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Montevideo, June 16th 2019 - 04:51 UTC

Argentine argues before NY Appeals court the central bank is not an 'alter ego' of the administration

Thursday, December 11th 2014 - 11:29 UTC
Full article 10 comments

Lawyers representing the Argentine government and the Central Bank have defended the country's stance on the debt conflict in a hearing with the New York Second Circuit Appeals Court, rejecting the notion that holdout investors could confiscate reserves or assets belonging to the financial entity. Read full article

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  • ChrisR

    TMBOA says 'jump' and Vanoli says 'how high'.

    Of course there is no other relationship unless TMBOA is going shopping to NY and she requires the odd few million dollars out of the reserves.

    Who do these stupid, stupid, people think they are fooling? Argie lawyers are back on the tit again!

    Dec 11th, 2014 - 11:52 am - Link - Report abuse 0
  • CabezaDura2

    Do the attorneys of CFK don't realize that news about the bankruptcy of the BCRA do not reach the US courts ?? Or that the Constitution of the BCRA was raped and reformed in the last few years by the Ks

    Only 10 Bn U$S actually left.
    http://www.lanacion.com.ar/1750855-las-reservas-liquidas-del-banco-central-son-de-us-10556-millones

    Dec 11th, 2014 - 12:48 pm - Link - Report abuse 0
  • yankeeboy

    My guess is this will be sent back to Griesa and he'll freeze BCRA's accounts in the USA.
    The U$10B will just about cover outstanding claims.

    Dec 11th, 2014 - 01:34 pm - Link - Report abuse 0
  • Conqueror

    I have a problem with this. How does the argie 'government' manage to 'control' the 'economy'? Every 'central' bank is an arm of its government. The 'government' would be impotent. Unable to enact a single economic measure. More argie bullshit.

    Dec 11th, 2014 - 03:29 pm - Link - Report abuse 0
  • CabezaDura2

    4. Actually the best thing Argentina can do is simply dissolve its Central Bank and abolish the Argentine peso and adopt a basket of currencies in its domestic economy for transactions like the US$, Chilean peso, Bitcoin, Euros, Pounds, Yuans or Uruguayan pesos.

    The politicians will not be able to print money to sustain the deficit. That would be a huge leap forward and solve 80% of Argentina's historical and economic problems for ever.

    Argentine politicians are completely useless to manege the monetary policy of the country and they have proven it over the last century. The BCRA was founded in 1934 and way before that Argentina was the sixth largest economy of the world. We dont need a Central Bank

    Dec 11th, 2014 - 03:52 pm - Link - Report abuse 0
  • ChrisR

    @ 5 CabezaDura2

    A good solution that will never ba adopted by TMBOA: she would think they would not in control of the economy, but they are not now!

    Dec 11th, 2014 - 05:12 pm - Link - Report abuse 0
  • chronic

    Come on, rotting roadkill!!!!!!!!!!!!!! It's your personal piggybank!!!!!!!! lol. I wonder if Paul will retain the current names of the state owned enterprises after he becomes debtor in possession?

    Dec 11th, 2014 - 08:23 pm - Link - Report abuse 0
  • Holdout.from.Germany

    Everybody waits for January, for the end of the RUFO clause. Also the US Courts.

    If President Kirchner resolves the Holdout-problem in January, then the lawsuits by the Holdout and Holdin bondholders would be immediately obsolet.

    Why President Kirchner should as soon as possible, may be already in January 2015 (after the expiry of the RUFO clause), resolve the Holdout issue?

    1, “Contempt of the court” by Judge Griesa should be ASAP revoked. All lawsuits by the Holdout and Holdin bondholders would be immediately obsolet.

    2, A possible acceleration of the defaulted swapped bonds (PAR& Disc) must be avoided

    An acceleration would be a disaster, a total chaos would be broken out.

    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 partly refinance the payments to the holdouts, without using reserves.

    In practice the negotiations could look like this:

    Under the review of Judge Griesa and mediator Daniel Pollack, Argentina and the Holdouts come in January together.

    Argentina enters into good-faith negotiations with the holdout creditors – ALL OF THEM –via the offices of NML Capital/Aurelius/Dart. A firm deadline should be set to reach an agreement, say end of January 2015.

    HOW COULD BE THE CONDITIONS FOR THE REPAYMENT?

    Argentina owes to today about 230% to the Holdouts (since 2002

    Argentina has not repaid a cent to the holdouts)

    - Argentina would repay in CASH 100% of the nominal value of the defaulted bonds, which became due before 2015.

    - For the accrued intere

    Dec 11th, 2014 - 10:58 pm - Link - Report abuse 0
  • Holdout_from_Germany

    - For the accrued interest between 2002-2015 (until now about 130%), Argentina would emit new bonds with a maturity of 5-7 years.

    Dec 11th, 2014 - 11:00 pm - Link - Report abuse 0
  • Buzzsaw

    @8 & 9...or they could just pay what they owe, simples.

    Dec 11th, 2014 - 11:50 pm - Link - Report abuse 0

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