MercoPress. South Atlantic News Agency
Argentina: Holdouts dispute, a Cristina Fernandez legacy for the next government
US District Judge Thomas Griesa of New York on Wednesday urged Argentina to resume talks to settle bondholder litigation flowing from its $100 billion default in 2002. The judge made the remarks as creditors suing over defaulted bonds urged him to expand to nearly $8 billion the amount Argentina must pay them to service its restructured debts. Read full article
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Disclaimer & comment rulesTMBOA will NEVER settle with the so called “vultures” and even if by some miracle she changed her mind there is no money to pay them and no way international markets are going to touch The Dark Country, nevermind 'loan' them money which they will never pay back.
Oct 29th, 2015 - 11:14 am - Link - Report abuse 0“Carmine Boccuzzi, Argentina's lawyer, countered that doing so would complicate settlement talks by expanding the number of holdouts with “veto power” over a deal.”
Oct 29th, 2015 - 11:38 am - Link - Report abuse 0What settlement talks ?
Actually, if the “Me too”ers are included this is bad news for the hedge funds. As and when (if ever) there are settlement talks, there will be finite resources to offer in settlement. The larger the number of claimants who have to be satisfied, the lesser the amount each one will get. Because of this, Argentina's best strategy from the outset has been to increase the number of claimants to priority treatment as much as possible, or at least to threaten to do so. The more diluted their claim becomes, the more anxious the hedge funds will be to settle, This has always been the weakness of their position. Curiously, the Argentines have ignored it so far, presumably because the larger that group becomes the weaker the Argentines will appear to be. While I am not familiar with the documentation I feel there must be something they could do that would effectively put all claimholders on the same level. I would not want to be an investor in one of the hedge funds if that were to happen. Still, I suppose the hedge funds are counting on the Argentines not being able to figure this out.
Of course both the Argentine economy and the Argentine reputation are now so destroyed that whether they ever regain access to international financial markets becomes a moot point.
@2. Where do “finite resources” come into the picture? Take a look at the number of capital and infrastructure projects that argieland has started. Take the supposed acquisition of the CAC/PAC JF-17 Thunder. It doesn't matter how much, if anything, argieland pays for them. The Block 2 machines are valued at US$28 million each. Argieland is on for 20. Take possession and sell them for US$14 million. That's US$280 million for a start. How about the 5 Type 056/P18 corvettes? Costing US$50 million each. Sell at half price. That's another US$125 million. Maybe they could be sold at cost? Take possession of argie nuclear power stations. Even better, take possession of the banks. I'm sure that Judge Griesa is prepared for anything argieland could do. Aren't the “me too”s already on the same level? Wasn't that the whole idea? That they should be treated the same as the hedge funds.
Oct 29th, 2015 - 12:30 pm - Link - Report abuse 0Bonqueror would of course be on the front line of any attempt to “take” Argentinian military equipment.
Oct 29th, 2015 - 06:18 pm - Link - Report abuse 0Pot on head, safety scissors in hand.
No wonder they want to be our friend again,
Oct 29th, 2015 - 07:32 pm - Link - Report abuse 0hoping David will them millions of our money,
he like to help others..
Hey Argentina, why don't you ask your new bestest friend(future creditor, er your future master)China to help clear up your debts for you?
Oct 29th, 2015 - 09:02 pm - Link - Report abuse 0l'm sure that they would like to help you, just sign here! lolz.
But this document says invade Iraq and Arghanistan with us illegally and allow us to implement mass electronic surveillance of your citizens.
Oct 29th, 2015 - 09:27 pm - Link - Report abuse 0Nobodys going to sign that.
@7
Oct 29th, 2015 - 10:29 pm - Link - Report abuse 0Have we got of the subject? I thought this was about what happens next in Argentina as regards the “ holdouts and me too ”. No one knows what is going to happen next in Argentina but rest assured that the “ holdouts and me too ” will not be giving up, you know that the next President is going to have to deal with them.
After all this time, TMBOA has achieved what, exactly?
Oct 30th, 2015 - 02:04 am - Link - Report abuse 0a) destroyed her Country's credit rating, (new Bonds at 8% !!)
b) further enriched some, already very wealthy, NYC lawyers
c) lost any semblance of respect from the International Community
d) created even more debt/poverty/inflation
e) 'trousered' a few $million off-shore...
Great Legacy... Not!
And all because she failed to steal the falklands...
Oct 30th, 2015 - 01:01 pm - Link - Report abuse 0a)established credit swaps.
Oct 30th, 2015 - 07:06 pm - Link - Report abuse 0b)established long term deterrent which gives any chancers the prospect of a 10+year wait for trying it on.
c)gained support of un/mercosur/europe in dealing with the vultures, pushed forward international laws to put an end to them.
d)obtained high value large scale infrastructure investment from China.
e) hmm ... well ... not the only one living it up on taxpayers money. At least she could potentially have to face the law.
Would be funny to watch what the next president does with Griesa and the vultures.
Oct 30th, 2015 - 08:18 pm - Link - Report abuse 0@ 12 Riki MPH
Oct 31st, 2015 - 05:51 pm - Link - Report abuse 0Well I suppose from your hideout in Canada you expect some form of direct action from the next president then?
Like NOT paying anything to anybody? Yes, that worked for TMBOA and will work for the next stupid sod if he tries that, NOT!
Anybody with half-a-brain can see that the ONLY thing that will repair the complete and utter damage caused by the Deadly Duo of Boss-Eye and The Mad Bitch is for them to 'normalize' Argentina in the real world and pay the debts owed to the bond holders.
Anything less WILL fail and Argentina will continue in the financial death spiral it is currently in.
Unless of course YOU know better!
LOL
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