MercoPress. South Atlantic News Agency
Argentina will demand Citibank and BONY to pay exchange bondholders
The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders, the Economy Ministry informed on Tuesday in a press release. Read full article
Comments
Disclaimer & comment rules“demand” “insist”... insult, stamp feet...
Aug 06th, 2014 - 09:15 am - Link - Report abuse 0“We demand that you release the funds and break the law........we do it all the time”!!
Aug 06th, 2014 - 09:28 am - Link - Report abuse 0TOBI for a country that does not care they sure act like it. You tobi are the perfect barometer. They do the exact opposite of whatever you say.
“[The judge] is unaware of the fact that Argentine debt is under Argentine, British and New York law, and issued in different currencies. This way, he illegally exceeds his jurisdiction with his ruling,” the press release argues.
Aug 06th, 2014 - 09:47 am - Link - Report abuse 0But the actual cash is now under US jurisdiction is it not? And last we heard you had a slight issue with non-payment of a US jurisdiction debt (as confirmed by NY courts, the appeal court and SCOTUS). You might as well have paid the money into Singers private bank account. I mean how stupid are you ?
A very good and funny article on the Kirchnerite Argentine psychology involving the default:
Aug 06th, 2014 - 10:03 am - Link - Report abuse 0http://spectator.org/articles/60183/argentina-where-default-not-default
@4 - Brilliant article LP, thanks.
Aug 06th, 2014 - 10:39 am - Link - Report abuse 0“The Argentine Government will formally demand that Citibank and the Bank of New York Mellon pay exchange bondholders,.......”
Aug 06th, 2014 - 11:06 am - Link - Report abuse 0“Formally demand” wow the world hasn't heard those words from asrgentina before, thats sure to get things moving. NOT!
And I want a pony and .............
Aug 06th, 2014 - 11:15 am - Link - Report abuse 04. Great article. Captures the Kafkaesque world that Argentina seems to inhabit.
Aug 06th, 2014 - 11:19 am - Link - Report abuse 0The article was a bit long for some readers.
Aug 06th, 2014 - 11:31 am - Link - Report abuse 0It could be summarised as “Argentina - it's a bit crap”
They are throwing all “their toys out of the pram/buggy” one by one. Soon, they will have nothing left!
Aug 06th, 2014 - 11:42 am - Link - Report abuse 0Why don't they read the contracts?
So thank goodness the rest of the world recognizes these Rg are narcissistic delusional.
Aug 06th, 2014 - 11:53 am - Link - Report abuse 0I've said for a long time, you can't be nice or reasonable the only thing they understand is strength and they will back right down because they are cowards at their core.
At some point Griesa is going to have to come to that conclusion an lay down extreme conditions for failure to negotiate in good faith.
China's Dagong Cuts Argentina to Default
Aug 06th, 2014 - 12:10 pm - Link - Report abuse 0http://www.laht.com/article.asp?ArticleId=2346488&CategoryId=14093
12. But will it snap CFKs cabinet out of their alternate reality?
Aug 06th, 2014 - 12:59 pm - Link - Report abuse 013. There are only 2 things that could stop this madness, civil unrest and/or the graft being cut off.
Aug 06th, 2014 - 01:16 pm - Link - Report abuse 0Otherwise your outlook looks very bleak.
Only a week into default and the business are already getting very antsy saying there is ZERO investment. BCRA isn't letting in imports, Oil/Gas Production is falling rapidly and they are printing pesos to cover up the HUGE deficits.
Bleak.
“The Economy Minister Axel Kicillof questioned the attitude of the U.S. government and asked him to ”intervene and set limits“ to the judge's ruling in New York that led to Argentina to default. ”
Aug 06th, 2014 - 01:18 pm - Link - Report abuse 0http://www.cronista.com/economiapolitica/Kicillof-reclama-ahora-al-gobierno-de-EE.UU.-que-le-ponga-limites-a-Griesa-20140806-0078.html
“There is a contract that has to be executed,” Capitanich stated. “Let there be no mistake, BoNY has to pay”.
Aug 06th, 2014 - 01:55 pm - Link - Report abuse 0Is this the SAME kind of contract the states ”I borrowed 144 billion and will pay back 144 billion plus interest?
Comment removed by the editor.
Aug 06th, 2014 - 01:58 pm - Link - Report abuse 0#17 The RUFO clause was just an excuse for this government, nothing will change come January. Giving into the “vultures” would be seen as weakness by the Argentine people and this government would suffer politically as a result. Its very hard for Argentines to swallow their pride and take orders from others which is why we are in this situation
Aug 06th, 2014 - 02:04 pm - Link - Report abuse 0@ So, When these banks don't distribute these funds what is the gov going to do? They look stupid at the moment and this will be compounded.
Aug 06th, 2014 - 02:11 pm - Link - Report abuse 0@ 14 - If what you are saying is true then there will be a crunch point very soon where the lack of US$, increase in monetary base and demand for US$ will see the blue shoot up, BCRA spend $150mm per day (possibly more) keeping the currency where it is inflation closer to 60-70% and business shut up shop until there is some stability. This is without any seizures of RG gov property (shares, funds etc)...scary stuff
@ 11 - very difficult ot argue that the Republic has negotiated in good faith at any point during this trial...
And the band played on.
Aug 06th, 2014 - 02:48 pm - Link - Report abuse 0Comment removed by the editor.
Aug 06th, 2014 - 02:51 pm - Link - Report abuse 0So, the entire 216 other nations of the world want Argentina destroyed.
Aug 06th, 2014 - 04:03 pm - Link - Report abuse 0In other news, the Earth has a moon.
@23 Not destroyed. We just can't understand why you are bitching quite so much and throwing a tanturum each. Just grow up as you are making yourselves a laughing stock
Aug 06th, 2014 - 04:18 pm - Link - Report abuse 0I see the govt here trying to take over Citibank Argentina for not paying the bond holders. In essence another YPF.
Aug 06th, 2014 - 04:21 pm - Link - Report abuse 0@ 1 Troy Tempest
Aug 06th, 2014 - 04:35 pm - Link - Report abuse 0“demand” “insist”... insult, stamp feet...
This is how it's done: https://www.youtube.com/watch?v=n6XZ-0ns2yA&t=0m14s
@ 19 Welsh Wizard asks: “When these banks don't distribute these funds what is the gov going to do?”
Aug 06th, 2014 - 04:47 pm - Link - Report abuse 0What a silly question!
Argentina is of course going to invade the US and force the juducial system to obey Cristina.
#23 accountability and responsibility will take Argentina a long way, but it is not in the DNA of Argentine's........EGO and false pride is.
Aug 06th, 2014 - 05:04 pm - Link - Report abuse 019. Yeah the crunch point should be coming pretty quickly. BCRA has been managing using a float, paying some exporters up to 180 days and paying imports up to 270 days late.
Aug 06th, 2014 - 05:16 pm - Link - Report abuse 0With default nobody will sell anything without Cash In Advance so the float will dry up in short order.
I think the amount of Pesos hitting by eoy is 120,000,000,000. If that's not the tipping point I don't know what is...
@22
Aug 06th, 2014 - 06:02 pm - Link - Report abuse 0“So, the entire 216 other nations of the world want Argentina destroyed.”
No, Argentina borrowed money and people want their money back.
Argentina is destroying itself.
Citibank Argentina, soon to be named K bank.
Aug 06th, 2014 - 06:47 pm - Link - Report abuse 0The kretins will try and take the local branches of Citibank for not paying out the bond holders.
I was going to open an account with them, but may hold off for a while.
30. Another nationalization would be a death wish. Buenos Aires would look like Caracas in 2 yrs.
Aug 06th, 2014 - 07:16 pm - Link - Report abuse 0This isn't going to end well.
Aug 06th, 2014 - 07:30 pm - Link - Report abuse 0“Earlier in Tuesday Cabinet Chief Jorge Capitanich criticized US Judge Thomas Griesa’s decision to confirm Daniel Pollack as mediator to conduct talks between Argentina and holdouts saying ”it ratifies the judge’s stance that does not understand the difficulties of the process.”
“We understand that mediator Daniel Pollack has not been unbiased, on the contrary, he has been openly biased. He has been a spokesperson of vulture funds,” the official said in his daily press briefing at the government house.”
This guy seriously needs to wind his neck in.
Argentina just simply holds out for a year or so, then the 90% of the 92% will accept new bonds issued somewhere outside the US.
Aug 06th, 2014 - 07:33 pm - Link - Report abuse 0Yankeeboy, Do you really expect sane and rational decisions to come out of the casa Rosada?
Aug 06th, 2014 - 07:56 pm - Link - Report abuse 0Not much will change with this putrid botox filled haggis is in power.
34. They are acting like scared cornered animals snapping and growling at everything.
Aug 06th, 2014 - 08:02 pm - Link - Report abuse 0Cornered animals are dangerous
If I lived there I'd be worried
This is not going to turn out well
Ola Klingon -
Aug 06th, 2014 - 08:10 pm - Link - Report abuse 0I had it and enjoyed it a few times, but I have just lost my taste for Haggis.
What did Pepe call her again ?
@35
Aug 06th, 2014 - 08:34 pm - Link - Report abuse 0You seem not to be coherent today. Drink some of that wonderfully thick and slimy green goo Americans call “running water” by any chance??
Seems daddy is taking advantage of your asshole again Alistair tobias. You always talk about things you never experienced. Tell me.......do you believe everything you read in you momma's basement on the internet?
Aug 06th, 2014 - 09:04 pm - Link - Report abuse 0Tell us all why you have so many names........this is the most interesting....I like it a lot.
So many names? I am an anglicized-sino-EUian. My real name is 鼻孔, but a user named Hans Niesund challenged me to integrate to anglo racial culture, and I have (leaving out the hypocrisy gene).
Aug 06th, 2014 - 09:14 pm - Link - Report abuse 0@39
Aug 06th, 2014 - 10:05 pm - Link - Report abuse 0Ooh! You are quite the card, aren't you dear?
Bhaaahahaha! All part of Cristina's Circus. Bring on the clowns! (The dancing dog is already here)
So Anglicized-sino-EUians are dancing dogs to you?
Aug 06th, 2014 - 10:07 pm - Link - Report abuse 0Racist Britain.
It is so hard to tell if its pure gov't spin or if the consortium of banks is really trying to buy part of the holdout debt.
Aug 06th, 2014 - 10:09 pm - Link - Report abuse 0I find it a bit implausible that banks would spend u$1.3B without some sort of guarantee they'll be paid back.
My gut is telling me this is a red herring with the Ks trying to further manipulate the market.
I guess we'll see next week.
I wonder what will happen if the holdins accelerate??
@39
Aug 06th, 2014 - 10:43 pm - Link - Report abuse 0Actually that's not so. I was just trying to be helpful. I merely pointed out that you seemed to be unaware of the Chinese practice of adopting a Western name for the purposes of dealing with Westerners. I mean, you wouldn't want to give the impression you're some Argenteen kid pretending to be Chinese, now would you?
43 Hans
Aug 06th, 2014 - 11:00 pm - Link - Report abuse 0just ignore the emotionally stunted fool.
He only wants attention.
Don't feed the Troll
:-)
Cheers,
from Canada and Troon
@ 42 just ask yourself how you would get this through credit screening. Personally, I dont know how I would sell this to my credit department...
Aug 06th, 2014 - 11:15 pm - Link - Report abuse 0“CITIBANK AND BONY MUST DISTRIBUTE PAYMENTS......................”!!!
Aug 07th, 2014 - 02:24 am - Link - Report abuse 0...........well, its not happenin.
If they want to continue to do business in the USA, its not happenin.......
What a train wreck... Good for a laugh but these fools really have no clur
Aug 07th, 2014 - 03:15 am - Link - Report abuse 0The only people who think Argentina is a train wreck is the rest of the world. And what they say is irrelevant. All that matters is what argentines think. The rest is lees.
Aug 07th, 2014 - 03:36 am - Link - Report abuse 0Truely the mouse that roared
Aug 07th, 2014 - 10:27 am - Link - Report abuse 048. You must not know many Argentinians. All the ones I know are completely embarrassed of the default and the nutty Prez. They can't even talk about it without getting really upset.
Aug 07th, 2014 - 11:40 am - Link - Report abuse 0Direct on target yb. All the RG's I know as well are embarrassed and just want to pay and deal with their debts and move on. Then again the ones I know are not peronists.
Aug 07th, 2014 - 01:58 pm - Link - Report abuse 0Buy what does tobi know he is pretending to be a Chin with a Brit name. His actions and posts are a self serving editorial on his own sad life.
25 Don Alberto
Aug 07th, 2014 - 02:26 pm - Link - Report abuse 0“This how it's done....”
Thx!!
Bah ha ha ha ha ha...
@50
Aug 07th, 2014 - 02:57 pm - Link - Report abuse 0You are mentally ill.
#53 that coming from a boy that has.....how many personalities?
Aug 07th, 2014 - 03:32 pm - Link - Report abuse 0Please give me the logic tree you used to come to that conclusion. I would love to see it.
Aug 07th, 2014 - 03:58 pm - Link - Report abuse 0Pretty sure you're the crazy one based on the years of posts and how nutty they've become. BTW I'm not the first to tell you that either.
I think you are lashing out because the truth of what I've been saying for the last couple of years is all coming to fruition. You've realize you're stuck in a backward city, in a 3rd world sh*thole with no opportunity. The best you can hope for is to be a bell boy at an Int'l hotel making u$300/mo...maybe if you're lucky.
You're not lucky tho.
50, 54, Yankee and Poppy
Aug 07th, 2014 - 03:59 pm - Link - Report abuse 0It makes you wonder what benefit it is to Nostrils to support CFK, the Peronist Government, and their propaganda?
Surely, he is too stupid/mentally ill, even to be an appointed La Campora mouthpiece?
I believe he thinks he is a patriot.....but he is just a simple chauvinist....as in Nicolas.
Aug 07th, 2014 - 06:09 pm - Link - Report abuse 0He is angry at the world for his poverty and being poor in Argentina.
He's a tit on a bull, a pisshole in a snowbank and an idiotic rambler at best. He lacks substance based on his lack of experience. He is addicted to searching the internet and believes all he finds.
I agree, addicted.
Aug 07th, 2014 - 09:27 pm - Link - Report abuse 0If he could afford a cellphone, it would be a “Crackberry”
He has a warped sense of patriotism in the he feels criticizing his country is bad. He has yet to understand, like a dictator fails to understand that critical review of your leaders and country makes it better
Aug 10th, 2014 - 11:36 pm - Link - Report abuse 0Emanates from bilateral agreements between China and Argentina that obligations will be led by the law and the courts of England.
Aug 11th, 2014 - 01:05 pm - Link - Report abuse 0Minister Axel Kicillof gave banks and Chinese companies finance investments in Argentina a similar international legal protection to which the government questioned the vulture funds. The annexes to the treaties were signed, the Economy Minister agreed special jurisdiction to chinese firms and accepted the intervention of foreign courts to settle any potential disputes. This arises from the bilateral agreements which stipulates that obligations will be governed by the law and the courts of England.
It also provides that any arbitration shall be in the International Chamber of Commerce, based in Paris.
Kicillof agreed to step down as “irrevocable and unconditional” objection raised to any future international tribunals chosen by Argentina and China.
The assignment of judicial sovereignty is explicit in loans for retrofitting “Belgrano Cargas”. The 1071 decree is already known and the extension of jurisdiction is located in the leafy Annex 400 folios. But the concessions would be similar in loans for hydroelectric megaprojects Santa Cruz and other financial agreements to be signed today with Xi Jinping methodology would have the same format as that included in the leonine agreement with Chevron.
The current argentine government hides the text because its diffusion entail a high political cost. Delivering Kicillof judicial sovereignty contradicts the “story” Cristina Kirchner's own against the clauses that were granted in foreign debt in favor of the courts of Manhattan, where the conflict is settled with vulture funds. Cristina made this a flag and questioned the previous governments that accepted external courts, like Thomas Griesa.
@60
Aug 11th, 2014 - 11:17 pm - Link - Report abuse 0Spamming doesn't add anything to what you say.
hth!
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