@DrNetas nos pone al tanto:
Archives for June 2014
Ecuador Times reports that
Today in the Twenty-sixth Session of the Human Rights Council, the Chevron case and its impact on the Ecuadorian Amazon will be submitted. The meeting will be held in Geneva and will finish on June 27.
I doubt that Ecuador will start its presentation with Judge Kaplan’s 500-page decision against Donziger (via Business Roundtable), where Kaplan found not only Donziger but the entire Lago Agrio plaintiff team guilty of fraud,
[Donziger] and the Ecuadorian lawyers he led corrupted the Lago Agrio case. They submitted fraudulent evidence. They coerced one judge, first to use a court-appointed, supposedly impartial, “global expert” to make an overall damages assessment and, then, to appoint to that important role a man whom Donziger hand-picked and paid to “totally play ball” with the [Lago Agrio plaintiffs]. They then paid a Colorado consulting firm secretly to write all or most of the global expert’s report, falsely presented the report as the work of the court-appointed and supposedly impartial expert, and told half-truths or worse to U.S. courts in attempts to prevent exposure of that and other wrongdoing. Ultimately, the [Lago Agrio plaintiff] team wrote the Lago Agrio court’s Judgment themselves and promised $500,000 to the Ecuadorian judge to rule in their favor and sign their judgment. If ever there were a case warranting equitable relief with respect to a judgment procured by fraud, this is it.
However, I fully expect that “ethically diverse demonstrators” may find employment during the HRC junket, as long as there’s any media willing to watch them.
along with Peru and Colombia:
The U.S. State Department said in a statement on Monday that it “acknowledges Bolivia’s progress in reducing its coca crop.” But the statement said Bolivia should tighten controls over the coca leaf trade “to stem diversion to cocaine processing” while enhancing efforts to prosecute drug traffickers.
Those, like Mary O’Grady who believe the whole fault for the drug trade falls on the “U.S.’s insatiable appetite for drugs” ought to consider this,
UNODC reported last year that consumption of cocaine in the U.S. has steadily gone down in recent years while rising in South America.
Peru is way ahead of Bolivia,
Peruvian President Ollanta Huma’s government has relied on crews of workers paid to rip up coca plants. In its main coca-growing area—known as the Valley of the Apurimac, Ene, and Mantaro Rivers—the Agriculture Ministry is in charge of a new program that calls on coca farmers to switch to legal crops with the government’s assistance.
Colombia had 118,611 acres planted with coca leaf in 2012, down 25% from 2011, the last year for which data is available, the UNODC says.
The folks building the deepwater port in the island-prison are being charged with slave labor:
Prosecutors in Brazil have begun legal action against a leading construction company, Odebrecht, accusing it of maintaining 500 Brazilian workers in “slave-like conditions” in Angola, (yet another blighted land where Fidel and Che failed)
Prosecutors say Odebrecht committed “human trafficking” while transporting workers to a biofuel plant.
They are demanding 500m reais ($220m; £130m) in compensation for workers.
Odebrecht, which made out like gangbusters from its World Cup contracts, is one of the biggest contributors to Rousseff’s Worker’s Party, has 21 projects in Venezuela, where Alek Boyd notes Lula and Dilma intervened on Odebrecht’s behalf.
Carlos Eire points out,
Twenty-first century slavery and twenty-first socialism are two sides of the same coin.
Every now and then, someone wakes up to this fact.
In the meantime, the Brazilian slave conglomerate of Odebrecht continues to prosper and grow.
Their deal for slave labor at the Castrogonian port of Mariel didn’t stop officials in South Florida from striking deals with them. Neither has Odebrecht’s latest deal for a sugar mill in Cienfuegos, Castrogonia, which will also employ slave labor.
Will a lawsuit against them in Brazil slow them down or stop them?
Take-away question: And why does Cuba need a deepwater port just now? Apparently it is “for larger ships passing through an expanded Panama Canal.” In which case, why would the so-called embargo make any difference?
All of Latin America is absorbed in the World Cup; all, that is, except for the tens of thousands of unaccompanied Central American children arriving in the United States. This invasion, which until recently the White House ignored – as if it was a really, really big field trip – but now blames on the drug cartels, will not end because the federal government has no intention of stopping this influx, other that throw $250million at it – while doing nothing to secure the border.
A good week for some investors
Vulture funds win a legal victory over Argentina’s government; The Economist ought to do a little less editorializing on its headlines.
Uh-oh: China backs Argentina’s position on Falkland Islands
Chinese support calls at two-day G77 summit for the governments of Argentina and the UK to resume negotiations on ‘the Malvinas Islands question’
Ending a six-year winning streak, Spain upset after World Cup ouster
5 Things to know about Costa Rica
Cuba ends censorship — NOT
For a brief and shinning moment, it seemed that Cuba had unblocked access to several websites censored for years because of their criticisms of the government, including the U.S. government’s Radio/TV Marti.
New US-Caribbean energy initiative
Secretary General Ban Ki-moon’s spokesman denied that the official had been served.
Rep. Ed Royce, R-Calif., and Rep. Matt Salmon, R-Ariz., visited Sgt. Andrew Tahmooressi at the El Hongo II prison in Tecate, Mexico.
As far as I could find, VP Joe Biden didn’t mention Sgt. Tahmooressi when visiting with Peña Nieto.
Unesco grants Inca Qhapaq Nan road system World Heritage status
A road system built by the Inca Empire has been granted World Heritage status by the United Nations cultural agency, Unesco.
The Qhapaq Nan roads go through six South American countries
It covers some 30,000 km (18,600 miles), from modern-day Colombia in the north to Argentina and Chile in the south, via Peru, Ecuador and Bolivia.
It’s already out of toilet paper and flour, but now Venezuela Is Running Out of Cookies and Coffins
Thanks to an economic crisis, the list of things you actually can buy in Venezuela seems to be getting shorter every day
The week’s posts and podcast:
WH blames cartels for immigration surge
At Da Tech Guy Blog:
The new twist in illegal immigration: Children as human shields for the cartels
Bridget Johnson reports that White House Domestic Policy Council director Cecilia Munoz stated on a call with reporters,
The administration is blaming “misinformation that is being deliberately planted by criminal organizations, by smuggling networks, about what people can expect if they come to the United States” for the influx of Central Americans.
“That is misinformation that is being promulgated and put forward in a very deliberate way,” said Munoz.
Certainly the cartels have the money and the muscle for the logistics involved in this invasion.
The most recent statistics from the U.S. Drug Enforcement Administration (DEA) show that narcotics seizures have fallen across the entire border with Mexico this year, with the drop being worse in Texas than the average.
The cartels also have no scruples on possibly kidnapping and/or paying off orphanages for hundreds of toddlers to make the situation more critical for U.S. authorities.
Linked to by Pirate’s Cove. Thank you!
So she keeps looking for a settlement:
As posted earlier, the SCOTUS not only ruled that Argentina can’t make payments on its restructured debt unless it also pays the holdouts, but also that the creditors can get access to a wide number of bank records to locate financial assets overseas that they might be able to seize as compensation.
Cristina Fernandez gave a speech about “vulture funds”, and came up with this (emphasis added),
Argentina Wants to Settle With Holdout Creditors
Argentine President Cristina Kirchner said her government wants to reach a settlement with a small group of creditors suing to collect on defaulted debt, but only if U.S. courts create the right conditions for talks.
Let me translate this into plain English: Cristina’s saying that she’ll not abide by the terms of the contract upheld by the SCOTUS, but instead that she’ll agree to pay less when U.S. courts abide by Argentinian law, which is exactly what she’s been saying all along.
In her annual Flag Day speech, Mrs. Kirchner said Argentina would enter talks with the help of U.S. courts. “We only ask they create negotiating conditions that are just and in accordance with the Argentine constitution, laws and contracts we signed with 92.4% of our creditors,” Mrs. Kirchner said, referring to investors who accepted the restructured bonds.
There are fools out there who saw this as being conciliatory, and
The country’s restructured bonds jumped during Mrs. Kirchner’s speech on Friday, nearly wiping out their losses for the week.
These same fools probably bought some Ecuadorian bonds, too.
Inimical to Cristina’s thinking, the fact is that
Humiliating as that may be to the Argentinas of the world, no one would lend them money without contractually guaranteed recourse to a venue where the rule of law is well established.
dismissed the options of full payment or outright default as unthinkable. He said that the government would attempt to reroute its exchanged bonds from New York to Argentina, away from the reach of the United States’ courts. That would allow Argentina to continue paying the creditors it struck deals with in 2005 and 2010, without paying the holdouts.
“Transferring the bonds to local law would be very difficult at the street level,” warns Henry Weisburg at Shearman & Sterling, a law firm. First Argentina must convince a majority of holders of the exchanged bonds to agree to the swap. This task may be insurmountable given that many of the current creditors are bound by rules restricting them from holding assets under foreign jurisdiction.
Even if Argentina were to succeed in persuading holders of the exchanged bonds to take the plunge, any intermediary that helped facilitate the rerouting risks being held in contempt of the New York courts. Argentina would thus need to find an intermediary that is not, and has no desire to be, subject to New York law. Lastly, Argentina would need to convince Bank of New York Mellon, its current trustee, to release information about the bondholders to its new intermediary. That could put the bank into contempt; it has already said it “will comply with any court order by which it is deemed bound.”
The offer to negotiate comes less than two weeks before Argentina has to make the next interest payment on its restructured bonds, which U.S. courts have said the country isn’t allowed to pay unless it also pays the holdout creditors. If Argentina misses the interest payment on June 30, the country sinks into technical default and will have another 30-day grace period to avoid an outright default.
In other LatAm debt stories, Guatemalan bonds are looking bad, too.
Sing it, guys,