Fausta's Blog

American and Latin American Politics, Society, and Culture

September 12, 2013 By Fausta

Argentina: SCOTUS to hear defaulted bonds case

Supreme Court to Consider Argentina Appeal
Case Centers on Repayment of Defaulted Bonds

Argentina is asking the high court to consider a ruling last October by the Second U.S. Circuit Court of Appeals in New York that would block the South American country from making payments on its current bonds unless it also pays hedge funds that own defaulted Argentine bonds.
…
Argentina’s more than decadelong legal battle with creditors follows its decision to stop paying about $100 billion in public debt in 2001, which at the time was the largest sovereign default in history. The country later restructured about 93% of its debt by offering investors new bonds in heavily discounted debt exchanges in 2005 and 2010.

Amy Howe of SCOTUS blog points out,

At Forbes, Rich Samp discusses the pending cert. petition in Republic of Argentina v. NML Capital Ltd., in which Argentina has asked the Court to review whether post-judgment discovery in aid of enforcing a judgment against a foreign state can be ordered with respect to all assets of a foreign state regardless of their location or use.  Samp (who filed an amicus brief in support of the bondholders opposing Argentina in the Second Circuit) concludes that “Argentina faces a daunting task in convincing four Supreme Court justices to vote to grant” the petition, and adds that its “task is made even more difficult by the possibility that Justice Sotomayor may recuse herself, thereby reducing the pool of justices from which it needs to find four votes.”

It would be particularly ironic if Justice Sotomayor would recuse herself because of the Argentinian government’s concerted effort to forge close relations with her.

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.

Related:
Puerto Rico is ineligible for Chapter 9 municipal bankruptcy protection because any debt overhaul would have to be treated as a foreign obligation, analysts say.

Share

Filed Under: Argentina, business, SCOTUS Tagged With: Fausta's blog, Supreme Court

Comments

  1. Elizabeth (Layla) says

    September 12, 2013 at 11:18 pm

    Hi Fausta,

    First let me apologize for the off topic.

    This is Elizabeth (Layla) from The HILL Chronicles. I have been on a three year hiatus, but am back blogging. While gone I received my Associates in Paralegal and I am proud to say I graduated cuma sum laude! It was an interesting journey.

    How are you and your little family, well I hope. We are doing well here. The reason I am contacting you is because Bernie and I back at BTR and we are doing bi-weekly 1/2 hour shows. We would be honored to have you as a guest, and to honor our request we would like you to choose a topic that would span the 1/2 – a topic that is important and near and dear to you.

    I would enjoy catching up with you. I have missed my blogging friends more than blogging! You may e-mail me at lengonz.law[at]gmail.com. I hope to hear from you and my cell number will be in my e-mail so I would be honored to chat with you. I am looking to schedule the show two weeks from tomorrow, but willing to accommodate your schedule.

    Sincerely,

    Elizabeth (Layla)

Tweets by @Fausta
retirees_raise-2015_300x250

Pages

  • About
  • Email

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Previous Posts

  • Mrs. Maisel goes full Alinsky on Mrs. Schlafly
  • Venezuela: Did the Minister of Defense back out at the last minute?
  • You need to unfriend me
  • Go ahead and Kiss the Girl, if you dare
  • Ashamed

Recent Comments

  • John on Mrs. Maisel goes full Alinsky on Mrs. Schlafly
  • Today’s hot topics: Democrats’ collusion shift, tax-return rift, Venezuela drift, and more! – PoliticalWitchDoctor.com on Venezuela: Did the Minister of Defense back out at the last minute?
  • Today’s hot topics: Democrats’ collusion shift, tax-return rift, Venezuela drift, and more! - AmericanTruthToday on Venezuela: Did the Minister of Defense back out at the last minute?
  • Did Venezuela’s Minister of Defense Back Out At The Last Minute? on Venezuela: Did the Minister of Defense back out at the last minute?
  • Roseanne Not Back, Khan not Invited, Operaman’s back, Jobs back, Fausta’s back (but not here yet) Thoughts under the fedora – Da Tech Guy Blog on Venezuela: Did the Minister of Defense back out at the last minute?

Archives

  • 2019
    • December 2019
    • May 2019
    • January 2019
  • 2018
    • December 2018
    • October 2018
    • July 2018
    • June 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
  • 2017
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
  • 2016
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
  • 2015
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
  • 2014
    • December 2014
    • November 2014
    • October 2014
    • September 2014
    • August 2014
    • July 2014
    • June 2014
    • May 2014
    • April 2014
    • March 2014
    • February 2014
    • January 2014
  • 2013
    • December 2013
    • November 2013
    • October 2013
    • September 2013
    • August 2013
    • July 2013
    • June 2013
    • May 2013
    • April 2013
    • March 2013
    • February 2013
    • January 2013
  • 2012
    • December 2012
    • November 2012
    • October 2012
    • September 2012
    • August 2012
    • July 2012
    • June 2012
    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
  • 2011
    • December 2011
    • November 2011
    • October 2011
    • September 2011
    • August 2011
    • July 2011
    • June 2011
    • May 2011
    • April 2011
    • March 2011
    • February 2011
    • January 2011
  • 2010
    • December 2010
    • November 2010
    • October 2010
    • September 2010
    • August 2010
    • July 2010
    • June 2010
    • May 2010
    • April 2010
    • March 2010
    • February 2010
    • January 2010
  • 2009
    • December 2009
    • November 2009
    • October 2009
    • September 2009
    • August 2009
    • July 2009
    • June 2009
    • May 2009
    • April 2009
    • March 2009
    • February 2009
    • January 2009
  • 2008
    • December 2008
    • November 2008
    • October 2008
    • September 2008
    • August 2008
    • July 2008
    • June 2008
    • May 2008
    • April 2008
    • March 2008
    • February 2008
    • January 2008
  • 2007
    • December 2007
    • November 2007
    • October 2007
    • September 2007
    • August 2007
    • July 2007
    • June 2007
    • May 2007
    • April 2007
    • March 2007
    • February 2007
    • January 2007
  • 2006
    • December 2006
    • November 2006
    • October 2006
    • September 2006
    • August 2006
    • July 2006
    • June 2006
    • May 2006
    • April 2006
    • March 2006
    • February 2006
    • January 2006
  • 2005
    • December 2005
    • November 2005
    • October 2005
    • September 2005
    • August 2005
    • July 2005
    • June 2005
    • May 2005
    • April 2005
    • March 2005
    • February 2005
    • January 2005
  • 2004
    • December 2004
    • November 2004
    • October 2004
    • September 2004
    • August 2004
    • July 2004
    • June 2004
    • May 2004
    • April 2004
    • March 2004
Content Copyright Fausta's Blog

Site Developed and Managed by 300m.com