MercoPress. South Atlantic News Agency
US Appeals court sends Argentina back to Judge Griesa on BONY's case
A U.S. appeals court on Wednesday dismissed the Argentine government's appeal of an order directing Bank of New York Mellon Corp to hold onto 539 million dollars the country deposited for its restructured bondholders. Read full article
Comments
Disclaimer & comment rulesWhy President Kirchner could presumably solve the Holdout problem as soon as possible, may be already in January 2015 (after expiry of the RUFO clause)?
Oct 23rd, 2014 - 12:04 pm - Link - Report abuse 01, “Contempt of the court” by Judge Griesa should be ASAP revoked
2, The accelaration of the defaulted swapped bonds (PAR & Disc) should be avoided
3, An agreement with the Holdouts would be a win-win situation for everybody!
For Argentina, for the Holdouts and also for the exchange bondholders, whose bonds rates would also be considerably increased.
4, A completed final agreement with the Holdouts would improve Argentina's ratings, initiate a firework of investments and enable also cheaper credits for argentine companies.
5, Also seizure risks and a technical Default would be immediately averted. Argentina could immediately return to the capital market and thus Argentina could refinance the payments to the holdouts, without using reserves.
6, Left glory and honor of finishing the 13 years old default others?
It would be a historic event and come in the historic books, if President Kirchner after 13 years finally finished this HORROR Default with an amicable agreement with the holdouts.
HOW COULD BE THE CONDITIONS FOR THE REPAYMENT?
Argentina owes to today about 230% to the Holdouts (since 2002
Argentina had not repaid a cent to the holdouts)
- after the end of RUFO clause Argentina should repay in CASH 100% of the nominal value of the defaulted bonds, which became due before 2015.
- For the accrued interest between 2002-2015 (until now about 130%), Argentina should emit new bonds with a maturity of 5-7 years.
Slap
Oct 23rd, 2014 - 12:13 pm - Link - Report abuse 0Rg arrogance makes them stupid, or is it their stupidity makes them arrogant?
chicken egg, egg chicken
hmmm
I didn't see that coming. heee heee heee
Oct 23rd, 2014 - 01:45 pm - Link - Report abuse 0@1. Funny girl.
Oct 23rd, 2014 - 03:13 pm - Link - Report abuse 01. Would you like a list of the 'people' who should be 'snatched' by US forces and then imprisoned for an indeterminate period by order of Judge Griesa? Kirchner for a start. Then Capitanich, Kicilloff, Timerman. Minimum period - 20 years. Solitary. Bread, water and hard labour.
2. Yeah. an 'agreement' with the holdouts. Argieland pays up the US$2 billion it owes (approximate) plus an extra US$1 billion for time-wasting and being a nuisance.
3. Probably best if no-one invests in argieland for the next 20 years. Let them eat soy cake, freeze and get used to walking. What a shame that argieland has no proper 'history'. Back to the 14th century and a good dose of plague (Black Death). Perhaps the population could be reduced to a million or less. 'Credits' should, of course, cost argieland at least ten times what it would cost an honest country. NIL 'credits' for the first 20 years. Then, perhaps US$10,000 per year at 85% interest. All financed by Germany. Just so that only only Germany loses.
4). Seizures should be continued until every penny has been paid and every one has been fully audited to ensure that it is all honest.
5). Considering the larceny, mendacity, wasted court time etc, the matter might be considered, temporarily, closed whilst Kirchner, Capitanich, Kicilloff and Timerman are publicly executed on TV.
6). Whenever, argieland should pay 100% of the face value of every bond. Plus court-determined interest for 13 years. To every bondholder. Irrespective of whether they took part in the legal action against argieland.
7). No need for argieland to 'emit' new bonds. But the 'interest' to be included at (6) should be calculated at the rate of 90% per annum. Perhaps it might teach argieland to develop new 'attributes'. Credibility, honesty, integrity.
Nearly forgot. Hahahahahahahahaha! Back to the eminently honest Judge Griesa.
@1
Oct 23rd, 2014 - 03:22 pm - Link - Report abuse 0What a relief to read a comment that is to the point and lacks offensive language. Thanks
@1 As I said when I saw this post elsewhere, you can speculate and build scenarios all you want and I am not specifically quarrelling with your scenario but it all comes back to what the holdouts will settle for and right now their line has been 100% of all pending principal and interest. Now probably someone familiar with the holdouts' numbers could make a reasonable guess as to how much they would need for their profits to be significantly impacted on the upside and for them a) to become heros to their existing investors and b) to be able to attract new investors. But till that number is determined and the Argentines are willing and able to pay it, in my mind all other considerations are pie in the sky. Except perhaps that the more the Argentines act like they are just out of the stone age the longer it will be before anyone wants to invest any money down there and the higher the risk premium they will have to pay.
Oct 23rd, 2014 - 03:42 pm - Link - Report abuse 0I'm not sure it's true that Argentina will be welcomed back into the capital markets as soon as their dispute with the holdouts is settled - assuming it ever is. I imagine consideration 1 will be “is that mad woman out of office yet?” and 2nd will be “can Argentina afford the rates that their country risk profile dictates?”
Oct 23rd, 2014 - 03:51 pm - Link - Report abuse 01 - holdout.
Oct 23rd, 2014 - 04:43 pm - Link - Report abuse 0Dont worry buddy, it'll all be over in January, a mere two and a bit months.
Why is Nostrils posting under yet another name @5?
Oct 23rd, 2014 - 08:16 pm - Link - Report abuse 08. It wont even begun to be over then.
Oct 23rd, 2014 - 08:22 pm - Link - Report abuse 0Wait and see
@ 8 No Vestige Of A Brain
Oct 23rd, 2014 - 08:35 pm - Link - Report abuse 0“Dont worry buddy, it'll all be over in January, a mere two and a bit months.”
I can only make one comment to this ludicrous statement:
Ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, you get the gist, don't you?
To misquote Churchill, it will not be the end. It will not be the beginning of the end . And actually it won't even be the end of the beginning.
Oct 23rd, 2014 - 11:34 pm - Link - Report abuse 0@9
Oct 24th, 2014 - 01:52 pm - Link - Report abuse 0I have traumatized you, haven't I?
I never have multiple accounts, or multiple nicks.
That's for skulking Anglos to do.
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