly brushes aside any default “because Argentina has paid”
In a defiant speech President Cristina Fernández reiterated on Wednesday that Argentina will “not fall into default” and warned that “they will have to invent a new word” to explain how a country has paid its debt and “someone blocked it”. Read full article
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Disclaimer & comment rulesYep, She is in line for a Darwin award.
Jul 24th, 2014 - 07:22 am - Link - Report abuse 0Its official. She has gone Full Retard.....
Jul 24th, 2014 - 07:26 am - Link - Report abuse 0Was this the plan all the time, default and blame it on the president who has finally gone bonkers.
Jul 24th, 2014 - 07:30 am - Link - Report abuse 0@2
Jul 24th, 2014 - 07:41 am - Link - Report abuse 0“Check it out. Dustin Hoffman, ‘Rain Man,’ look retarded, act retarded, not retarded. Count toothpicks to your cards. Autistic, sure. Not retarded. You know Tom Hanks, ‘Forrest Gump.’ Slow, yes. Retarded, maybe. Braces on his legs. But he charmed the pants off Nixon and won a ping-pong competition. That ain’t retarded. You went full retard, man. Never go full retard.”
Hang on, so you've spent 12 years in court, but there isn't a case to answer? Right.
Jul 24th, 2014 - 07:49 am - Link - Report abuse 0They have to pay back all the money they owe.
Jul 24th, 2014 - 08:04 am - Link - Report abuse 0Trying to blame others will fool no-one
ALL THE MONEY it's as simple as that.
They are labouring under the misapprehension that it is only access to money markets that will go....oh dear, they haven't really grasped this one yet. They will do in time.
Jul 24th, 2014 - 08:11 am - Link - Report abuse 0It's pretty clear they aren't going to agree anything and will simply deny they are in default. The consequences will be intriguing - can't say I know enough about it to identify them. Will they have assets seized is the big question.
Jul 24th, 2014 - 08:25 am - Link - Report abuse 0They are also now saying that, according to RG government lawyers, it would be impossible to attach any any RG assets in the US. Interestingly, their US lawyers have told them that this isn't the case at all...
Jul 24th, 2014 - 08:57 am - Link - Report abuse 0lies, obsfucation, denial, deflection, the carousel keeps spinning...
Jul 24th, 2014 - 09:47 am - Link - Report abuse 0Now she wants someone to invent new words so she doesn't have to admit she is wrong.
...the truth is out there but cristina either refuses to see it or thinks she can blind the population with bullshit...
Reality is going to be tough when she can avoid it no longer..
@8 - There are already caes going on in the Nevada courts looking into government assets that were used to pay Lazaro Baez so that they can attach his businesses and in San Fransico they are looking into YPF & Chevron. This is the discovery part and I think that CFK will be in for a nsty shock when they find out their assets are being taken.
Jul 24th, 2014 - 09:58 am - Link - Report abuse 0CFK should know all about this, afterall, she was a Real Estate vulture lawyer back in the day so she knows all the dirty tricks of this business...
How long does it take from “discovery” to “ta very much”?
Jul 24th, 2014 - 10:02 am - Link - Report abuse 0Whenever litigation is involved there always seems to be years of delays. The Bell Group litigation has only just wrapped up and that took over 20 years.
I would love to see the Monty Python team play this. CFK has already written the script for them
Jul 24th, 2014 - 10:32 am - Link - Report abuse 0@ 10
Jul 24th, 2014 - 11:00 am - Link - Report abuse 0Well put; and if the s*** hits the fan, they will gladly blame Griesa.
I expect that once discovery is done NML et al will apply to the State Court for Title of the assets to be assigned to them.
Jul 24th, 2014 - 11:01 am - Link - Report abuse 0Given the Griesa judgement, unless The Dark Country can prove the assets are Diplomatic, it should be an open and shut case.
So not much time at all.
TMBOA has obviously, finally, lost the plot.
The new words will appear in the dictionary of Kirchnerism's :-)
Jul 24th, 2014 - 11:17 am - Link - Report abuse 0Oh my, she really has lost it hasn't she? Soon to be seen licking windows at the Casa Rosada!
Jul 24th, 2014 - 11:30 am - Link - Report abuse 0Fnnaarrr ffnarff!!! @ “window-licker” comment.
Jul 24th, 2014 - 11:43 am - Link - Report abuse 0Actually LOLed!
-----------------------------------
Meanwhile,
of course she is trying to set up a Good vs Evil / David & Goliath scenario.
With her as the tragic heroine / saviour of the poor and oppressed.
Trouble is, if history tells us anything, the Argentines will suck it up gratefully.
Sad.
When will the people of Argentina learn that this is NOT how a real country acts nor how a responsible leader governs. Until then they will have childish and incompetent idiots running the country.
Jul 24th, 2014 - 11:54 am - Link - Report abuse 0Remember her statement that “pork is great for improved sex”?
She opens her mouth and sewage flows.
I think they assume that come Jan when the Rufo expires they can pay and all will be back to normal.
Jul 24th, 2014 - 12:16 pm - Link - Report abuse 0I think they are wrong.
Very wrong.
I can't believe there are so few Rgs that care. It is very sad that the asylum has been taken over by the inmates.
Let’s Not Pay Our Debts Because … “I Choose Argentina”
Jul 24th, 2014 - 12:47 pm - Link - Report abuse 0That's Right, It Makes Sense to Me Too..
Best quote;
”The Argentinean double standard — we are going to pay, but when, how much, and where we say — is typical of Latin-American discourse: we accept the money but will not obey the terms. What does this mean? That the Argentinean government is saying that it is going to pay, provided that the payment does not go against its interests as a sovereign nation? Seriously?
(...) Instead of getting angry at whomever became the creditor of the debt bond, they should focus their anger on Cristina Kirchner’s administration. Not only do they not want to pay off the debt, they do not even think about the slightest way to lower government spending”
(Belen Marty July 22, 2014 at 11:35 am)
Full article here:
http://blog.panampost.com/belen-marty/2014/07/22/lets-not-pay-our-debts-because-i-choose-argentina/
(Includes the 'celeb' video CD2 mentioned elsewhere, and a lovely Argentine Gov. photo-montage of Chavez, Cristina and Nestor that is reminisenct of 1930s Nazi/Soviet propaganda...)
Interesting article in 'Space Daily' this week..
Jul 24th, 2014 - 12:49 pm - Link - Report abuse 0“Still more amazing, some among us always believed that we live in multiple, parallel universes. Now scientists think they can prove the fantastic hypothesis.”
Perhaps a team should be dispatched to Argentina to conduct further research : )
http://www.spacedaily.com/reports/Now_can_we_test_for_Multiple_universes_999.html
22
Jul 24th, 2014 - 01:05 pm - Link - Report abuse 0Maybe Venezuela can help?
“Maduro also hailed the signing of an accord for the construction of a third satellite, a new contribution to “the aerospace race in which, with the aid of China, Venezuela modestly continues to make progress,” he said.”
http://en.mercopress.com/2014/07/22/venezuela-admits-its-ever-growing-dependency-from-china
Just great that they are considering another satelite with inflation at over 70% in the Socialist Paradise Cristina is soooo fond of as an example to her people...
Don't worry, Capitalism is alive and kicking In VZLA
http://en.mercopress.com/2014/07/22/venezuela-admits-its-ever-growing-dependency-from-china
(quite a good explanation of the exchange rates and how US$60 is now the monthly minimum wage in Vnzla.)
Soon arriving in BsAs methinks..
22. Hahaha ... excellent remark Trunce!
Jul 24th, 2014 - 02:00 pm - Link - Report abuse 0I have been seeing strange things in the city for a while now, but the parallel reality might finally be the thing that explains it all. Send that research team over. They can stay at my place.
There is a survey in Cronista regarding the latest deal with China.
Jul 24th, 2014 - 02:10 pm - Link - Report abuse 0Believes that the agreements signed by the Government with China ...
They are only promises without real impact. - 70.0%
They mean a significant investment for the economy. - 13.6%
They only will cover the fiscal needs. - 12.6%
Other options - 3.8%
25
Jul 24th, 2014 - 02:12 pm - Link - Report abuse 0Wow.
Thanks for the info
It's pretty clear what Argentine intentions are. They will do nothing except release briefings condemning the holdouts and American courts and will then default on 30th.
Jul 24th, 2014 - 02:17 pm - Link - Report abuse 0They will then restructure the 93% bonds handing out identical return bonds that fall under Argentine rather than US jurisdiction.
I'm not sure what happens after that. I wonder if the holdouts will be able to seize the deposit made with BNYM?
27. Reissuing the bonds under Rg law would put them in contempt of court. That would be not be very smart for CFK anyone personally involved in the transaction and the country.
Jul 24th, 2014 - 02:23 pm - Link - Report abuse 0I don't' know why they don't escrow the total with NML and ask them to extend the stay until eom Jan.
Their arrogance makes them stupid.
@28 They said they aren´t going to escrow anything unless Griesa or someone else with authority guarantees that doing that will not count as a “voluntary” payment and will not trigger RUFO.
Jul 24th, 2014 - 02:32 pm - Link - Report abuse 029. Griesa CAN”T do that and neither can anyone but the holdin bondholders.
Jul 24th, 2014 - 02:37 pm - Link - Report abuse 0In the end they are going to have to negotiate fairly with all the bondholders and reissue them.
All of this kabuki theater is ridiculous and tiring. I seriously don't know why Griesa is allowing it.
I'd have thrown them in jail and fined then U$10MM until they comply. My guess that is why Austral Elvis didn't go. He'd be second on my list for contempt right after CFK.
@31 “In the end they are going to have to negotiate fairly with all the bondholders and reissue them.”
Jul 24th, 2014 - 02:42 pm - Link - Report abuse 0Maybe but I don't think CFK is going to allow that as long as she is in power.
Should somebody be reminding CFK that orange is the new black and that she should style and colour her hair accordingly?
Jul 24th, 2014 - 03:02 pm - Link - Report abuse 031. Why would she? She clearly doesn't care how many people starve because of her craziness and/or ineptitude.
Jul 24th, 2014 - 03:06 pm - Link - Report abuse 0And there's obviously nobody to stop her.
It is a sad state of affairs that is only going to get worse over the next decade.
@ 30 yankeeboy
Jul 24th, 2014 - 03:07 pm - Link - Report abuse 0“In the end they are going to have to negotiate fairly with all the bondholders and reissue them.”
Just one slight problem: does TMBOA understand the word “fairly”? I think not.
Argentina should not pay anything. Argentina should not negotiate anything. Argentina should not respond to any questioning.
Jul 24th, 2014 - 03:12 pm - Link - Report abuse 034. It depends on how its being used, for or against her statements. :)
Jul 24th, 2014 - 03:12 pm - Link - Report abuse 035 Brasileiro
Jul 24th, 2014 - 03:17 pm - Link - Report abuse 0You sound wise enough and qualified enough to be a member of the Argentine government
Argentina must remove all goods that are in North American and European territory. Argentina should freeze all assets belonging to the U.S. government that are in Argentine territory.
Jul 24th, 2014 - 03:19 pm - Link - Report abuse 0Start by sending Chevron, Apache, Exxon et al, because afterall they do not need oil.
Jul 24th, 2014 - 03:25 pm - Link - Report abuse 0Brassie.....watch any good soccer lately.......German ball that is?
@35&38
Jul 24th, 2014 - 03:32 pm - Link - Report abuse 0Please explain exactly why your suggestions will help Argentina in the short, medium and long term.
Thanks!
Also. Why freeze US government assets? They are not involved. In the US the government and judiciary are separate. Didn't you know?
@39
Jul 24th, 2014 - 03:36 pm - Link - Report abuse 0You are more who feeds a military power in frank decay.
Bah!
Argentina must pay to creditors who accepted the proposed terms. Brazil is ready to help Argentina to make payment without passing through the U.S. territory or U.S. financial institutions.
I hope they are demented enough to start seizing US owned assets. The fallout would be hilarious.
Jul 24th, 2014 - 03:38 pm - Link - Report abuse 0No mrs Kirchner you have offered payment but payment has not been received therefore - no payment - and your Country is rapidly approaching default. You had a month to negotiate but simply pissed the time up against a wall. Too late now. Face the the consequences and don't complain. This is all down to your usual incompetence.
Jul 24th, 2014 - 03:42 pm - Link - Report abuse 0If they do default and restructure are they going to ask for their $500m+ back so they can then pay the interest due?
Jul 24th, 2014 - 03:52 pm - Link - Report abuse 0It seems to be kicking around within US jurisdiction at the moment.
@35&38
Jul 24th, 2014 - 03:57 pm - Link - Report abuse 0Please explain exactly why your suggestions will help Argentina in the short, medium and long term.
Thanks!
Also. Why freeze US government assets? They are not involved. In the US the government and judiciary are separate. Didn't you know?
Kirchnerite semantics aside, La Nacion paper is big about a informal proposal of NML to request Griesa to emplace the stay back until 2015 so somehow RUFO will not trigger in exchange Argentina would make a deposit as a form of guarantee it would pay . Aurelius said that this is completely false.
Jul 24th, 2014 - 04:04 pm - Link - Report abuse 0@46
Jul 24th, 2014 - 04:17 pm - Link - Report abuse 0“This article is absolute fiction , ”said a Brodsky, president of Aurelius Capital Management,“”
http://www.cronista.com/economiapolitica/Fondos-buitre-no-le-pediran-a-Griesa-que-reponga-el-stay-que-le-daria-tiempo-a-la-Argentina-20140724-0074.html
I wonder how it works though. Somebody in the government at last hour tells La Nacion or anybody else a version of what is going on. They pick it up and publish it and over in New York they deny this story next morning as well as Capitanich officially
Jul 24th, 2014 - 04:28 pm - Link - Report abuse 0I wonder if it is the government trying to test a reaction from the holdouts of this proposal or just wishful thinking of some anonymous official??
@48
Jul 24th, 2014 - 04:35 pm - Link - Report abuse 0I thought the independent news agency Telam released this sort of information.
Even though they are Anti K I think La Nacion doesn't have qualified people on this matter to objectively inform what is going on.
Jul 24th, 2014 - 04:40 pm - Link - Report abuse 0In the end, this mess will not be resolved for several years AND in the meantime deadlines will be extended and/or delayed for appeals, etc...
Jul 24th, 2014 - 05:23 pm - Link - Report abuse 051. Let me refresh your memory, you also said that they'd win at SCOTUS influenced by political pressure.
Jul 24th, 2014 - 05:38 pm - Link - Report abuse 0This will not be extended without NML's permission which I imagine will have a full escrow required.
Arg has reached the end of the rope.
Pay or default
Those are its options.
With respect Yankeeboy,
Jul 24th, 2014 - 06:34 pm - Link - Report abuse 0CFK and her band of flying monkeys will wail, complain, moan and squeal that Argentina is being unfairly treated while refusing to agree with their financial obligations.
Unfortunately, throwing a pail of cold water upon her, like in the Wizard of Oz, will not result in melting her away... (Never the less, it would really pis* her off which will result is some deserved amusement...)
Honestly, I also thought the Peso would have completely collapsed a long time ago, and look how they've somehow kept their Ponzi corrupt Peronist kleptomaniac government in power.
...Sometimes crime does pay...
@51 Chicureo
Jul 24th, 2014 - 06:37 pm - Link - Report abuse 0The problem with that scenario is that Argentina is already running out of money. The most important thing they need to do is establish at least some confidence in the economy and the single most important way to do that is the one thing they least want to do - negotiate with those accursed vulture funds.
I followed the last default intently with a mixture of horror and morbid fascination. If it happens again a lot of genuinely innocent people could suffer greatly. I wonder whether CFK, like many of her predecessors, actually cares even one tiny bit. I can understand how she could've been elected the first time given the death of her husband, but to keep electing someone so clearly unfit to lead a nation of forty million people? Words fail me...
@38. argieland can't get anything out. Embargoed. Do try freezing U.S. assets. You might get 72 hours before the U.S. declares war. Then your little country will get steam-rollered. You're hilarious. But then you're not in Brazil, are you? So you won't suffer. But go on. Do try to evade. Watch what happens to your “We'll pass it behind our backs” methods. Here's a little thought for you. The U.S. can make Russia hurt. If it wants, the U.S. can obliterate Russia. But let's see little Brazil try. Just as a thought, where does Brazil keep its money?
Jul 24th, 2014 - 06:57 pm - Link - Report abuse 0So she has finally made it to iconic status,
Jul 24th, 2014 - 06:57 pm - Link - Report abuse 0????????????????????????????????????
shame then it will be called [-Barbie -]
instead of Cristina..lololol
#54
Jul 24th, 2014 - 07:49 pm - Link - Report abuse 0Well Argentina is headed for a train wreck, no matter if they default or not...
...it's only going to happen sooner due to the vulture funds issue.
A noted economist, Carlos Pérez is quoted in today's Clarin that the government created a monetary ghost train: “... El Gobierno creó un “tren fantasma monetario” resumido en que hace cinco años el Tesoro no le pedía ni un peso al Banco Central y ahora requiere una inyección de $ 100.000 millones al año.”
Their Ponzi scheme will eventually collapse, but when? It's really amazing the train continues down the line puffing smoke...
...maybe it's just all smoke and windows...
I think this all turn point world history.
Jul 24th, 2014 - 08:05 pm - Link - Report abuse 0European citizen attack, EU, USA impotent.
Argentina flout US, EU finance law, EU, USA impotent.
Israel/Palestine go at wars, EU, US impotent (before they could ask dove time peace period, now no dove time peace period).
The proof west country no turning back, final decline begin. EU, USA no matter: EU no army can fight, no brave men can fight. USA no money can fight, China own USA money credit. 50 year China attack, invade both, easy win China.
@ 27 Your scenario is very likely. As far as what happens after that, I suspect not much. Singer is no fool and has purchased credit default swaps on his holdings so he'll collect on that and look for some other struggling nation to molest with his profits. With that part of the story over, Argentina will try to re enter the credit markets probably with minimal success. Given the messy nature of the endgame here there will probably be money for oil development and little else.
Jul 24th, 2014 - 08:13 pm - Link - Report abuse 0Cristina's political rhetoric is a sideshow. It's for political consumption at home and it's also done to keep the drama going in the financial markets abroad. While the clock is ticking toward July 30, the big financial casino up north is turning. Singer will end up a winner no matter what happens, but I don't think Argentina will end up a loser, at least not on this spin of the wheel.
There will still be a recession and lots of new debt to deal with, but that's tomorrow's story.
If Argentina were to try to re-issue the new bonds through Argentina they would be in contempt. While in of itself that means nothing to a sovereign nation, it will when Argentina goes to purchase energy or sell their crops.
Jul 24th, 2014 - 08:42 pm - Link - Report abuse 0Right now it's a game of chicken and who will be the first to capitulate. Argentina is in a no win situation. Even if they get money from China.....yuans, China has a bank in the USA and that bank is accountable to US law. Failure to follow US law and they pull their banking rights.......any foreign bank in the USA for that matter.
The people in Argentina may be pissed at Griesa but they can only blame two idiots named Kirchner. Argentina's arrogance is finally about to do them in.......finally.
Stupid cow should be sent to the abbattoir
Jul 24th, 2014 - 09:59 pm - Link - Report abuse 059. How could Singer purchase default insurance on bonds that were already declared in default when he bought them?
Jul 24th, 2014 - 10:07 pm - Link - Report abuse 0I agree Singer HAS already won.
Default is just another, shall we say, nail in the coffin, the current recession, coming hyperinflation and broke BCRA account will be much more damaging in the short to medium term.
I think it is funny that you believe this recession will end soon. Its just the tip of the iceberg Nestor ran you into a decade ago.
... is following the debate.
Jul 24th, 2014 - 10:20 pm - Link - Report abuse 0I can't see where else she can go. However I am not a macro-economic expert.
Can she really get it put off until Jan. '15?
Or get some form of 'bailout' ?
Several Argentine functionaries as well as NML have invested in Argentine CDSs that will be triggered by an default. Can you believe this s*it? It seems as if we are headed for a default no matter what; there are simply too many corrupt people who have too much to gain from an Argentine default.
Jul 24th, 2014 - 10:42 pm - Link - Report abuse 0The Argentine leadership perversion know no limits.
Now they are reporting that the Rg delegation is still refusing to meet face to face with NML.
Jul 24th, 2014 - 10:56 pm - Link - Report abuse 0I hope they are held in contempt and fined enough so it hurts.
Cap, you can hold a country in contempt just like any individual. Fine them and collect just like anyone else.
they are already late for the meetings.
Jul 24th, 2014 - 11:02 pm - Link - Report abuse 0No Show twice this week already.
I notice kilicof etc are not showing up at all.
Could they be arrested if they did?
is this why the 'no show'?
I wonder if the images of the Rg delegation are from the current meeting? If so it is pretty shameful and disrespectful to be dressed so inappropriately and look so unkempt.
Jul 24th, 2014 - 11:31 pm - Link - Report abuse 0At very least the men could have shaved and washed their hair.
It's looking like Greisa is not up to the task either.
Jul 25th, 2014 - 12:21 am - Link - Report abuse 0http://ambito.com/noticia.asp?id=750952
Argentina has dragged this out so long, now the judge is a senile old man that does not fully understand whats going on.
@68
Jul 25th, 2014 - 12:39 am - Link - Report abuse 0facile comment, even if true it does not effect the Law.
but I will add... at least he is getting paid!
Would be nice to Cristina paying what she should!
Only a few days to go, then you are history.
@69 Not so fast. We have Messi who can sure kick a ball and we also have the K's who can sure kick the can down the road!
Jul 25th, 2014 - 01:22 am - Link - Report abuse 0.............................
Jul 25th, 2014 - 07:41 am - Link - Report abuse 0@ 71 ilsen
Jul 25th, 2014 - 01:11 pm - Link - Report abuse 0Yes, Klingon, British Bummer/Hepatia are just being facile: it’s so boring AND a complete waste of time responding.
@72
Jul 25th, 2014 - 04:22 pm - Link - Report abuse 0Agreed.
whenever you love or hate her,
Jul 25th, 2014 - 07:09 pm - Link - Report abuse 0one things for sure,
her bank balance is more than most of her peoples,
who are Klinging on for dear life,.lol
http://www.hindustantimes.com/specials/football/worldcup2014/fwc-freekicks/world-cup-over-but-some-argentines-won-t-go-home/sp-article10-1244363.aspx
Jul 25th, 2014 - 07:47 pm - Link - Report abuse 0“”“Although Brazil's once-gangbuster economy has slowed in recent years, the situation is far better than that in crisis-wracked Argentina, which has a shortage of dollars and one of the world's highest inflation rates.”“”
hard to blame the anglos for this write up - go figure that poor old Argies cant force themselves to go back to CFKs lovely country
@64 It doesn't surprise me that people in the gov't have credit default swaps. The upper class in Argentina, both within or outside the gov't, regardless of political ideology see Argentina as only a business venture to get quick profits to spend in New York or London, it is in their best interests to bankrupt the country.I see plenty of girls wearing that shirt with the Union Jack in a heart, and nobody says anything...
Jul 26th, 2014 - 01:53 am - Link - Report abuse 0It's pretty much all over for Argentina.
Jul 26th, 2014 - 03:13 am - Link - Report abuse 0The best of the country are already in Europe.
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