Archive for the ‘Argentina’ Category
Two, not one, rulings regarding the 2001 defaulted bonds, upholding U.S. contract law; As I had mentioned earlier,
This is an interesting case, not just because Argentina initially had to issue the bonds with a guarantee that they would pay them in full because the country had already defaulted, but also because it may set a precedent for any future sovereign debt or municipal debt restructurings.
High Court Sides With Holdout Creditors in Argentina Debt Case
The U.S. Supreme Court handed Argentina a pair of legal setbacks in cases stemming from its 2001 default, a major blow for the country in its lengthy battle with holdout creditors
In one highly anticipated case, the justices rejected Argentina’s request that the high court intervene in litigation with holdout hedge funds that had refused to accept the country’s debt-restructuring offers.
The Supreme Court, without comment, left in place a lower-court ruling that said Argentina can’t make payments on its restructured debt unless it also pays the holdouts.
And then there’s the disclosure case,
In a second related case, the high court ruled that bank records about Argentina’s international assets can be made available to one holdout creditor seeking to collect on court judgments stemming from the default.
To add to the double whammy, the decision was 7 to 1; Lyle Denniston of SCOTUS blog explains,
Besides refusing to hear Argentina’s plea that U.S. courts had no authority to command how it, as a sovereign nation, deals with holders of its external debt, the Court silently turned aside a plea by Argentina to get an interpretation by New York state courts of just what legal obligations of equal treatment Argentina has undertaken in selling the now-defaulted bonds.
In contrast to the simple denial of those issues, the Court issued a full-dress opinion on the separate question of how wide an opportunity the holders of defaulted bonds would have to gather information from two banks about the location of Argentina’s financial assets overseas.
In an opinion by Justice Antonin Scalia, the Court rejected Argentina’s argument that those bondholders could only seek information about assets that that country keeps in the United States. Argentina had relied upon a 1976 U.S. law seeking to insulate foreign governments from some legal obligations in U.S. courts.
For one thing, Justice Scalia noted, Argentina had given up its immunity to demands for information about its assets that could be used to cover its obligations on debts. But, in addition, Scalia wrote, the 1976 law on foreign immunity simply says nothing at all about giving foreign governments immunity to demands that they produce information that may be necessary to satisfy a debt obligation they had undertaken.
This means the investors can get access to a wide number of bank records to locate financial assets overseas that they might be able to seize as compensation.
Argentina had sent a delegation to meet with Nancy Pelosi last week to discuss the debt,
Hours earlier, the Argentine delegation had lunch with former US solicitor-general Paul Clement — a legal adviser for the Argentine position against the hedge funds that have refused to restructure the country’s defaulted debt — and representatives from the Cleary, Gottlieb, Steen & Hamilton law firm.
Justice Sotomayor had recused herself.
You can read the decision in full here.
Argentina debt crisis fears grow after US supreme court ruling
Share prices fall 6% as US court refuses appeal against decision in favour of creditors who bought up debt worth $1.3bn
Cristina Fernández will address the nation on television at 9 pm local time tonight.
Yes, the World Cup is front-page news on every newspaper in the hemisphere.
More important news: Santos was re-elected in Colombia.
Don’t tell Maureen Dowd, ‘Coca’ cake for UN chief: Bolivia gives Ban a birthday treat
Costa Rica seizes 4 tons of cocaine at sea
Cy Tokmakjian Canadian fears foregone verdict in Cuban court
Stateless people in Dominican Republic hope to regain citizenship
Ecuador Breaks Its Amazon Deal
JAN BREWER: MS-13 GANG MEMBERS COULD BE CROSSING BORDER WITH CHILDREN; I’d actually be surprised if they weren’t.
Fundamentally changing America by emboldening dictators: Obama’s Budget Fails Democracy Promotion Abroad
The administration is proposing to remove language from next year’s budget that would safeguard American foreign aid from repressive foreign leaders.
The proposed removal from the administration’s budget and appropriations request for next fiscal year of a provision instructing the Secretary of State not to seek the prior approval of host governments when funding nonprofits and civil society groups overseas is infuriating American democracy-promotion and human-rights activists, who argue the omission marks a retreat in U.S. leadership.
They warn the Obama administration is in effect signaling to repressive regimes that they can dictate where U.S. democracy-promotion and human rights money goes in their countries—a problem the provision introduced a decade ago was meant to combat.
Nicaragua shakedown like highway robbery
The results of the welfare state: Some 68% of Babies in Puerto Rico Born to One-Parent Households
What leaving Venezuela means to Jews
TalCual: Repression vs. Inflation
On Tuesday, a group comprised by 9 human rights NGOs released their own figures. These showed that Nicolás Maduro has repressed 485% more than his predecessor, while inflation may exceed 70% by the end of this year
The week’s posts and podcast:
Immigration: And I still ask, who’s organizing this?
At Da Tech Guy:
The case for harmless escapism
The spotlight’s on Brazil this week, as the World Cup inaugural game is scheduled for Thursday, June 12 in Sao Paolo. Let’s hope the games don’t turn into a disaster.
São Paulo unions threaten general strike for World Cup amid subway protests
Days of subway strikes raise fears of transport chaos during tournament in Brazil; union leaders say other sectors could join industrial action
The Economist endorses Santos: Colombia’s presidential election
A vote for peace
To stop the killing, Colombians should re-elect Juan Manuel Santos, while Colombia Politics points out that We’re voting for a president not for peace. Meanwhile, pressure from candidate Zuluaga is already achieving a cease-fire from the FARC.
Colombia to set up truth commissionIvan Marquez, Farc commander, Havana, 27 May 14
Colombia’s government and Farc rebels agree to set up a truth commission to investigate thousands of deaths in five decades of conflict.
Dominican Republic delivers on immigration promise
In the cradle of Ecuadorean soccer, the beach is the fiercest field
Esmeraldas, Ecuador, is home to only 3 percent of the national population but it makes up almost half of the country’s World Cup team. Is the beach the secret?
More effects of America’s weak foreign policy: U.S. Crew Is Arrested on Honduras River Job
A salvage company has a contract to dredge the Patuca River and raise valuable mahogany and cedar logs, but weapons on the company ship mean time in jail.
You heard about it from Fausta’s blog, but now BLUE MODEL GOES BELLY-UP
Media Catches Up on Puerto Rico
Puff-piece on Mujica at al-Jazeera:
Uruguay’s Mujica: New global role model?
Uruguay’s ‘humble’ president defies imperial and corporate hegemony with a series of unorthodox policies.
Mujica certainly knows how to make a fashion statement:
The week’s posts and podcast:
Argentina: Secretary of national thought
At Da Tech Guy Blog:
Immigration’s lost children
Venezuela has a minister of Supreme Happiness; not to be outdone, Argentina appoints new secretary of ‘national thought’
Cristina Kirchner appoints ‘national thought’ secretary, promoting criticism of the fascist overtones of the post
Ricardo Forster, who was named to the post, said the idea was to “build networks among academics and intellectuals who are thinking about joint projects in Latin America”.
He said it had nothing to do with trying to inculcate “uniformity of thought”.
Of course not! (cough cough)
As a parting thought, Cristina’s face is starting to look like her Madame Tussaud’s wax figure was melting,
In other Argentina news, Argentina uses World Cup warm-up to display a banner on its claims to the Falklands
Linked to by Hot Air. Thank you!
Latin Free Markets Rule as Pacific Ocean Nations Beat Atlantic
After a 20-hour meeting with officials from the Paris-based group of creditor nations, which kept President Cristina Fernandez de Kirchner awake until 2 a.m., Argentina said yesterday that it agreed to pay $9.7 billion over five years to settle claims stretching back to the government’s record $95 billion default in 2001. South America’s second-biggest economy hasn’t issued bonds in international markets since it stopped payments.
Solving the remaining dispute with holdout creditors including billionaire Paul Singer’s Elliott Management Corp. is becoming more urgent with foreign-exchange reserves stuck near an eight-year low. Argentina needs the money to fund investment, defend its currency and make payments on restructured bonds, while any proceeds from a U.S. bond sale could be seized by creditors backed by court orders saying they’re owed billions.
Video (starts right away): Staying safe at the World Cup in Brazil
Health and safety fears are growing as foreign fans prepare to travel to Brazil with worries of crime, disease, policing and fake medicines
Brazil’s World Cup Is An Expensive, Exploitative Nightmare
Brazilians angry at their government and FIFA could turn this giant soccer tournament into a tipping point. Are these corrupt, elitist spectacles worth it?
Nao Vai Ter Copa has become a national rallying cry. There Will Be No World Cup.
Will Chile’s politicians ruin the Latin tiger?
The free-market revolution in Chile is remarkable. If you look at the Economic Freedom of the World rankings, Chile was in last place in 1970. Now it’s around 10th. It would be tragic if Leftists ruined it
García Márquez’s Blind Spot
In Puerto Rico, Cocaine Gains Access to U.S
The week’s posts and podcast:
Ecuador’s looking for a few good extras
At Da Tech Guy Blog:
Venezuela: Bi-partisan US Congress approves sanctions bill
With deep gratitude to all who have served our beautiful country in the armed forces, this week’s Carnival.
Last month the Argentine congress gave final approval to pay $5bn (£3bn) in compensation for Repsol’s stake in Argentine oil firm YPF.
The Spanish company has now announced that it has sold the last batch of bonds it received to cover its losses.
A Desperate Mother’s Search Leads to a Fight Against Sex Trafficking
Desperate for answers about her daughter’s disappearance in 2002, Susana Trimarco started the Fundación María de los Ángeles, an organization that rescues and rehabilitates sex slaves in Argentina.
Brazil Deploys Vast World Cup Security Plan
Brazil is spending $855 million on security and safety during the 2014 FIFA Soccer World Cup, which the country will host from June 12 to July 13, the government said on Friday.
Freak hail storm strikes World Cup 2014 host city Sao Paulo
A hail storm covers streets in ice in the Brazilian city of Sao Paulo which will host the opening match of the football World Cup in less than a month
Colombia’s President Santos to face Zuluaga in run-off vote
Official results from Colombia’s presidential election say the incumbent President Juan Manuel Santos will face his main rival, Oscar Zuluaga, in a run-off next month.
Oscar Iván Zuluaga, a conservative candidate closely allied with former President Álvaro Uribe, won the most votes in the first round of Sunday’s presidential election.
— Karel Becerra #Cuba (@KarelBecerra) May 24, 2014
6 Gunned Down on Bus in El Salvador
How Mexico’s New President Is Turning His Country Into a Servile US Client
Enrique Peña Nieto is using violence and repression to dismantle his country’s progressive legacy. So, is servility why Mexico’s holding Andrew Tahmooressi?
Borinqueneers to get Congressional Gold Medal
Marijuana to Be Sold for Less Than $1 a Gram in Uruguay
Authorities said the price was deliberately set below what marijuana sells for illegally, and the quality control of the drug available at pharmacies would be “very high”
The week’s posts and podcast:
Puerto Rico: rising volume of drugs coming from Venezuela
At Da Tech Guy Blog:
Cuba and moral blindness
US-Latin America stories of the week
Since last week I was attending my son’s college graduation, this week’s Carnival is brief.
Congratulations to my son in his wonderful achievement.
Court In Argentina Strikes Down `Truth Commission` With Iran
A federal appeals court in Argentina declared unconstitutional a controversial agreement between the South American country and Iran to investigate the 1994 bombing of a Jewish community center.
Argentina’s Vice President May Have to Testify
An Argentine federal appeals court decision on Friday opened the door for Vice President Amado Boudou to be called to testify as a suspect in a criminal investigation.
Inside Medellin: How Pablo Escobar’s hometown hopes to become South America’s ‘Silicon Valley’
Medellin was once the world’s most murderous city, famed for cocaine cartels and death squads. But now, writes Harriet Alexander, it is putting its business acumen to good use, and reinventing itself as a thriving tech hub
Galapagos emergency over stranded cargo ship
Ecuador has declared an emergency in the Galapagos Islands, saying that a cargo ship which ran aground last week still poses a threat to the archipelago’s fragile ecosystem.
The Fight To Save Puerto Rico’s ‘Alcatraz Of The Caribbean’, the Oso Blanco,
Oso Blanco is on the National Register of Historic Places and was named after the cement brand used to build it. Among its claims to fame: a 1974 exhibition fight featuring boxing legend Muhammad Ali, who sparred with an inmate while Puerto Rican actress and singer Iris Chacón served as referee.
Taps: Last of Protesters Keep Vigil in Venezuela
A small group of protesters in the city San Cristóbal, the town where the recent nationwide demonstrations began, try to keep up the pressure after the government largely succeeded in cowing the opposition.
The week’s posts:
Argentina: Joseph Stiglitz’s conflict of interest
At Da Tech Guy Blog:
Venezuela: Crackdown time
Columbia University economics professor Joseph Stiglitz’s Curious ‘Outside Activities’
The self-styled champion of the poor is not eager to disclose his ties with foreign leaders.
Something similar is happening now with respect to Stiglitz’s involvement with the Kirchner government in Argentina. Stiglitz filed a friend of the court brief on behalf of Argentina’s bid to appeal an American lower court’s ruling that would force it to honor $1.3 billion in bonds on which it defaulted in 2001. Stiglitz did not disclose — nor has he disclosed in his public statements or writings about Argentina, where he has argued that the country had no choice but to default on his debt — that he served as a paid expert for Argentina in a 2012 case before the World Bank’s International Centre for Settlement of Investment Disputes. Over the years, he has also traveled regularly to Argentina to advise the now-deceased Argentinian president Nestor Kirchner as well as his wife, the country’s current president, Cristina Fernandez de Kirchner and delivered several paid lectures there.
That’s not all he’s not disclosing. Read the full article.
No, not this one,
Scientists believe it is a new species of titanosaur – an enormous herbivore dating from the Late Cretaceous period.
A local farm worker first stumbled on the remains in the desert near La Flecha, about 250km (135 miles) west of Trelew, Patagonia.
How big was it?