MercoPress, en Español

Montevideo, September 29th 2022 - 18:13 UTC

 

 

UN assembly sides with Argentina votes to change sovereign debt restructuring

Wednesday, September 10th 2014 - 06:09 UTC
Full article 42 comments

The United Nations General Assembly voted overwhelmingly on Tuesday in favor of a legal framework that would help regulate restructuring of foreign sovereign debt, a project that was suggested by the Argentine government and presented before the assembly by the Group of 77 plus China. Read full article

Comments

Disclaimer & comment rules
  • Vulcanbomber

    again, the UN proving that its not fit for purpose anymore

    About time there was a shake up or removal of funding from major backers

    Sep 10th, 2014 - 06:57 am - Link - Report abuse 0
  • Holdout.from.Germany

    “UN assembly sides with Argentina votes to change sovereign debt restructuring”
    ??????
    After Argentina’s 2001 Default all bonds imply the Collective Action Clause (CAC) A collective Action clause (CAC) allows a supermajority of bondholders (75%) to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring.
    Also the new swapped bonds of the “exchange bondholders“ include this CAC. It means that in the future Argentina can swap with a majority of 75%.
    BUT, This CAC is NOT implied in Argentina’s old bonds!
    Accordingly, Pesident Kirchner MUST fulfill the bond contracts and repay the debt to the holdouts!

    Sep 10th, 2014 - 07:29 am - Link - Report abuse 0
  • willi1

    all rogue countries on a heap voting against their creditors.

    Sep 10th, 2014 - 07:44 am - Link - Report abuse 0
  • Captain Poppy

    #1 I agree....the USA pays over 22% of the UN budget and 27% of the peace keeping budget, all to allow the likes of Argentina to use is as their playground. It's time the USA cuts in half the funding levels and lets see what happens.

    Sep 10th, 2014 - 10:12 am - Link - Report abuse 0
  • Islander1

    Twitman described his president 100% with those words!

    Sep 10th, 2014 - 10:29 am - Link - Report abuse 0
  • Briton

    UN assembly
    interesting to find out how the USA Australia , Canada , NZ and the UK voted.
    anyone know.

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

    Even the article notes that General Assembly resolutions are non-binding. Look at the countries that DIDN'T support the “framework”. Generally, the most important countries in the world.

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

    #6 against it as did Japan. Countries that pay their debts generally voted against it. 41 countries including Italy and Greece abstained. Like all UN resolutions they are non binding....treaties are binding. As usual.........the UN arrives at the party as “tits on a bull”

    Sep 10th, 2014 - 11:29 am - Link - Report abuse 0
  • 4n conTroll

    So, UN resolutions are non-binding.

    I then still wonder why all the “important” countries cry and moan when Argentina refuses to follow the resolutions targeting Argentina.

    If some countries can ignore the UN, then all countries can ignore the UN.

    In which case, yes, the “important” countries are waisting their money.

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

    The UN has become a wailing wall for corrupted country's mouthy dictators.
    The USA should stop supporting it and let it whither and die.

    Sep 10th, 2014 - 02:07 pm - Link - Report abuse 0
  • 4n conTroll

    In principle I'm not against it. Then the USA and UK won't have the UN to hide behind for the next illegal invasion of another country, and they will be full pariahs.

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

    I don't think you know what a Pariah nation is but one would think since you live in one you would.

    NPD explains just about everything coming out of that corrupted country.

    Sep 10th, 2014 - 02:21 pm - Link - Report abuse 0
  • 4n conTroll

    I do, a pariah nation bombs other nations' and kills their citizens without any consent or authorization whatsoever, not even from its own congress.

    That is a rogue nation run by a rogue criminal government. That is your country, NorthAmoland (aka USA). Sorry about your criminal reality.

    Sep 10th, 2014 - 02:26 pm - Link - Report abuse 0
  • golfcronie

    @6
    First paragraph.

    Sep 10th, 2014 - 03:41 pm - Link - Report abuse 0
  • gordo1

    @13 mamarracho No.2

    Pariah nations are those arrogant enough not to pay their debts. Argentina is first in the list.

    Sep 10th, 2014 - 05:21 pm - Link - Report abuse 0
  • JIB

    I remember when Mr. Powell blatantly lied to the whole world in the UN about WMDs in Iraq, so go figure about mouthy dictators and democratically elected liars.

    The US has so many flaws in its history that is the less indicated to raise the moral ground card to anyone.

    Sep 10th, 2014 - 05:42 pm - Link - Report abuse 0
  • 4n conTroll

    @15

    Comparing not paying a debt to killing thousands from the air.

    Nice try.

    Actually.. bad try.

    Sep 10th, 2014 - 05:52 pm - Link - Report abuse 0
  • Briton

    Perhaps one think the USA UK should pull out of the UN and leaving it to others to try and help solve the worlds problems, good or bad.

    Sep 10th, 2014 - 06:54 pm - Link - Report abuse 0
  • golfcronie

    @18
    One has to have some power over the pariah countries otherwise they would be fighting amongst themselves, Oh wait a minute , not a bad idea after all.

    Sep 10th, 2014 - 07:05 pm - Link - Report abuse 0
  • Brit Bob

    @17 Like it or not, many financial institutions regard Argentina as a 'Pariah State.' Something to do with 2 defaults.

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

    @20
    More like misappropriatian of 100 billion US$, where did it go?

    Sep 10th, 2014 - 07:14 pm - Link - Report abuse 0
  • Briton

    For all the good it does, [and it does some good]
    we might as well withdraw and let them get on with it,

    set up our own federation of free peoples, and only let the good and decent nations in, the old UN would soon disappear in a heap of there own making.

    Sep 10th, 2014 - 07:27 pm - Link - Report abuse 0
  • Captain Poppy

    #18 Jolly good idea.....lol. Being that 3rd world indigent nations voted to be able to default on their loans without having to pay them back, let the top 5 nations, all allies, pull out afterall they cover over 52% of the cost of the UN's 193 nations......Wait, what is wrong with this picture. Of 193 nations, 5 pay for 52%? I say let everyone pay 193rd share or let us 5 leave and have the other 188 nations foot the bill.

    Sep 10th, 2014 - 07:29 pm - Link - Report abuse 0
  • 4n conTroll

    I'd say the 5 leave (better yet, kick them out), then disband the criminal UN security council which is why those countries pay so much more.

    With no power to draft or veto resolutions, they will not have the UN to hide behind when they wish to engage in criminal war. The blame and consequences will be square on those that wage war.

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

    #24
    What a great idea!

    Yes, kick out the UK, USA, Russia, China and France. Let's replace them on the Security Council with Venezuela, Mexico, Nigeria, Indonesia and Iran...

    Let's also move the headquarters to Havana!

    Sep 10th, 2014 - 10:27 pm - Link - Report abuse 0
  • 4n conTroll

    @25

    You are such a brainwashed useless drone. I wouldn't replace anything. I would just let each country to stand for its actions without hiding behind other institutions.

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

    nd vote Nice to see the UN are 193 countries with equal power to vote important matters that affect all countries.
    The argument of those who vote negative are stupid nonsense.

    Sep 10th, 2014 - 11:18 pm - Link - Report abuse 0
  • 4n conTroll

    The countries that voted against are the only ones that benefited from this system (which THEY set-up post war), which makes them wealthier at all the other's expense. It is understandable they are trying to cling to this rotten system, but time is almost up really.

    The longer they try to fight it the darker their future will be as they are starting to piss off the world with their constant “no” votes on everything.

    Sep 10th, 2014 - 11:25 pm - Link - Report abuse 0
  • malen

    19“ One has to have some power over the pariah countries otherwise they would be fighting amongst themselves, Oh wait a minute , not a bad idea after all.”
    Sorry to say, but the ones fighting amongst (is well written amongsT??) themselves wasnt a british beheding two northamericans and a british in a suicide command recently?? Some of your countries people are becoming to look and behave like irracionals not different to those you dissaprobe.

    Sep 10th, 2014 - 11:36 pm - Link - Report abuse 0
  • Lord Ton

    2 defaults Brit Bob? That's just in the last decade. 8 since 1816.

    I agree with #1. The UN is no longer fit for purpose and non=binding resolutions achieve nothing.

    Sep 11th, 2014 - 03:48 am - Link - Report abuse 0
  • downunder

    ”Timerman also underlined it was essential to have protection from those he dubbed “sinister gentlemen of opulence.”

    This (latest) argentine soap opera is like the Rocky Horror Show on steroids!
    Next we will be watching hectoring hector perfrom before the UN clad in his Y fronts! Now that will be an offensive act!

    Sep 11th, 2014 - 08:40 am - Link - Report abuse 0
  • JIB

    That you all first world citizens pay so much attention to a pariah country speaks more about yourself than of that country.

    Sep 11th, 2014 - 11:41 am - Link - Report abuse 0
  • Captain Poppy

    #28 Investors benefits from investing not counties you poverty stricken commie fool. Go back to your momma's nipples you are best in her basement....unless she (you) was evicted.

    Sep 11th, 2014 - 12:12 pm - Link - Report abuse 0
  • ilsen

    I think Terri Robl (see article) makes a good point. If this was to go through many of the countries that voted for it would get LESS investment, or it might dry up completely.
    I fully expect Tinpotman to shoot himself in the other foot any moment now.

    Sep 11th, 2014 - 01:48 pm - Link - Report abuse 0
  • Captain Poppy

    ilsen I expect to see a steep discount in proceeds of loans as prepaid interest, more upfront fees and higher rates. You are right, these countries will be showing their appreciation to tinman in the not so distant future.

    Sep 11th, 2014 - 05:11 pm - Link - Report abuse 0
  • ilsen

    Isn't this really one for the IMF, not the UN?

    Sep 11th, 2014 - 05:58 pm - Link - Report abuse 0
  • 4n conTroll

    @33

    The USA and UK have benefited tremendously from this sickening crime of debt. They set up the “free-floating” dollar not linked to Gold in 1947. That is the origin of all this. If currencies around the world had stayed linked to Gold, then no country would have been able to issue debt and print debt.

    Funny how before this time countries did just fine. IN FACT, the best eras of economic growth for the USA, Europe, and in fact, ARGENTINA, where the 10-12% growth rates of the PRE FIAT CURRECY AND SOVEREIGN DEBT ERA!!!

    Live in your fantasy world if you wish. Your time is up anyway.

    Sep 11th, 2014 - 06:09 pm - Link - Report abuse 0
  • ilsen

    Will it be food or Internet tomorrow? You need to keep your strength up for all these rants Tobi, but you also feel the need to rant on here....

    Tricky one, food or Internet, food or Internet, food or Internet?

    Sep 11th, 2014 - 06:20 pm - Link - Report abuse 0
  • imoyaro

    Food, Internet...or Ammo? Because you never know when you need to stop in at one of those local banks to make a “withdrawal” in pesos...

    Sep 11th, 2014 - 06:31 pm - Link - Report abuse 0
  • Captain Poppy

    37 get on your knees....daddy is waiting for you. Keep wishing because that is the best they can teach you at the camp lab.

    Sep 11th, 2014 - 07:13 pm - Link - Report abuse 0
  • yankeeboy

    37. I would love to see how you can logically link the gold standard currencies and the huge growth in the new world.
    Go ahead give it a try.
    Psst, just because things happened at the same time doesn't mean they have any connection.

    Soy oil down 30% yoy
    Soy down 20% yoy

    My guess is Soy will not be profitable next year in Argentina or Brazil
    Now what?

    Sep 11th, 2014 - 09:47 pm - Link - Report abuse 0
  • downunder

    “The United Nations General Assembly voted overwhelmingly on Tuesday in favor of a legal framework that would help regulate restructuring of foreign sovereign debt...”

    The UM GA has voted in favour of a legal framework to regulate sovereign bankruptcys. That sounds like a good idea, but I imagine that the IMF will have something to say about the proposed 'framework'.

    Of course Hectoring Hector and other like minded members of the dead beat fraternity have used the occasion to grandstand and attack their hated enemy, the so called 'vultures'.
    But what has changed for Argentina? Despite all the (convected?) jubilation from argentina, the GA hasn't even offered any real moral support for their legal dispute with the holdouts and the US Justice system and, of course, the UN can't forgive argentina's debt (even if they wanted to).

    So argentina is still in default, it is still being chased by the debt collector and it still owes!

    It seems that for argentina, any result short of an unambigous rolled gold disaster is in fact a victory that warrants a shout it from the rooftops response. What a weird mob!

    Sep 13th, 2014 - 08:56 am - Link - Report abuse 0

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!