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Argentina asks Citigroup how it will react to Judge Griesa' decision

Thursday, March 19th 2015 - 08:01 UTC
Full article 29 comments

Argentine Economy Minister Axel Kicillof has revealed the government sent a letter to Citigroup asking how the bank will react, after New York district judge Thomas Griesa decided not to kill an injunction that blocked Citi from processing interest payments on 2.3 billion dollars of Argentina bonds, under Argentine law. Read full article

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  • willi1

    in december kic-ill and his gang members will be thrown out of power to follow up their craziness. until that time citi can find a way to survive.

    Mar 19th, 2015 - 08:23 am - Link - Report abuse 0
  • HansNiesund

    '“I would say they have already incriminated themselves in a crime that they did not yet commit,” he added.'

    You've got to hand it to Argentina for this great leap forward in judicial thinking.

    “Minority Report' is a a 2002 American neo-noir science fiction mystery-thriller film directed by Steven Spielberg. It is set the year 2054, where ”PreCrime“, a specialized police department, apprehends criminals before they've ever committed a crime, based on foreknowledge provided by three psychics called ”precogs”. The film is a combination of whodunit, thriller and science fiction.

    It's fiction in the rest of the world, but it's reality right here in Argentina!

    Step forward, Tobi, and take a bow!

    Mar 19th, 2015 - 08:31 am - Link - Report abuse 0
  • Chicureo

    Before they fall upon their sword, changing their undergarments would be appreciated. All they can really do is try and somehow survive the final administration of CFK and pray the electorate will recover its sanity...

    Mar 19th, 2015 - 10:25 am - Link - Report abuse 0
  • Klingon

    Axel is looking to fine them to bring in some quick cash.
    As usual he is twisting it around to deflect blame from himself.
    Maybe the K's Nationalize Citi so the Campora clowns have their own bank.

    Mar 19th, 2015 - 11:10 am - Link - Report abuse 0
  • Conqueror

    Only to be expected. A criminal asking a co-conspirator what they are going to do. Most semi-intelligent crims wouldn't send a letter. But there's a problem. What up-to-date communication methods are there that NSA doesn't monitor? I do hope that all these 'snippets' mean that the net is closing, that the 'escape' routes are being closed off, that the cat gut and butchers' hooks are being prepared, that new lamp posts are being installed. It's worth remembering that, when Mussolini was executed by the people of Italy for what he'd done to their country, the cat gut was tied round his ankles. The butchers' hook was over the lamp post ladder prop. Suspended upside down. Better to sling a rope over the ladder prop, drive the hook into the neck and haul. Don't shoot it first. Don't they deserve to suffer?

    Mar 19th, 2015 - 11:24 am - Link - Report abuse 0
  • ChrisR

    These child like people who think themselves so clever cannot see what the rest of the world thinks of them.

    What's the betting nothing will happen to CitiArgy?

    Kickitoff has failed at every turn, why would he do anything about them?

    Mar 19th, 2015 - 11:36 am - Link - Report abuse 0
  • chronic

    ShitiBanc deserves all that it is about to receive in rotting roadkill.

    They are collaborators and facilitators.

    Typical go along to get along operators governed only by situational ethics as are apparently all rotting roadkillians.

    ShitiBanc should have their retail unit divided and sold off to smaller regional operators. This solves the too big to fail issue. Similarly, the trading division should wound down and the investment remainder can then learn about the realities of economic Darwinism devoid of government subsidy.

    Sharpen the axe!

    Mar 19th, 2015 - 11:55 am - Link - Report abuse 0
  • yankeeboy

    As I have said this may be an elegant way for Citi to exit the Kleptocracy once and for all.
    They are winding down retail operations in most of SoAm anyway.
    And Argentina has been a money loser for a very long time.

    We'll see

    Remember Griesa has known all of these Financial attorneys for a very very long time. They like him. They respect him.

    BTW did anyone read the crazy comeback from Arg about the Me toos? It talked about the UN, IMF, world opinion, it was completely nutty and irrelevant to the case.
    I think they have a hard time distinguishing facts and emotions toss in a bit of delusion and there you have it. Just like the Rgidiots on this board.

    Mar 19th, 2015 - 12:32 pm - Link - Report abuse 0
  • Orbit

    How embarrassing for Kiciloff... Waving threats around then when it comes to pass sending a letter hoping they won't shut up shop.

    Mar 19th, 2015 - 12:46 pm - Link - Report abuse 0
  • yankeeboy

    The important thing to remember is Citi has already written off their investments in Argentina. So financially it is a a good time to go.

    Mar 19th, 2015 - 01:07 pm - Link - Report abuse 0
  • gordo1

    @7 chronic

    You may be aware that Citibank is aiming to sell several of its operations in Latin America. I read recently in El Diario de Hoy of El Salvador that nobody is presently showing any interest in acquiring its operations in Central America.

    Mar 19th, 2015 - 02:17 pm - Link - Report abuse 0
  • Conqueror

    @8. If I understand you correctly, I hope you're right. Time for argieland to be removed from the world. Let it grind to a halt, be unable to see, 'trade' in dugouts, gas themselves, starve, be destroyed by proper people. Scum should always be dumped headfirst into 30 feet of shit. Argieland?

    Mar 19th, 2015 - 03:24 pm - Link - Report abuse 0
  • Klingon

    @ 12 You are such a knob gobbler!
    Get outside and get some fresh air and a change from drinking $2 port in that shitpit where you live.

    Mar 19th, 2015 - 03:47 pm - Link - Report abuse 0
  • Enrique Massot

    Axel Kicilloff has shown what most economy ministers in Argentina have failed to show in the past: real commitment with his country.
    Would he be a Cavallo, most posters here would be applauding him. The dominant media would make him their dear, and Paul Singer would be singing praise too.
    However, Argentine people with memories know well what a Cavallo would do as minister: pay the vultures, pay everybody, get commissions for himself and friends in the process...and do it all by borrowing abroad.
    When loans expire, he would borrow some more to refinance the previous debt, and keep doing more of the same until the final disaster.
    We prefer Axel.

    Mar 19th, 2015 - 03:57 pm - Link - Report abuse 0
  • golfcronie

    @14
    Enrique, a serious question. Would you be happy to lend , let's say a US$ 1000. and only receive US$ 300 back? Look forward to your comment. As far as Argentina and the UN talking about the need for the restructuring of debts , do you see the developed countries signing up for that? If you borrow money and say you will pay back that money and interest and then don't, do you not except that as stealing?

    Mar 19th, 2015 - 04:25 pm - Link - Report abuse 0
  • Tarquin Fin

    @14

    Who prefers Axel? Who prefers Cavallo? What are you talking about?

    What have you done to your mind? Have you suffered from lack of oxygen in your brain?

    Seriously, you have to quit whatever it is you're on.

    Mar 19th, 2015 - 04:46 pm - Link - Report abuse 0
  • yankeeboy

    I would love to know who the “we” Quique speaks of. Is it the Rg COmmies of Canada maybe?
    I can't think of anyone else he'd be trying to associate himself with..

    Mar 19th, 2015 - 06:02 pm - Link - Report abuse 0
  • dsullivanboston

    16 I can't stand phonies like Enrique, he lives in the clouds... He should be back in Arg if he really felt half of what he says...

    Mar 19th, 2015 - 09:47 pm - Link - Report abuse 0
  • imoyaro

    “We prefer Axel.”

    He needs to stop hoarding his meds, so the voices go away. Then again, there's something to be said for never being alone. ;)

    http://i1290.photobucket.com/albums/b521/imoyaro/chopperlaff_zpsrpl58kjd.gif

    Mar 19th, 2015 - 11:07 pm - Link - Report abuse 0
  • Enrique Massot

    Would not expect less from faithful Mercopress posters, short and to the point as always. Very entertaining. Let's see: in just five postings you've managed to diagnose me with cerebral hypoxia, schizophrenia galopante, label me Commie, “phony,” and to wrap it all, I was sent back to the “Argentine hell” to pay for my sins and those of my ancestors going back at least three generations.
    However, since none makes any arguments, I will leave it at that.

    Oh yes, golfcronie at #15 asks if I would be happy to lend some money and get back a much lesser amount. Response: No, I wouldn't be happy. In fact, it has happened to me. Have you ever invested in mutual funds in boom times and then tried to cash it during a recession? I also know of a senior in state of poverty who was sent a handful of credit cards by different banks. Being in need, he maxed them all and when push came to shove, had to declare bankruptcy. I know golfcronie and yankeeboy are going to burn the senior at the stake; on my part, I say the banks were responsible. Fact is, they like the interests from credit cards so much, they promote them and sometimes get burned--but not to worry, they still make fat profits at the end of the day.

    Lastly: Anti-vulture international legislation would concern that: vultures. Those rapacious financiers are of a different species and are the ones targeted. Regular lenders not to worry.

    Mar 20th, 2015 - 04:04 am - Link - Report abuse 0
  • Pete Bog

    “Economy Minister Axel Kicillof has reminded Citibank that breaking Argentine law “has consequences”, ”

    I take it that anyone connected with the oil industry in the Falklands is breaking Argentine law.

    And exactly how many arrests have been made since those 'terrible' threats were made in 2010 (or was it earlier?).

    Consequences? The Citibank have to put up with an Austral Elvis gig?

    Austral Elvis buys a tie?

    Mar 20th, 2015 - 05:56 am - Link - Report abuse 0
  • imoyaro

    @20

    Comrade Rique, your wall of text posts have no substance. At least I do not beat around the bush. Reasonable discussion is out of the question with a shill like you. Do the Canadians know you are a foreign agent?

    http://i1290.photobucket.com/albums/b521/imoyaro/chopperlaff_zpsamu9towd.gif

    Mar 20th, 2015 - 06:11 am - Link - Report abuse 0
  • Jo Bloggs

    20 Enrique

    Stop being so paranoid.

    Mar 20th, 2015 - 11:26 am - Link - Report abuse 0
  • yankeeboy

    Why do liberal idiots always want to blame someone else for their own failings?
    Personal responsibility is a sign of maturity.

    Quique still has not matured. I guess he'll probably be dead before that happens.

    Mar 20th, 2015 - 12:58 pm - Link - Report abuse 0
  • ElaineB

    @20 How utterly ridiculous to compare an irresponsible individual misusing consumer credit with the default of Argentina. They are not nearly the same scenario. You surely must comprehend that?

    Mar 20th, 2015 - 02:06 pm - Link - Report abuse 0
  • Enrique Massot

    #25 ElaineB
    “Irresponsible individual misusing consumer credit.”
    I was right!
    You blame the weak and absolve powerful institutions in the same way you blame Argentina and applaud the vultures. That shows where your priorities lie.
    Now, individuals may find comfort blaming and insulting, but decision-makers know they must be realistic if they are going to make a bad situation better.
    A paper titled Restructuring Sovereign Debt: Lessons from Recent History provides some context:
    “Sovereign debt restructuring episodes have been widespread around the world, with more than 600 individual cases in 95 countries during the past 60 years alone.” (Page 6).
    http://www.imf.org/external/np/seminars/eng/2012/fincrises/pdf/ch19.pdf

    Now, if Argentina's current government were engaged in a similar behaviour to that occurred prior to 2001 you would be right in blaming it for repeating the same behaviour. Instead, in the last decade the country focused on reconstructing its devastated productive sector without resorting to massive borrowing.
    The country's restructuring debt is considered a successful case with bondholders representing 92 per cent of the debt agreeing to a haircut in 2005 and 2010 and service payments done in time ever since. Don't forget the country cancelled its debt to the IMF in...2006!
    The remaining creditors (eight per cent of total debt), the holdouts, a small part of which are Paul Singer's vultures, have succeeded in stopping debt service payments to the 92 per cent of restructured creditors in order to obtain payment of 100 per cent of the bonds' face value for that group.
    The Citibank saga is only a sample of Judge Griesa's hostage-taking tactics, that have not worked so far because of the firm attitude of the Argentine government.
    And again, Argentina has reiterated its will to negotiate reasonable payment to vultures.

    #17 yankeeboy:
    I and the rat I have in me pocket.

    #23 JoBloggs:
    Paranoids cannot stop at will or they would not be paranoids.

    Mar 20th, 2015 - 04:35 pm - Link - Report abuse 0
  • ElaineB

    @26 No you are completely wrong, again. I am saying the comparison you made is wrong. At a consumer level banks are culpable for irresponsible lending as much as the irresponsible individuals that thought they could spend money and never have to pay it back. That is nothing like lending at country level, unless you are stating that every Argentine in a responsible position of handling the country's finances are pig thick. Are you saying that?

    Mar 20th, 2015 - 08:25 pm - Link - Report abuse 0
  • Doggy Rap

    Idiot child Enrique Massot

    Calling the holdout bond owners “vultures” proves that you are an idiot child.

    Vultures feed on rotting corpses, thus calling the holdouts “vultures” means that Argentina is a rotting corpse.

    Mar 21st, 2015 - 03:39 am - Link - Report abuse 0
  • chronic

    reekie! reekie!

    Why did you have to leave rotting road kill? Why are to afraid to return and stay in your utopia? Do you canuck acquaintances know that you advocate anarchy? That you support the iranniuns in their quest to hide their terrorist acts? Do the locals know that you hate the UK and loathe America?

    Let's get the gloves off. You're jealous of the material wealth of others but unwilling to take the risks and do the work. You are just like any other Kswine/perronist dog when removed from the comfort of the like minded weak. In America you can always find the rotting roadkillians when the work is done or you open a bottle of your own whiskey. In rotting roadkill the che's are always proud until until they need the gringo money or other help. Canada indeed.

    Now reekie, if you aren't comfortable with the K's how do you think you will be welcomed by what comes next? Hey reekie! Why does 90% of the Canadian population live within 100 miles of the US ?

    Mar 21st, 2015 - 01:44 pm - Link - Report abuse 0

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