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Sat Dec 29, 2012, 04:08 AM

US backs Argentina in debt restructring case

Source: Agence France-Presse

US backs Argentina in debt restructring case
AFP 5 hours ago.

The US gave strong support to Argentina on Friday in the Latin American country's legal battle with hedge funds over the repayment of $1.3 billion to holders of defaulted bonds.

Shortly before a court-imposed deadline, the US filed a "friend of the court" brief backing Argentina's attempt to overturn a ruling ordering it to make good on the bonds held by US hedge funds.

A hearing for Argentina's appeal has been set for February 27, 2013, again putting off a reckoning over Argentina's debt, which fell into arrears 11 years ago.

In a 15-page document, the administration of President Barack Obama warned the court that the November ruling "adopts a novel interpretation of a standard pari passu (fairness) clause" that "runs counter to longstanding US efforts to promote orderly restructuring of sovereign debt."

The US also warned the ruling could create risks for the dominance of the dollar in the bond market.

Read more: http://my.news.yahoo.com/us-backs-argentina-debt-restructring-035244240.html

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Reply US backs Argentina in debt restructring case (Original post)
Judi Lynn Dec 2012 OP
The Magistrate Dec 2012 #1
Judi Lynn Dec 2012 #4
dipsydoodle Dec 2012 #2
Peace Patriot Dec 2012 #3

Response to Judi Lynn (Original post)

Sat Dec 29, 2012, 04:36 AM

1. These Vultures Need To Lose Every Damned Dime They Put Into this Speculation, Ma'am

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Response to The Magistrate (Reply #1)

Sat Dec 29, 2012, 06:50 PM

4. We can dream, at least, and hope for unexpected justice. n/t

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Response to Judi Lynn (Original post)

Sat Dec 29, 2012, 05:48 AM

2. Argentina asks U.S. court to block payouts for debt holdouts

Lawyers for Argentina's government said in court papers filed late on Friday that a trial judge was "wrong to ignore the chorus of voices" who opposed his November order on payments to so-called "holdout" creditors.

Those payments, to a court-controlled escrow account, would threaten the service of $24 billion in restructured debt, Argentina's lawyers wrote in papers filed in the 2nd U.S. Circuit Court of Appeals in New York.

"There is no authority permitting a U.S. court to order a sovereign to bring its immune assets into the United States in order to 'turn over' or distribute them to its creditors," lawyers for the Argentine government said in the 69-page filing.

The appeals court is expected to decide next year whether to force Argentina to pay the $1.33 billion to investors in the defaulted debt. The decision could have broad impact on the ability of governments to raise money by selling bonds and on strained countries' response to economic crises.

http://uk.reuters.com/article/2012/12/29/business-us-argentina-debt-idUKBRE8BS02Y20121229

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Response to Judi Lynn (Original post)

Sat Dec 29, 2012, 12:54 PM

3. VERY GOOD MOVE by the Obama administration...

...whose LatAm policy has had me tearing my hair out, with its screechingly offensive rhetoric, continued Bushwhack infusion of billions of our tax dollars into fascist causes, Pentagon strutting around with its hubristic "Southern Command," the CIA-FBI-DEA-AFT-Homeland Security skulking around looking for Iranians (Diebold Congress bill just signed by Obama) when they aren't shooting indigenous families from State Department helicopters, support of fascist coup governments in Honduras and Paraguay (with egregious human rights violations occurring in Honduras--murder, torture, unjust imprisonment, of labor union leaders and other advocates of the poor, and journalists), and more, much more, and, of course, the continued corrupt, murderous, failed U.S. "war on drugs" spreading evil, in quantum leaps, wherever it goes.

Might as well have Bush, Cheney and Rumsfeld in charge, as for Obama Latin American policy--or I should say, Exxon Mobil, Chevron, Drummond Coal, Chiquita, Monsanto and Dyncorp, et al--the planet-killers, rapers of democracy and war profiteers who control the use of our tax dollars in LatAm, no matter which party appears to be elected, here, by Diebold/ES&S.

So the Obama administration doing the right thing is refreshing, and way startling. The shits who are currently trying to destroy Argentina's economy, and literally grab food out of the mouths of poor children and schoolbooks out of their hands and the shoes off their feet, in order to stuff more billions into their own filthy pockets, ought to be in jail or doing community service penance. They spurned Argentina's orderly debt settlement and laid in wait like the human vultures they are, to pick at the carcasses of the hungry and the homeless. I was worried, with good reason, that the Obama administration would support this extremely evil billionaire's lawsuit. I am very glad that they have not done so--but I'm afraid that we cannot expect the U.S. doing the right thing in Latin America to become a trend. This is a billionaires vs billionaires situation--the orderly banksters, usurers and debt-collectors vs the scofflaws, with the Obama administration siding with the orderly have's. Doesn't mean any of it is right or fair. Long story about U.S. control of third world governments so the banksters can bleed them dry, going back decades. But at least the Obama administration is not using this situation, as the Bushwhacks would have, to create chaos ("shock and awe" bombing of the economy to bludgeon the people and their leaders into obedience and slavery).

Step #1 in the right direction. The Obama administration has a LONG road to go, to come anywhere close to doing the right thing in Latin America.

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