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Cristina Fernandez celebrates the UN assembly vote: “we have to feel proud”

Wednesday, September 10th 2014 - 06:22 UTC
Full article 54 comments

Argentine President Cristina Fernández praised on Tuesday the United Nations General Assembly approval of a project that proposes legal framework to regulate restructuring of foreign sovereign debt, saying “Argentina has set an international leading case” with the initiative. Read full article

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  • CabezaDura2

    In other words; At least 124 governments dont believe in fiscal responsability.
    Dont like the Hedge funds?? Simple, dont get indebted in the first place and then dont default on your bonds and you will avoid them.

    A century ago Argentina govt expenditure was only 7% of GDP and the 4th largest economy in the world but there must be no correlation what so ever, silly me....Now its 46% (officialy). More than half a century of fiscal deficit one would assume they would have known by now.

    Sep 10th, 2014 - 06:43 am - Link - Report abuse 0
  • Vulcanbomber

    but hang on, wasnt this already going through and CFK has jumped on it to claim as her own.

    Surely it is not retrospective so, she still has to sort out her own issues

    Sep 10th, 2014 - 06:55 am - Link - Report abuse 0
  • Holdout.from.Germany

    @1
    Today, Argentina's dollar debt with private creditors amounts to only 9.5 percent of GDP. It is the lowest in the whole world.
    Today, the dollar debt with private creditors amounts to only 9.5 percent of GDP, against 95.3 per cent in 2002. Other countries in the region, such as Brazil, with gross debt / GDP ratio of 67.2 percent, and more Europe-Greece 179.5, 130.6 Italy, Portugal 122.3, 93.6 Britain, France 92.7, 91.8 and Germany 80.4 Spain - and the United States, with 108.1, are way up from Argentina, in the same record of the IMF in 2013 to 44 percent figure.

    Argentina clearly has the capacity to repay the debt to the holdouts and end this Default after more than a decade! The outstanding debt is only approximately 12 Billion. (incl. accrued interest) It is not much for the 3. largest economy in South America.

    Sep 10th, 2014 - 07:01 am - Link - Report abuse 0
  • CabezaDura2

    3.HfG
    Yes you should be paid and its peanuts for Argentina. The reason why you are not being paid is political, it has anything to do with economics.

    However Argentine Public debt is over 200.000 USD, and remember that GDP figures are frauded. Total Argentine debt; foreign+private+ public must be well over 100% of GDP.

    Sep 10th, 2014 - 07:10 am - Link - Report abuse 0
  • Holdout.from.Germany

    @4
    Yes, I and everybody know, that the reason why President Kirchner does not want to pay is political.

    Sep 10th, 2014 - 07:17 am - Link - Report abuse 0
  • CabezaDura2

    4. I meant 200 Bn USD in Arg public debt.

    5. My guess is that you will have to wait to 2016 when the new govt comes along to get paid. The Ks have chosen this path and they will take it to the last. Her understanding of this is If she pays its a political defeat for her eventual planned return in 2019. She will not do so in the last year or so of mandate she has left.

    Sep 10th, 2014 - 07:23 am - Link - Report abuse 0
  • willi1

    the multi millionaire cfk, who robbed her money from the poor in arg, insults the hedge funds because they enforce their rights.
    but if she wants to sell new bonds to them, she begs them to please, please buy their scrap bonds. But she would not repay them.

    Sep 10th, 2014 - 08:11 am - Link - Report abuse 0
  • Captain Poppy

    I have no problem with a mechanism of bankruptcy for nations who need it. However, that being said there also needs to be a mechanism in place to insure countries like Argentina do not abuse and the rights of investors need to be represented as well and a trustee overseeing the nation during the restructuring. The final outcome of this will be interesting to see. And I agree......Argentina jumping on the band wagon as usual.

    As for Argentina bragging about the lowest debt to GDP.....all I can say is that it was not accompished via prudent fiscal policy and spending measure, just a mere swipe of a pen saying I will no longer pay you. If every country in the world with debt followed they course, there would be one fucking mess.

    let's see what the sovereign bond market looks like after this is in place (interest rate)?

    Sep 10th, 2014 - 09:59 am - Link - Report abuse 0
  • golfcronie

    CFK has some neck ( pardon the pun ) It will escalate the cost of borrowing. How can you legistate for restructuring? I would take note of the countries that voted yes to restructuring and make sure I would not be lending them money. If you borrow money you have to pay it back. ( ALL OF IT +INTEREST )

    Sep 10th, 2014 - 10:50 am - Link - Report abuse 0
  • Klingon

    Makes me cringe everytime I hear her speak. Sounds like cats fighting.
    Nothing is going to change untill she is gone as this govt does not have a clue and will ride the populist 'I fought the vultures” to the end.
    That being said I still feel everyone needs to take a haircut and move on.
    Dragging this out for years so you can reap a 1600% profit is unethical.

    Sep 10th, 2014 - 10:51 am - Link - Report abuse 0
  • yankeeboy

    The UN is not the proper venue, it needs to go through the IMF and in the end no nation will give up their sovereignty to un-elected bureaucrats to manage their country's budget.
    They already tried it and couldn't get the project off the ground.

    The UN Assembly is clueless they vote on worthless referendums all the time.

    Sep 10th, 2014 - 10:52 am - Link - Report abuse 0
  • Briton

    Cristina Fernandez celebrates the UN assembly vote: “we have to feel proud

    NO No ,,YOU can be proud CFK once again you have single handily made the UN look stupid , incompetent and irresponsible,
    you give your self a medal..

    Sep 10th, 2014 - 10:53 am - Link - Report abuse 0
  • downunder

    “Argentina has set an international leading case”
    Well she is right about that, for all the wrong reasons.

    “We have to feel proud. “
    Proud of what, defaulting on their loans again?

    ”The World needs fewer vultures and more doves.”
    ???? struth!

    Sep 10th, 2014 - 11:12 am - Link - Report abuse 0
  • GALlamosa

    She will know how proud to feel next time they need to go to the market and find nobody will lend to people who don't ever intend to repay.

    Nobody owes you a living dear.

    Sep 10th, 2014 - 11:16 am - Link - Report abuse 0
  • Briton

    Sorry chaps
    , cant help laughing, but she is making the world in some respects look bloody stupid.

    Sep 10th, 2014 - 11:17 am - Link - Report abuse 0
  • Conqueror

    I assume that senility has set in. Probably between 5 and 10 years ago. Is Killitoff make her “feel young”? Listen up, shagnasty, no-one important cares. Your UN “victory” will be blocked at every stage. Do love the address by RumpledTimidTiltSkin. ““We must prevent more people paying with hunger and misery for the speculation of these sinister gentlemen of opulence: the vulture funds,” This from a tosspot who proposed spending US$1 million in Uruguay on his daughter's wedding reception. Obviously US$1 million was nothing. How much money does he have? Where did it come from? What about CFK's millions? Wonder where all argieland's money goes? How many of those General Assembly 'votes' were paid for? Think about it. US$1 million per vote comes out to less than argieland owes the ”holdouts”.

    Sep 10th, 2014 - 11:18 am - Link - Report abuse 0
  • yankeeboy

    CFK announced a tender to build “ the tallest” building in South America. I remember Nestor announcing the same thing a decade ago.
    I wonder if the lithium has eaten all of her brain?
    She can still talk so maybe its just eating the reasoning part.
    Hard to say but she's definitely not on this plane of existence any longer.

    Sep 10th, 2014 - 11:31 am - Link - Report abuse 0
  • Captain Poppy

    The half no money,
    borrowing and in an active default,
    50% inflation, increasing unemployment,
    growing poverty,
    fleeing DFI, decreasing energy supplies,
    increasing crime,
    fast becoming a narco exporting nation
    rampant political corruption,

    Whatever shall we do? Build the tallest building in South America and show what country is the leader.

    Wake up asslips kirchner. Why does she not just go have some more ass fat sucked out of her ass and injected into her upper lip again.

    Sep 10th, 2014 - 12:07 pm - Link - Report abuse 0
  • Englander

    State theft is a worse crime

    Sep 10th, 2014 - 12:54 pm - Link - Report abuse 0
  • yankeeboy

    I think she's putting Anses on the hook for this, they really can't have much left in their retirement accounts by now. Its filled with worthless Arg bonds paying less than inflation and being devalued daily.

    This won decade sure was expensive.

    Sep 10th, 2014 - 01:06 pm - Link - Report abuse 0
  • golfcronie

    @10
    It was the Argentine government that has been dragging its feet, it could have paid long ago. Where do you get 1600% profit from? And who is unethical, it again is the Argie government.

    Sep 10th, 2014 - 01:11 pm - Link - Report abuse 0
  • 4n conTroll

    Getting your money back is not a right, it's a privilege.

    The countries owed money by Argentina deserve not one cent back because they are criminal entities. That is the only rational Argentina needs NOW.

    When they stop bombing the Arabs, as NorthAmoland are doing right now, or/and supplying weapons to factions within the Arab world as all the nations of EUialand are now doing, then perhaps.

    Right now Argentina can simply say “not one cent can flow to countries that are waging war and flooding unstable areas with weapons”, and that's it. We are morally right, the northern inferiors are wrong.

    Sep 10th, 2014 - 02:09 pm - Link - Report abuse 0
  • yankeeboy

    22. I am wondering, your statements are so very similar to your crazy Prez. Is all the water poisoned in Argentina? Is that what makes all of you delusional?

    I wonder if we will see 15/1 next week?

    Sep 10th, 2014 - 02:17 pm - Link - Report abuse 0
  • reality check

    “it's a privelage.”

    I'll bet your weeks sweetie allowance that none of your delegation said that on the floor of the UN.

    Not even they are that moronic!

    Sep 10th, 2014 - 02:22 pm - Link - Report abuse 0
  • 4n conTroll

    Comment removed by the editor.

    Sep 10th, 2014 - 02:29 pm - Link - Report abuse 0
  • yankeeboy

    25. You're stupid and silly. Are you mad because today's internet is costing your lunch money?
    I haven't seen you in a few days. Did it cost a few lunches before you could pay for a few hours at the locutourio to get your frustrations out on the internet?

    Sep 10th, 2014 - 02:39 pm - Link - Report abuse 0
  • Sergio Vega

    Before to sing a song of victory, the Bottox Lady would wait which will be the new conditions for loans to countries with economic records like Argentina.....cos if the lenders have little tools to refund their money I can imagine that the loan rates will raise up to the clouds IF they accept to risk their capital into those bad payers countries.....

    So, all those countries with bad loans records can thanks strongly to the Bottox Lady for her big help to pay more for their loans IF the “vulture funds” decide to give them an opportunity.....

    As ever, well done Cristinita......as we say in spanish Mrs. CA TRAS CA....it means.....cagada tras cagada, ché...!!!! (crap after crap, che.....)

    Sep 10th, 2014 - 02:56 pm - Link - Report abuse 0
  • Klingon

    @22 You may think our country has the moral high ground, but they were the ones borrowing the money in the first place.

    Maybe you should apply as a speech writer for Maduro.

    Sep 10th, 2014 - 03:43 pm - Link - Report abuse 0
  • golfcronie

    @22
    Can you lend me $US 1000.00 at an interest rate of 8.75% pa, of course I won't pay it back as that would be a priviledge. You are a complete knob

    Sep 10th, 2014 - 03:52 pm - Link - Report abuse 0
  • Buzzsaw

    From the RESOLUTION ON SOVEREIGN DEBT RESTRUCTURING '...Addressing those who had not voted in favour of the resolution, he noted that those delegates generally represented centres of finance. '

    Errr maybe that is because they understand things better than you do Mr Tin pot man. Like expecting turkeys to vote for christmas.

    Sep 10th, 2014 - 04:07 pm - Link - Report abuse 0
  • hurricane

    It is obvious that all of the uglies that didn't get invited to the prom would stick together and form a hate club against the pretties. So what. You can't un ring the bell that has tolled. Silence the bell for the future, but this death nell is inescapable. Paul Singer doesn't care about the money anymore. He wants YOU Christina and HE will get you. You can be assured of that.

    Sep 10th, 2014 - 04:46 pm - Link - Report abuse 0
  • 4n conTroll

    @29

    I wouldn't lend you the money.

    THAT'S THE POINT!

    IT was the lending of money that made Argentina a slave. We now are free of the endless “debt” circle. Yes, it will mean fewer projects and infrastructure, but that is a small price to pay for independence and freedom from banks and the northern countries. Very small price.

    Sep 10th, 2014 - 05:50 pm - Link - Report abuse 0
  • Klingon

    @32 Maybe you should work in a panaderia in Venezuela under a portrait of Chavez.

    Congratulations I just nominated you for “Tool of the year”.

    Sep 10th, 2014 - 06:00 pm - Link - Report abuse 0
  • MagnusMaster

    @3 It's not the debt to GDP ratio that matters, it's the balance of payments that matters. And even without paying Singer a cent, Argentina's balance of payments for next year at the very least is catastrophic.

    Sep 10th, 2014 - 06:33 pm - Link - Report abuse 0
  • golfcronie

    @32
    Every country in the world has to borrow money, you tool.

    Sep 10th, 2014 - 06:59 pm - Link - Report abuse 0
  • reality check

    WTF did your lot go to China for then?

    Don't tell me.

    It was for No 12.
    No 22.
    No 27.
    2 No 32.

    And hold the ferkin prawn crackers!!!!!!

    Sep 10th, 2014 - 07:23 pm - Link - Report abuse 0
  • Jack Bauer

    @32 4nTrolley
    “...but that is a small price to pay for independence and freedom from banks and the northern countries. Very small price”
    You may think NOW that it's a small price to pay......you have no idea what's in store for you........but meanwhile, I suggest you tell your employer - that is, if anybody would be so stupid as to hire you - that you don't need to be paid, after all it's a privilege to work...for nothing.

    Sep 10th, 2014 - 09:53 pm - Link - Report abuse 0
  • 4n conTroll

    Every country in the world has to borrow money is nonsense. It is the biggest lie ever told.

    Sep 10th, 2014 - 10:06 pm - Link - Report abuse 0
  • yankeeboy

    Stupid child, you have no idea how the real world works. You have been brainwashed to think that every place is a horrendous as Argentina.

    You still don't understand what's in store for you and your family. This vortex of misery is spinning faster and faster and is sucking every business and person into it.

    You'll probably see 15/1 by eom. If they miss another bond payment it may be even higher.

    Sep 10th, 2014 - 10:17 pm - Link - Report abuse 0
  • 4n conTroll

    The reason all those other places aren't “horrendous” is because they are borrowing you idiot.

    Give me a credit card with 200.000 and I'll show you a beautiful home, great car, and lovely decoration with plenty of fine wine and cheese to much on.

    And then the bill comes in.

    You are such an idiot for thinking that the USA, Europe, Japan and the rest can borrow and won't ever have to pay the combined 17 + 14 + 13 Trillion (total 44 TRILLION) that you owe.

    You can build really fancy houses and make epic parties with 44 TRILLION... And then you have the day after.

    You will never pay it and your ridiculous system will collapse.

    Sep 10th, 2014 - 10:54 pm - Link - Report abuse 0
  • Captain Poppy

    Why you bother yb? His idea of an education is yahoo news, wikipedia and utube....he is too poor to have a formal education. Besides he does not even know what his own people think. Notice how long he was away? Power outage, grounded by mom or she pulled the tit from him and he had nothing to drink for days
    let's see how Macri does with the country.

    Sep 10th, 2014 - 11:03 pm - Link - Report abuse 0
  • Argenfellow

    @ 38 “Every country in the world has to borrow money is nonsense: It is the biggest lie ever told”

    I subscribe entirely, unconditionally to this statement, and I´m glad to do so. Sound economic growth tantamounts as hard work, SAVINGS FOR PUBLIC AND PRIVATE INVESTEMENT, parsimony in bureaucratic expenditure, and low corruption levels. On all these counts, some Argentine GOVERNMENTS have been utter failures, and the consequence has been local and foreign indebtedness. UP TO THIS POINT, responsibility lies entirely at our door. But what happens if the immense power of money forces its way, and puts a TRAITOR-borrower on one side of the table (the Argentine one) and a VAMPIRE-lender on the other side (vultures have already had too much), that FRAUDULENTLY continue to indebt the country, through fake loans and the thousand devices of financial rogues...? We´ll arrive sooner or later, to ANOTHER POINT, AN APEX OF CRIME, when “fresh” loans are insufficient even to attend the interest of former ones...AN APEX OF CRIME BECAUSE THE LENDER COULD NOT IGNORE THAT HE SHOULD HAVE STOPPED THE CREDITS LONG, LONG TIME AGO. (This is, briefly, Argentina and IMF story). When default was finally forced on our country for first time, Kirchner´s new bonds offered -my memory fails sometimes- about 30 cents to the nominal dollar of the former ones. The Greek default´s new bonds rendered 24 to 26 cents, and no scandal with these. AH, BUT ARGENTINA´S DEFAULT WAS “UNILATERAL”...! YES, my dear gentlemen, but we have payed for years and we continue to pay up to the present day to 93% of our creditors....(And to the hedge-funds...?) Oh..let us remind to those living incarnations of Knighthood and Punctillio that we, Argentines, “are not eaten as easily as patties...” . Finally, I admit, in dealing with our debts, that we owe the world the executions of ex-Presidents MENEM and DE LA RUA and also of former Economy Minister CAVALLO.

    Sep 11th, 2014 - 01:52 am - Link - Report abuse 0
  • reality check

    You continue to pay 93% of your creditors, 30% of the money you borrowed from them.

    So you DO NOT pay back your creditors.

    You fucking cheat them! and everyone but you knows it!

    Sep 11th, 2014 - 06:08 am - Link - Report abuse 0
  • ilsen

    Why is she claiming victory?
    “The suggestion to decide on the matter was approved. ....”
    Nothing has actually been decided yet and the outcome may not be what she expects.
    Also it will not be retrospective.

    She is just thrilled that the UN listened to her.

    Sep 11th, 2014 - 11:07 am - Link - Report abuse 0
  • 313toBioBio

    This is Sara Silverman's big sister. Jewish and sarcastic.

    Sep 11th, 2014 - 01:11 pm - Link - Report abuse 0
  • Simon68

    According to CFK's (mis)government, Paul Singer and Co are claiming 1600% profit on their 2001 bonds. In other words over 13 years.

    CFK's fortune has risen 1550% since 2003. In other words 11 years.

    Question: Who is the “Vulture”?

    Sep 11th, 2014 - 02:03 pm - Link - Report abuse 0
  • 4n conTroll

    @43

    The truth, brought to you by the US film industry:

    And the ultimate truthful statement @ 0:27

    www.youtube.com/watch?v=2Bls1KKDwmo

    Sep 11th, 2014 - 02:03 pm - Link - Report abuse 0
  • ilsen

    You do realise that the advert is humorous, don't you?

    Sep 11th, 2014 - 03:33 pm - Link - Report abuse 0
  • 4n conTroll

    @47

    Humorous? It's a statement of fact.

    “obsessed with power”.

    Look at Britain's actions around the world... based on the evidence, how could you claim the above quote is NOT the case.

    Sep 11th, 2014 - 03:37 pm - Link - Report abuse 0
  • 313toBioBio

    Upside down country with food and energy production in the toilet. The wicked witch that gave Monsanto the green light to spray pesticides on the campesinos...and pocketed all the profit. Anti Cris-tina represents how corrupt the Vatican and the UN are.

    Sep 11th, 2014 - 03:46 pm - Link - Report abuse 0
  • 4n conTroll

    @50

    Food and energy production in the toilet?

    But I thought you Chileans always say Argentina should look more like Chile.

    (no food and energy production of its own!)

    Sep 11th, 2014 - 04:01 pm - Link - Report abuse 0
  • Jack Bauer

    @40 4nTrolley
    “Give me a credit card with 200.000 and I'll show you a beautiful home, great car, and lovely decoration with plenty of fine wine and cheese to much on”...

    200.000 what ? US$ ? of course not, they won't be allowed in Argieland, except in CFK's Casa Rosada....so they must be “pesitos”....well, that won't buy you anything but a wooden shack in the Villa Miseria...with a torn poster of CFK for decoration......no car, maybe a donkey parked outside, to get you places....some cheap wine, no cheese - unless it's what you scrape from under your filthy toe nails,,,'cause you can't afford shoes.
    You are a bloody joke, Trolley....but keep it comin' !

    Sep 11th, 2014 - 06:37 pm - Link - Report abuse 0
  • ilsen

    He wants a credit card, please note. How will he make the repayments?
    Will he make repayments at all? Will he claim that repayments are optional? Or offer you a percentage of the debt instead?
    I think we know the answer.

    Sep 11th, 2014 - 07:23 pm - Link - Report abuse 0
  • yankeeboy

    Toby doesn't understand credit. His dream world is sometime in the 1400-1600s when countries just traded goods or paid in gold. I guess he also likes the fact that everyone was filthy and only the Aristocracy owned property and meted out justice.
    He is a silly boy that's never seen any of the world so he thinks everything is run as poorly as it is in Argentina.
    Can you imagine a 30yr mortgage in Argentina? Doesn't exist because it can't.
    That's why people are forced to live with their parents until their mid 30s-40s until they can buy a place.
    Most of my friends in Argentina were professionals, still lived at home and only a few could afford a car. All of them had to save for a year to pay for a meager vacation.
    It's a sad life.
    That's why so many tried to come to the USA.

    Sep 11th, 2014 - 10:52 pm - Link - Report abuse 0

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