An interesting twist on pensions funds saga

ghost

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Very clever move which was actually prompted by the Pension Funds themselves to stop the Ks from stealing the money.
 

Fettucini

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I don't see how the US could seize Argentine pensioners money to pay off the Argentine goverment debt
 

RWS

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Fettucini said:
I don't see how the US could seize Argentine pensioners money to pay off the Argentine goverment['s] debt
Perhaps (for I've not read the judicial opinion) the judge reasoned that, with governmental seizure of assets, those assets had passed into possession of the Argentine government. Indeed, all that (according to what I've read) la presidenta has left to the pensioners is a promise to pay -- not the assets themselves.
 

Stanexpat

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RWS said:
Perhaps (for I've not read the judicial opinion) the judge reasoned that, with governmental seizure of assets, those assets had passed into possession of the Argentine government. Indeed, all that (according to what I've read) la presidenta has left to the pensioners is a promise to pay -- not the assets themselves.
You are correct. There are a bunch of financial judgements outstanding against the Argentina government in the U.S. Courts which they have ignored. Since the pension funds now belong to the government they are being seized to partially satisfy the judgements.
 

RWS

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'Pretty foolish of Sra. K., then, if I do say so. I wonder why the Cancillería wasn't consulted regarding the pension funds' assets before the casa rosada targetted them for seizure (I assume that the Palacio San Martin mustn't have been consulted, for I can't imagine that the foreign ministry lacks experts on the Anglo-American common law).

Now, I'll guess, this foreign judicial decision might well affect the decisions to be made by the Congreso on actual treatment of those pension funds.
 

Stanexpat

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I forgot to mention seizures could come into play with Aerolineas Argentina. Cristina on her past trips to Europe took chartered aircraft(at great expense) over one of the 3 or 4 presidential jets because these could have been seized once they landed by creditors of the government. AA will have to be careful what aircraft they fly international routes as ones they own(versus leased aircraft) would be subject to seizure by creditors once they land.
 

perry

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I find the American Judges decision wrong and it sets a dangerous precendent . There are many people who are owed money in this world and to just seize someones assets to be seized allows cowboy diplomacy to flourish.

What United Kingdom did to Iceland recently was another case of this lunacy and it is creating a divided world run by the Richer Bullies.
 
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