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Montevideo, May 23rd 2019 - 17:00 UTC
Paul Singer-controlled NML Capital said that the hedge fund, as well as other holders of Argentine debt, made a deal with Citibank regarding the legal dispute at New York courts over Argentine-law bonds. Read full article
Watch how this rolls out by Sept.
This was a brilliant move by NML.
The laugh is that Enrique Mashed Potato Head thinks Griesa has given in!
These argies just don't get it do they?
As for an argie bank paying locally, are they going to force Citi to give up the payment details AND then, where does the money come from?
Stupid is as stupid does AGAIN!
Yeah these Kidiots crow a bit too early because they don't understand what they are reading or they get their interpretation from Pagina 12.
The real laugh, (albeit a sad and cynical one), is that Enrique and 40mm Argentines seem to believe that Judges are there to 'give-in' at all.
Be that to a political, personal or financial entity, and thus apply the law in the favour of said body.
They seem to struggle with the concept of a 'free and fair, independent Judiciary, seperate from the affairs of State, and man.' that will apply the Law, as it is written and established.
Oh no, they think that Judges should bow to pressure and influence of the incumbent politicos and their corrupt 'friends de jour'.
I don't think I will ever forget Cristina throwing her toys out of the pram and 'demanding' that Obama 'take control' of his Judges in order to ensure the, ahem (cough!), 'right out-come' for Argentina.
That was the day she exposed herself to the world, as to 'how things are done in Argentina', and her expectations that courtrooms are mere platforms to rubber-stamp political decisions.
Personally, I don't think she has ever recovered from that realisation, and I also think it was the day when the 'whole-world' truly learntshe was just another 3rd-world clown.
Seems Hilary Clinton was correct in questioning Cristina's mental health... (I'll find the quote if you want me too, but it is fairly common knowledge).
@4 Wasn't it something along the lines of I'm not saying that she is as mad as a box of frogs, but...
HOW IS CRISTINA FERNANDEZ DE KIRCHNER MANAGING HER NERVES AND ANXIETY? HOW DOES STRESS AFFECT HER BEHAVIOR TOWARD ADVISORS AND/OR HER DECISIONMAKING? WHAT STEPS DOES CRISTINA FERNANDEZ DE KIRCHNER OR HER ADVISERS/HANDLERS, TAKE IN HELPING HER DEAL WITH STRESS? IS SHE TAKING ANY MEDICATIONS? UNDER WHAT CIRCUMSTANCES IS SHE BEST ABLE TO HANDLE STRESSES? HOW DO CRISTINA FERNANDEZ DE KIRCHNER,S EMOTIONS AFFECT HER DECISIONMAKING AND HOW DOES SHE CALM DOWN WHEN DISTRESSED? ~ Hillary Clinton
One of my friends that's close to the K Gov't says CFK is given over 2x the daily recommended dosage of Lithium.
I guess that is why she falls down so much.
In the civilized world she would be in a looney bin.
”(Griesa's) ruling forbidding Argentine debt repayments from going through until a deal is reached with the hedge funds...
Griesa has prevented the large majority of Argentina creditors to receive their debt service payments to put pressure on the country to pay a few opportunistic financiers who make profits by predating the economy of weakened countries.
In the case of Argentina, restructured bondholders represent 93 per cent of the country's foreign debt.
Griesa's ruling is legal and reaches Argentine bonds issued under NY legislation. Argentina has chosen to delay payment until restructuring talks take place.
Paul Singer's NML Capital and others, empowered by Griesa's ruling, won't budge for anything less than 100 per cent of their bonds' face value.
I totally agree that resisting Griesa's ruling and working for international anti-vulture legislation serves a worthy purpose not only for Argentina but for the world. Argentina will eventually pay the vultures, but this corrupt practice must be denounced worldwide.
Several countries have enacted legislation to curtail the activities of the vultures:
In 2002, the British Chancellor (and later Prime Minister) Gordon Brown told the United Nations that when distressed securities funds purchase debt at a reduced price, and make a profit from suing the debtor country to recover the full amount owed, the outcome is 'morally outrageous.'
Legislation passed in 2010 removed the ability of vulture funds to use UK courts to enforce contested debts.” (Wikipedia).
Worry about your lousy EUian airlines, northern fiends.
A good way to put it:
International debt has been a largely lawless arena where power is in the hands of creditors; predatory financial actors such as vulture funds can buy up debts cheaply when countries are in crisis, refuse to take part in necessary debt reductions, then sue for a huge profit.
The Guardian, When vulture funds circle.
Damned funny coming from an individual who has stated he wants Ebola to spread and believes head chopping is an acceptable part of civil discourse. (Never mind burning women alive in cars.) ;)
I wonder if the NY Appeals court will agree with Griesa like they always have that Argentina is indeed in contempt.
I wonder if he will apply sanctions to CFK and Minions too?
I guess he could even ask the US State Dept to start intervening
My my what an interesting time.
Your evil dreams are just that. Keep dreaming YB.
Just a little hopin and wishin.
It would be nice to see NML freeze CFK stolen loot too.
That would be icing on the cake.
So both the Judge and Singer have given Citibank an out from their end, question remains how the Argy gov is going to respond.
I get the strong impression CFK & Co are not going to want to let them go, however given the time that Citibank now have to effect an exit, it is difficult to see how they can ultimately be prevented.
And then there can always be further “one off” payments allowed.
No doubt this will be portrayed as a victory by CFK & Co in Arg, however in reality it is a tactical side step which leaves them punching at air.
I don’t think a campaign has been fought this badly since a bloke called Hitler said “you know that little town on the Volga”.
@ 9 STroll with the_TroLL
“northern fiends”, oh yea, says the “northern fiend” living in the Southern Hemisphere.
Otherwise known as ”a northern reject”.
With all that litium, she will soon turn into an power battery.
Or do you mean Valium?
16. Lithium, from what I hear they keep her pretty drugged up as much as possible then give her something else when she has to do something in public.
That's why sometimes she slurs her words and falls down a lot.
...Lithium acts on a person's central nervous system (brain and spinal cord). Doctors don't know exactly how lithium works to stabilize a person's mood, but it is thought to help strengthen nerve cell connections in brain regions that are involved in regulating mood, thinking and behavior.
Well well well, looks like they are really desperate to get their hands on some cash. ;)
@ 19 imoyaro
The child Kickitoff was threatening severe reprisals if they break argie laws in favour of the illegal Griesa ruling!
Oh dear, they STLL don't get it as to how deep the shit they are standing in is.
I suppose it's from standing in shit all your life.
I still think this is a way for Citi to exit Argentina. I am not sure why they're still there surrounded by these nutbags. They've pulled out of most of SoAm anyway.
I think they lost around U$2b last year in that horrible place.
I wonder if all the expats are gone?
Axel is after some quick cash with his eyes on slapping a whopping fine on Citibank.
Citibank needs to hols on until after the elections when Macri gets in and will be smooth sailing after that, compared to now.
@21 I do hope the Expats that freeload here fuck off. I am sick of them coming here and not paying taxes. I was on an BA expats the other day and someone was asking how they can take the bus from EZE to Buenos Aires. News flash: If you don't have money to pay for a Taxi stay home you broke ass trailer trash. We have enough free loaders here without importing them,
Can’t work out if he is saying he will pull their licence, or if he won’t let them relinquish it.
Time will tell I suppose.
Citi is deep vested in Argentina. It'll take a nuke for them to leave. Please aim to 1-11-14 first.
22. Having more pesos is irrelevant, CFK makes as many as she wants without anyone stopping her. Peso fines are meaningless.
Expats pay taxes, much more than any Rg.
BTW when I was traveling alone I took Manuel Tienda Leon if I was going to BA. Why not its cheap and good service. Don't be such a snob especially if your an Rg making pesos. Its just embarrassing.
I could never figure out where this narcissistic hauty self importance character flaw with the upper middle class Rgs comes from. We make fun of you in the USA. Bad shoes, bad suits, unkempt, yet haughty...its so odd.
24. We'll see Citi has lost lots of $ in Arg over the past few years. I can't see why they would bother staying.
@ 24 Tarquin Fin
As I understand it, it is only the custody aspect of the business they are trying to leave at the moment. Of course that may have to change given the response of the Argy Gov.
... CFK makes as many as she wants without anyone stopping her.
Funny you should mention that. ;)
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