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Argentine president defies Judge Griesa rulings and mocks 'selective default'

Friday, August 1st 2014 - 07:52 UTC
Full article 30 comments

President Cristina Fernández said on Thursday she will not “sign an agreement” that compromises Argentina's future, while blasting “vulture funds” for wanting to “collect Griesa's usurious sentence”, following the Wednesday failure of negotiations between the country and holdouts. Read full article


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  • Monkeymagic

    Argentina HAS defaulted.

    The fact that the majority of bondholders accepted renegotiated terms is irrelevant. The minority didn't and sold their debt to someone with the capability of holding Argentina to account.

    It is really that simple.

    Argentina has defaulted.

    Aug 01st, 2014 - 08:07 am - Link - Report abuse 0
  • willi1

    ck: “..But we have to defend our people’s interests.”

    HER interests. she should give back all the stolen money in the south with Mr. Beaz - the bank apprentice who moved to a director with K´s help to wash and hide money for the k- and ck-gang.

    Aug 01st, 2014 - 08:15 am - Link - Report abuse 0
  • Welsh Wizard

    I suspect that there will be some sort of illegality event by which if it becomes illegal (for whatever reason( and this would include court order)) then an event of default can be called. Standard in any bond contract...

    Aug 01st, 2014 - 09:08 am - Link - Report abuse 0
  • Conqueror

    Default includes, amongst other things, refusal to pay. Argieland has NOT yet paid. Where's the money for the holdouts that argieland was required to pay?

    Aug 01st, 2014 - 09:27 am - Link - Report abuse 0
  • ChrisR

    TMBOA seems not to understand simple legal terms in English such as:
    pay the fucking money;
    STFU the judge is right;
    attempting to blow Griesa isn't going to work.

    Well, almost legal terms.

    It seems the NYSE has YPF shares marked for the first sequestration looking at what happened yesterday.

    Aug 01st, 2014 - 11:14 am - Link - Report abuse 0
  • yankeeboy

    I wonder if the meeting today is to give NML the U$500MM at BONY? Another U$1.1B in YPF stock and this is all over.

    I think that's a fair solution and everyone can move on.

    Aug 01st, 2014 - 11:19 am - Link - Report abuse 0
  • Captain Poppy

    I think that s unlikely. As for the stock the best they could get is Argentina's stock of YPF.....but in do time we shall see.

    Aug 01st, 2014 - 11:23 am - Link - Report abuse 0
  • yankeeboy

    It is about time Griesa starts fining Argentina for all of these childish rants against him and the US courts.

    U$10MM/speech seems reasonable.

    Aug 01st, 2014 - 11:57 am - Link - Report abuse 0
  • Wallace

    “and added that risk agencies have invented a “new, peculiar term: ‘Selective default’.”“

    ”Selective Default” has been in use for many years (Google it to see). It means some of the bonds issued by the country are in default, not all of them.

    I knew this and I'm from a country that has never defaulted.

    Gee, if CFK is wrong about a simple fact such as this, I wonder what else she says is BS.

    Aug 01st, 2014 - 12:02 pm - Link - Report abuse 0
  • British_Kirchnerist

    Surely now is the time to legislate for the possibility of re-re-election, the vultures are playing hardball because they imagine the next President whether Macri Massa or Scioli to be a pushover - so ideally the democratic possibility of continuity should be established. Or at least this will help Cristinita's candidate and the left, I doubt the people will elect anyone who wants to be soft on vultures. If the people hold their nerve, democracy will prevail

    Aug 01st, 2014 - 01:24 pm - Link - Report abuse 0
  • Idlehands

    10 British_Kirchnerist

    I agree - the news just won't be the same without CFK running the show. It would be like watching the Benny Hill Show without Benny.

    Aug 01st, 2014 - 01:27 pm - Link - Report abuse 0
  • yankeeboy

    10. CFK has a 28% approval rating, there's a better chance of her going to jail than being re-elected.

    BTW do laws or a constitution mean nothing to you?

    Aug 01st, 2014 - 01:37 pm - Link - Report abuse 0
  • Captain Poppy

    They can't be fined for anything they say outside of the court, only in his presence in his courtroom.

    WTF do you know about the Argentine people Asswipe BK? Tell me what do you know about people who cannot buy batteries for hearing aids or get certain meds?.......even decent socks because of import restrictions? Even tires .....mostly retreads. Did you see to Scioli signs throughout BA?Go back in your socialist hole.

    The kirchnerites are over and fried.

    Aug 01st, 2014 - 01:41 pm - Link - Report abuse 0
  • Condorito

    “default” means nothing until market behaviour reflects a default.

    - Restructured bonds are at a 3 year high.
    - Hedge funds are buying into YPF and others

    There is lots of money betting on a deal being struck.

    Aug 01st, 2014 - 01:42 pm - Link - Report abuse 0
  • yankeeboy

    14. I am sure those are long term holds based on CFK leaving office next year.
    This is just starting to roll out.
    And as I predicted it is fun to watch.

    Although I am getting tired of the childish ranting from the halfwit delusionals in Argentina.

    Aug 01st, 2014 - 01:49 pm - Link - Report abuse 0
  • Wallace

    #14 Agree. The line between default and non-default is imaginary. You have to ask yourself though, will the current government's performance make future investors feel comfortable and speed Argentina's return to the world's capital markets?

    Sure they are locked out currently and things are ok, but they do desperately need some capital to develop vaca muerta and help stem their rising energy bills.

    Default or not, I think the current situation has added a percentage point or two to any financing YPF gets in the future. Is that good for the Argentine people?

    Aug 01st, 2014 - 01:58 pm - Link - Report abuse 0
  • Condorito

    @15 yankeeboy
    I don't doubt they are in it for the long game.

    The irony for me is that those who have supported the obstinate action of the K-regime don't realise that what they have achieve is a huge victory for the likes of Singer. Foreign investors are buying up Argie assets and stocks at bargain prices.

    Argie bonds are paying yields that you can't get anywhere else. Those yields are the taxes of working Argies going to foreign investors. They have achieved the very opposite of protect national interests.

    I am sure their intention is still to normalise relations with the markets. If/when the consequences of “selective default” become too much, they will settle with the holdouts.

    They are bleeding Argentina in order to achieve what they perceive as a victory (i.e. holding out against the holdouts).

    Aug 01st, 2014 - 02:09 pm - Link - Report abuse 0
  • Welsh Wizard

    @13 CP - Fair enough, I don't know that much about US litigation. Having said that, there are a number of cases of slander and or defamation they could beheld to answer for.

    Aug 01st, 2014 - 02:20 pm - Link - Report abuse 0
  • yankeeboy

    17. That's why Argentina can never succeed. They need to pay more than everyone else does because they can't be trusted.

    If you start a business there you can't plan on a 30yr timeline, the best you can hope for is 5 and that's pushing it. So you have to make as much as you can as quickly as you can and get it out of the country as quickly as you make it.

    They're doomed to repeat this over and over again until they look like Bolivia or some nation in Africa...a poor one.

    Aug 01st, 2014 - 03:01 pm - Link - Report abuse 0
  • cornelius

    @ ChrisR (#) Well at the end they will pay because Cretina is being investigated at a personal level they are going after her stolen money from Argentina they found 120 companies in Nevada along in the name of Baez they will expose all of her assets to the Argentinian people and they will use that leverage to make her settle , they use this tactic with the leader of Congo and they collected 90 million dollars.
    The Elliot found specialty is like a police that track crooks they have connections to the US state department and numerous banking agencies and top us investigating they have time and money and the guy Elliot have taken a personal vendetta against the Argentinian leader he hates commies and socialist.
    vulture have their usefulness in nature they get rid of the dead and clean the environment .

    Aug 01st, 2014 - 03:41 pm - Link - Report abuse 0
  • ChrisR

    @ 20 cornelius

    Lanata again!

    Has that guy got a death wish because he keeps giving TMBOA a slap across the face every time he investigates anything.

    Aug 01st, 2014 - 04:21 pm - Link - Report abuse 0
  • Chicureo

    Yes Condorito, your analysis seems to be the reality of this passenger liner's collision with an iceberg. There are some life rafts and perhaps enough waterproof compartments, but the water is freezing...
    The NYSE was not entertained yesterday.

    Aug 01st, 2014 - 04:29 pm - Link - Report abuse 0
  • Conqueror

    @10. What happened to your brain? Did you lose it in the mud? Or somewhere more intimate? At what point in time will argies understand “democracy”? BEST option would be for the U.N. to move in, execute the current “government” and start again.

    Aug 01st, 2014 - 06:23 pm - Link - Report abuse 0
  • golfcronie

    Democracy, yolu are jopking, you have no conseption as to what democracy means, you are a joke.

    Aug 01st, 2014 - 06:40 pm - Link - Report abuse 0
  • Briton

    like the picture says,

    hello, im speaking, do you mind.??

    Aug 01st, 2014 - 07:52 pm - Link - Report abuse 0
  • golfcronie

    Lets be honest, if you had the chance of buying something worth US$ 1.6 billion for Us$ 40 million who would hand on heart pass that opportunity up? I wish I had the balls to do that ( not enough money unfortunately )especially if it was within the law.

    Aug 01st, 2014 - 09:12 pm - Link - Report abuse 0
  • wesley mouch

    The real vultures here are CFK, the Peronists and the obese Maximo. They have stolen so much money and are not in jail. Paul Singer gambled and it looks like his bet may pay off. Kudos to him.

    Aug 01st, 2014 - 09:51 pm - Link - Report abuse 0
  • Steve-34-uk

    'Kelpers tease networks and call the country as 'defaultina' -
    With the failure of negotiations in New York and the state of default, the inhabitants of the Malvinas in Argentina laugh on Twitter.
    British people of the Falklands rejoice at the economic situation and the cessation of payments to bondholders. After the collapse of the negotiations in New York was known, appeared again on the Twitter account @ falkland_utd mocking messages against Argentina .
    “Defaultina” was one of the words from the user chose Falkland Islands, as the British call it the southern islands, to laugh the same people that claims sovereignty over territory occupied since 1833 ...'

    Aug 01st, 2014 - 09:54 pm - Link - Report abuse 0
  • El Diego

    as usual this site offers the best Argentina contrarian investment guide around - the usual muppets here profess gloom and doom whilst the rest of us invested years ago in Argentina and made a fortune. As the reprobates repeat themselves those in the know are a strong buy on Argentina !!

    Argentina is giving a strong buy signal once again - enjoy

    Aug 02nd, 2014 - 02:39 am - Link - Report abuse 0
  • Captain Poppy

    #26 Golf I agree. I just think that the average RG does not understand the concept of buy low and sell high. For us it would be like 40,000 worth 1,600,000. Still one would have to be able to deal with a 40,000 loss and that is not me.

    Aug 02nd, 2014 - 02:32 pm - Link - Report abuse 0

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