Posts Tagged ‘IMF’

Argentina: Kiss your bucks good-bye, part 2

Monday, July 22nd, 2013

Part 1: The USA is considering siding with Argentina in a Supreme Court case over the 2002 default repayments brought by a group of hedge funds.

Part 2: A New Twist in Argentina’s Bid to Dodge Its Debts
Now the International Monetary Fund may aid an effort to stiff creditors.

On Wednesday, it was widely reported that the International Monetary Fund may file a legal brief with the U.S. Supreme Court—backing the South American country against its lenders.

This is the same IMF that, after years of warnings, issued a “declaration of censure” against Argentina in February for reporting phony economic data, such as an inflation rate 15 points lower than reality. Unless it cleans up its statistical act, Argentina risks becoming the only nation since 1954 to be expelled from the organization.
. . .
Argentina’s $100 billion default is far from typical. For one thing, the country has the money to pay. For another, when it borrowed in the 1990s, Argentina gave special protections to its lenders that other debtor nations usually do not.

In short, they lied.

If creditors cannot enforce contracts, and

If Argentina gets away with stiffing creditors, one consequence will be that lenders in the future will demand higher rates for their higher risk; another is that they won’t make loans.

So, kiss your bucks good-bye.

But don’t worry about the IMF; Argentina paid the IMF in full. They got their bucks.

The postponed Carnival of Latin America and the Caribbean

Monday, September 5th, 2011

After last week’s Carnival got postponed due to hurricane damage, the Carnival is back, on Labor Day!

This week’s featured article is on the Cuban Communist regime’s war on freedom: Castro vs. the Ladies in White
Rocks, iron bars and sticks are no match for the gladiolas and courage of these peaceful Cuban protesters.

Brush fires in Argentina: No logran controlar varios focos de incendio en Córdoba
El gobierno provincial combate las llamas en la zona de Punilla y en Traslasierra, pero no consigue extinguir las llamas

Argentina Debates Foreign Land Buys

China tries to win over Brazilian consumers

Brazil’s economy
Changing direction
Fiscal tightening, monetary loosening

Are Tax Havens Moral or Immoral?

Chile: All 21 aboard crashed military plane died

Brazil and Colombia
Less far apart
A wary friendship begins

Hezbollah in Cuba for Attacks on Israeli Targets in the Americas

Cuba’s Terror Smoking Gun

Blogger sends uncensored news to Cuban cell phones
A Spanish blogger said the Cuban government cannot block or censor texts he’s sending to cell phones on the island.

Hello USA: Was it really 47 years ago?

Alan Gross: An American Prisoner in Cuba
The Castro government should not receive any concessions until USAID worker Alan Gross is released.

Castro regime marks another Sunday of repression

As Refugees From Haiti Linger, Dominicans’ Good Will Fades

Chevron says rule of law no longer exists in Ecuador

Jamaican Kingpin Pleads Guilty in New York

GunWalker Cover-Up Comes Apart At The Seams, and White House Cover-up Makes Continuation of Fast and Furious Investigation Imperative

More Confusion, Now From the F.T.

Mexico Sets Guinness Record for Largest Folk Dance Performance

Not surprisingly, Casino arson massacre in Mexico may be rooted in corruption

Fox’s “plan” in Mexico

The Rise of the Cult of Death
The origins of the Santa Muerte are a mystery even to adherents.

Panama’s ruling alliance is dead

Sunday Morning in the Park

Peru’s new government
Mining and the man
A calm start for Humala
. Mining, in the hands of a culture minister who’s a singer – what could go wrong?

Puerto Rico businessman accused in $7M money laundering case

Ronald Fernandez, Scholar on Plight of Puerto Ricans, Dies at 67


The Fonden Papers Part V: More Information Suddenly Available

The week’s posts,
New rumors on Fidel Castro
Tuesday night tango: 2011 Salon world championships
Plan Colombia?


DSK case about to collapse?

Friday, July 1st, 2011

Strauss-Kahn Case Seen as in Jeopardy

The sexual assault case against Dominique Strauss-Kahn is on the verge of collapse as investigators have uncovered major holes in the credibility of the housekeeper who charged that he attacked her in his Manhattan hotel suite in May, according to two well-placed law enforcement officials.

Although forensic tests found unambiguous evidence of a sexual encounter between Mr. Strauss-Kahn, a French politician, and the woman, prosecutors do not believe much of what the accuser has told them about the circumstances or about herself.

Since her initial allegation on May 14, the accuser has repeatedly lied, one of the law enforcement officials said.

Senior prosecutors met with lawyers for Mr. Strauss-Kahn on Thursday and provided details about their findings, and the parties are discussing whether to dismiss the felony charges. Among the discoveries, one of the officials said, are issues involving the asylum application of the 32-year-old housekeeper, who is Guinean, and possible links to criminal activities, including drug dealing and money laundering.

Apparently the woman lied on her asylum application about genital mutilation.

It’s worth pointing out that the prosecutor’s investigators are the ones who found this information.

As Drudge says, developing…


The Peruvian elections Carnival of Latin America and the Caribbean

Monday, June 6th, 2011

LatinAmerThe big news of the week was yesterday’s Peruvian election of Ollanta Humala as their next president:

Financial markets, which have been riding a roller coaster during the long campaign, are sure to take a win by Mr. Humala badly, analysts said. Investors viewed Ms. Fujimori as the candidate who would maintain the policies of openness toward foreign investment and trade, which helped Peru grow by 9% last year. Mr. Humala, who has made sharply contradictory statements on economic policy, would face pressure to immediately send signals to the market by revealing who would serve in key positions, such as Prime Minister and Economy Minister.

Lagarde, on Visit to Brazil, Vows Speedy IMF Reform

Dilma’s first big test
The political wounding of Antonio Palocci, the president’s right-hand man, comes at an awkward time, when the battle to cool the economy has only just begun

Video: Michelle Bachelet on UN Women

Volcano erupts in Chile

Colombia kills FARC commander
Colombian authorities said they killed the top-ranking security chief of the rebel group FARC
, Alirio Rojas Bocanegra, known as “El Abuelo,” member of the FARC Central Command.

Fábrica de españoles

Ethics and politics get divorced

Congressman McGovern visits Ecuador

SUMMARY: Congressman James McGovern traveled in Ecuador from November 13 to 18, to visit sites at issue in the Chevron-Texaco oil pollution case, and Ecuadorian border communities affected by refugees and other aspects of the violence in Colombia. Congressman McGovern met with Government of Ecuador (GOE) Ministers and President Correa, and while taking no position on the unresolved Chevron-Texaco suit, expressed concern about the humanitarian, health and environmental impacts of oil contamination on local affected communities and the humanitarian situation on the border, and pledged to draw greater attention to the plight of refugees. Foreign Minister Salvador and Vice Defense Minister Miguel Carvajal asked McGovern for the U.S. Congress to investigate the March 1 Colombian attack against a FARC camp in Angostura, along the northern border of Ecuador, which McGovern did not agree to.

New Study Questions Quake Toll In Haiti

Mexico City Retailers Pause

Retailers have put expansion plans on hold in the Mexican capital after the megacity’s government enacted a virtual three-year moratorium on openings of grocers, convenience stores and hypermarkets in an effort to shield traditional markets and small family-run bodegas from corporate competition.

Soul-searching amid the debris
Mexican individualism and violence

Police in Paraguay Seize 2.1 Tonnes of Cocaine Adulterate

Today’s video: Toss up

A pun gone wrong: Coors Light “Emboricuate” Ads Brews Outrage Among Puerto Ricans

Venezuela: The Brazil connection

Why I am not blogging much lately: the “gimme!” culture of Venezuela. Venezuela’s not alone.

The Perverse Gasoline Subsidy in Petrostates

The week’s posts,
Venezuela: Welcome to Club Hugo
Ollanta Humala’s shell game
The short answer is, No

At Real Clear World,
Bolivia Invites, Then Disinvites, Accused Iranian Terrorist


#DSK: And now it’s time to pressure the maid’s family?

Tuesday, May 24th, 2011

Since the accuser is in protective custody and can’t be reached, Strauss-Kahn’s pals bid to pay off woman’s kin, in the best mobster-movie tradition

Friends of alleged hotel sex fiend Dominique Strauss-Kahn secretly contacted the accusing maid’s impoverished family, offering them money to make the case go away since they can’t reach her in protective custody, The Post has learned.
The woman, who says she was sexually assaulted by the disgraced former head of the International Monetary Fund, has an extended family in the former French colony of Guinea in West Africa, well out of reach of the Manhattan DA’s Office.
“They already talked with her family,” a French businesswoman with close ties to Strauss-Kahn and his family told The Post. “For sure, it’s going to end up on a quiet note.”

And that’s the guy the Socialists were going to run as presidential candidate.

Meanwhile, in another development yesterday, it emerged that Strauss-Kahn allegedly shouted, “Do you know who I am?” as he assaulted the victim, according to a new report.

Oh, we know all too well indeed.

More from Mr. Bingley.


VIDEO Honduras: Micheletti at No Más Chávez demonstration, & reaction to the US State Dept’s action

Saturday, September 5th, 2009

Micheletti y miles de hondureños marchan contra Chávez en cinco ciudades (Micheletti and thousands of Honduras march against Chávez in five cities).

Reporte especial de Efe TV

Congresswoman Ileana Ros-Lehtinen, Ranking Member of the Foreign Affairs Committee, was on the PBS News Hour. Here’s the video:

Mrs Ros-Lehtinen had a near-surreal discussion with Rep. William Delahunt (Dem.), who considers “Honduras and other Central American and Latin American countries” as being “banana republics.” Here’s the transcript:

REP. ILEANA ROS-LEHTINEN: I totally disagree with the way that the Obama administration has been mishandling this situation.

And I find it interesting that one of the statements that the State Department put out, it says that they recognize the complicated set of actions which led to the June 28 coup.

What complicated set of actions? Manuel Zelaya violated the — the Honduran constitution, violated the law that was passed by the Honduran congress, violated the decision, unanimous, 15-0, by the Honduran supreme court, went against every aspect of the rule of law. What’s so complicated about that?

What do you do with a president who wants to maintain himself into power at all costs, no matter if the legislative branch goes against him, if the judicial branch goes against him? And, so, the Honduran government took this action.

And the United States wants to divorce that complicated set of actions as if they didn’t happen. Zelaya was violating the law, violating the constitution. And I think that it’s the wrong-headed approach for the United States to punish the Honduran people and to say that they’re not going to recognize a legitimate election that’s going to take place in late November.

This is a man who won’t take no for an answer, and, yet, we’re supposed to say, let’s restore him to power, nonetheless.

MARGARET WARNER: So, Congressman Delahunt, explain why you think the United States should be supporting Zelaya, who did act certainly extra-legally, or so the supreme court and the congress and Honduras both said?

REP. BILL DELAHUNT: Well, Margaret, I find it somewhat amusing that many of my colleagues on the Republican side must have gone to law school in — in Honduras, because it would appear that they’re constitutional scholars.
But let me be very clear. The — the request or the initiative by Zelaya was not to extend his term. The question that was going to be on the ballot was a nonbinding referendum for the people of Honduras to decide simply this question: Should there be a constituent assembly?
That was it, pure and simple. I think we have to understand the context of Honduran politics. It’s been a country that has been ruled by an economic elite. And, with all due respect to the elections that have been held down there, that economic elite exercises disproportionate influence in that democracy.
In the past — and I dare say at times now — it would be fair to describe Honduras as a banana republic.


REP. BILL DELAHUNT: We can’t go backward.

REP. ILEANA ROS-LEHTINEN: What an insult. What an insult. That is…

REP. BILL DELAHUNT: We — well, you can…

REP. ILEANA ROS-LEHTINEN: Shame on you, Bill.

REP. BILL DELAHUNT: Ileana, let me — please, don’t say that.

REP. ILEANA ROS-LEHTINEN: A banana republic, that’s just great. What an insult to the Honduran people.

REP. BILL DELAHUNT: Well, you don’t think that — well, let me — let me ask you this, OK? You would not, in the past, describe Honduras and other Central American and Latin American countries as banana republics?

REP. ILEANA ROS-LEHTINEN: No, absolutely not. And I think that’s an insult to the people of Honduras.

REP. BILL DELAHUNT: Then I dare say that you don’t — you’re not that familiar with Latin America.

REP. ILEANA ROS-LEHTINEN: It’s an insult to everyone in Latin America to…

MARGARET WARNER: All right, let me interrupt.

REP. ILEANA ROS-LEHTINEN: … to — to label any country as a banana republic.


MARGARET WARNER: Let me ask you both a question. And I want to begin with the congresswoman.

This is a small, impoverished Latin American country, yet it — this issue has generated quite surprising passion on Capitol Hill. Why? Why is Congress so concerned about this tiny country, Congresswoman?

REP. ILEANA ROS-LEHTINEN: Well, I think that this is about the rule of law.

I don’t think that this is about economic distribution of wealth, whether it’s a large country or a small country, whether it’s a poor country or a rich country. This is a country that — that said very clearly, the president has violated the constitution. You don’t have to be a constitutional scholar or a graduate of a Honduran law school to know that the article of the constitution is quite clear.

You can call it a poll. You can call it a survey. You can call it a referendum. You can call it anything you want. But it was a violation of the Honduran constitution. And I’m not the one that says that. The supreme court, by a 15-0 unanimous decision, said this president is violating the law.

Now, what are the people of Honduras supposed to do…

Here’s a roundup of reaction to the US State Department cutting foreign aid to the country, and even more importantly, the statement that the State Department,

“at this moment, we would not be able to support the outcome of the scheduled elections.”

Congressman Connie Mack: Obama, Clinton Should Stop Punishing the People of Honduras
Condemns decision to cut aid; urges Secretary of State to restore aid, visa services to Honduras