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I'm not a fan of the current ARG government and defaulting on debt when you're solvent is debatable, but on this one I'm actually in support of giving Le Happy Merchant the middle finger, tbh...
I'm not a fan of the current ARG government and defaulting on debt when you're solvent is debatable, but on this one I'm actually in support of giving Le Happy Merchant the middle finger, tbh...
Argentina, going back to their Nazi roots.
the leeches, tbh.
At least they're not greek
...
White power
solvent or insolvent ?
If Argentina pays the vulture funds in full, it could trigger additional claims from other holdouts totaling anywhere between $4 to $15 billion, depending who is counting, and it threatens to unravel the whole restructuring, potentially unlocking claims for more than $120 billion, Kicillof has argued.
Argentina’s foreign reserves have fallen from over $50 billion in 2011 to less than $30 billion today.
http://www.forbes.com/sites/afontevecchia/2014/07/30/final-round-for-argentina-vs-billionaire-paul-singers-elliott-as-default-is-hours-away/
Totally different situation now compared to 2001.
The vulture funds could not wait until Jan 01st for some reason, when everything could have been negotiated again.
Argentina and 92.4% of the bondholders are ed up because these people could not wait 6 months...
Oh no! we are on default
Now there will not be more foreign investment, people around the world will not trust our government word, our currency´s value will drop, the poverty and unemployment will rise, there will be no more credit to buy a house or a car, the streets will be gain by criminals, we will not be able to buy another currency to maintain our savings value, people will be persecuted by the AFIP (argentinian IRS) if they speak against the government...
...o wait, all of that was already hapenning.
at leasts u clowns didnt loss 100b surplus invested in american funds then gfc came lol balance $0
Solvent. They actually paid, but the judge blocked the banks from distributing the payment.
If any Argentinian thinks we should pay Singer and co. what they are asking for then they're dumb s blinded by their hatred of Cristiana Kirchner.
I wouldn´t trust your criteria to know who is a dumb , I mean you voted for this crazy : http://www.lanacion.com.ar/1714687-c...-cuestan-vidas , so clearly you couldn´t identify a dumb even if she was running for president.
But, in spite of the fact that I´m as blind hater of Cristina as it gets, I hope they don´t pay Singer, I mean him and his fake self rigtheousness, trying to put pressure with the default and not knowing that Cristina has done all the dirty work.
If you think we shouldn't pay them why are you so ing defensive man?
BTW, I didn't vote for her.
I do find hilarious that now the discussion is over semantics
“He doesn’t get into fights for the sake of fighting. He believes deeply in the rule of law and that free markets and free societies depend on enforcing it,” said a fellow hedge fund manager, Daniel S. Loeb.
Oh look. A hedge fund manager coming to the defense of another hedge fund manager.
They believe deeply in the rule of law greed.
lol no one will invest in argentina ever
Yes, they will. High risk/ high reward. These funds will always be around.
essentially, a couple of vulture funds want to cut in line and be paid full value plus interest in one go
http://www.nakedcapitalism.com/2016/...ge-takers.htmlAlready, several creditors have agreed in principle to settle – but these do not include the two most aggressive vulture funds – NML (owned by Republican billionaire Paul Singer’s Elliott Management) and Aurelius (headed by Mark Brodsky, ex of Elliott Management). They are indeed reported to have rejected the terms offered by President Macri and his Finance Minister, Mr Prat-Gay. Instead of the 1600% profit some of them have been claiming, under the new Argentine offer it would amount to only 1000%!
Even if Argentina can reach in principle agreement with many of the hold-outs, there are two conditions precedent to finally settling and paying out on the claims and disputes. First, the terms of any deal have to be agreed by the Argentinian Congress (parliament), in which the government does not have a majority it can necessarily rely on. Second, no payment can be made unless the current US court injunction is either lifted entirely, or its terms are substantially changed.
This means that Argentina is still in the position of a hostage, with its people being required by the hostage-takers to pay an exorbitant ransom. But this is state-backed hostage-taking, with any attempt to release the hostage being prevented by the modern version of gunboat imperialist blockade – the extra-territorial, all-embracing injunction.
We are not alone in calling this a case of ransom – this is how the Financial Times (editorial of 8 February) sees it:
Galling though it must be to pay ransom, Mr Macri’s government is right to make the offer. It is not yet clear how many of the holdouts, and particularly the combative Elliott Management, will accept the terms or something close to them. If they insist on full payment or a much smaller writedown, Mr Macri’s position becomes more difficult and his decision more finely balanced.
That Argentina ever came to this reflects a ruling by a judge in New York on pari passu clauses in sovereign bonds that was creative bordering on eccentric. That judgment and the extraterritorial reach of US law cut Argentina off from international bond investors.
The editorial – while encouraging the vultures to accept a deal (the ransom) along the lines offered – is realistic as to the dangers:
But there can be no doubt that paying back at full value the holdout creditors who have held Buenos Aires to ransom for more than a decade would be expensive politically as well as financially. Outside investors would also ask, with good reason, why obstreperous bondholders with superior financial and legal resources should be paid so much more than those co-operating early on.
It's cheaper to hire a bunch of hitmen and get rid of those ers.
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