Countdown To Default!

[ghost]

There is some truth here.
https://finance.yahoo.com/news/argentina-default-isnt-money-172234864.html

 

[ArielFabian]

I blocked Don Alberto because I saw comments like:

http://baexpats.org/topic/30512-should-argentina-default-on-its-debt/page__hl__favaloro__st__200
Do remember Viveza criolla ( http://en.wikipedia..../Viveza_criolla http://es.wikipedia..../Viveza_criolla )

http://baexpats.org/index.php?app=core&module=search&do=search&fromMainBar=1
You seem to assume the Chinese are complete dimwits
Nobody in their right mind will lend Argentina anything unless the money is paid "back" in advance.

I think if the website is called "BAExpats" and you make comments like this, well... no much to say ....

I was personally said bad things by other users when I did not say anything about them and blocked them too without responding, I guess this is how it should work. Some users have been very hard in their comments (many of them I did not agree) but I did not block them because they did not offend a community, and as a person any might make a mistake, but some seem to make an effort to argue.

 

[Don Alberto]

Great. The reason I ask is that people get bored quickly reading through petty insults being thrown back and forth. You seem to be an informed guy but the attacking and defending is detracting from what you can contribute.

I think you owe me to explain why you think my posts are negative, while the namecalling from Bajo_cero2 and frenchie was honky-dorey.

If it weren't, then why did you not react to their namecalling, only to mine?

(B & f in http://baexpats.org/...230#entry268724 and http://baexpats.org/...230#entry268725).

 

[Don Alberto]

I blocked Don Alberto because I saw comments like:

http://baexpats.org/...valoro__st__200
Do remember Viveza criolla ( http://en.wikipedia..../Viveza_criolla )

You seem to assume the Chinese are complete dimwits
Nobody in their right mind will lend Argentina anything unless the money is paid "back" in advance.

That is extremely satirical, and if you cannot see that, I suggest that you permanently place me on your ignore list.

You must be a newcomer in Buenos Aires if you haven't been hit by Viveza criolla yet. Good luck - you'll need it.

 

[French jurist]

Singer will decide if the CDS should apply or not? (wwwwwhhhhaaatttttt??????)


One of Argentina’s holdout creditors is New York-based hedge fund Elliott Management Corp., which also sits on an industry committee that will determine whether investors who bought credit-swaps protection on the nation’s bonds are paid out.

http://www.bloomberg.com/news/2014-07-31/argentina-debt-dilemma-spotlighting-knotted-swaps-world.html

 

[French jurist]

It is a well documented fact, that the NML hedge fund bought their bonds from June 2001 to september 2003 at more than 50 cents per dollar, while Argentina offered less than 30 cents per dollar at the debt swap - whether you, Bajo-2 or anyone else like it or not. It just is so. Who are the vultures, 50 cents or 30 cents?

I told this, provided the source (The Supreme Court of The United Kingdom) and got shit in return from emotional debaters, who did not even check facts before they shitted on me.

Aside of the fact it's maybe inelegant to keep using bold chars (you didn't answer about that), you seem to imply that we had a discussion about the price NML bought the bonds for (I may have said "penny on the dollar").

I'd be delighted to look again, unemotionally, at the UK Supreme Court ruling you mentioned (didn't find it but there are many posts). I don't think I bashed you about that, did I? (but I did bash you)

All I hope is to have a positive debate.

I thank you in advance for posting the link to the UK Supreme Court ruling you mentioned (likely escaped me) or one of my post where I bash you about it (?). Maybe I did, I don't remember.

 

[French jurist]

I think you owe me to explain why you think my posts are negative, while the namecalling from Bajo_cero2 and frenchie was honky-dorey.

If it weren't, then why did you not react to their namecalling, only to mine?

(B & f in http://baexpats.org/...230#entry268724 and http://baexpats.org/...230#entry268725).

I think you could have avoided this post considering my previous message, but that's me.

 

[French jurist]

I consider (emotionally) many of the people behind hedge funds (and Singer is no exception) and their actions seriously morally wrong, same as the Argentine governments', but the hedge funds have the law on their side, like it or not.

Yeah, but that's shocking that Singer will take part to the decision regarding the CDS, you agree right?

 

[Don Alberto]

Aside of the fact it's maybe inelegant to keep using bold chars (you didn't answer about that), you seem to imply that we had a discussion about the price NML bought the bonds for (I may have said "penny on the dollar").

I'd be delighted to look again, unemotionally, at the UK Supreme Court ruling you mentioned (didn't find it but there are many posts). I don't think I bashed you about that, did I? (but I did bash you)

All I hope is to have a positive debate.

I thank you in advance for posting the link to the UK Supreme Court ruling you mentioned (likely escaped me) or one of my post where I bash you about it (?). Maybe I did, I don't remember.

You may find it inelegant to use bold typeface, so don't, but I use it to emphasize what I find most important.

"This appeal relates to bonds issued by the Republic of Argentina in respect of which, together with all its other debt, Argentina declared a moratorium in December 2001. Between June 2001 and September 2003 affiliates of NML purchased, at a little over half their face value, bonds with a principal value of US$ 172,153,000 (“the bonds”)."
Sovereign immunity in NML Capital Ltd v Republic of Argentina - Supreme Court of the United Kingdom - Judgment
http://www.supremeco...40_Judgment.pdf (p. 3)

The Argentine offer is somewhere in the 374 pages 2005 prospect and in the 267 pages 2010 prospect. I am not in the mood to go through them as I don't remember the exact term to search for. The (actually less than) 30 cents per dollar is, however, a well known fact, e.g.

1. "investors who participated in restructurings in 2005 and 2010, receiving 25 to 29 cents on the dollar."
http://www.buenosair...egotiate-first-

2. "An IMF study calculated that the exchange reduced the net present value of the original debt by 75 percent, including the past due interest repudiated under the plan and assuming a 10 percent discount rate. These terms provided bondholders much less compensation than plans offered in other developing-nation debt restructurings, which averaged 50 to 60 percent haircuts. Moreover, the plan stipulated that its terms were not subject to negotiation; and on February 9, 2005, the Argentine Congress enacted a law barring the executive branch from reopening the offer or reaching private settlements with non-participating creditors that differed in any way from the original offer.

In March 2005, the Argentine government announced that lenders holding $61.8 billion of the $81.2 billion in outstanding defaulted debt had accepted the offer, for a worldwide participation rate of 76.15 percent. In brief, Argentina exchanged those defaulted bonds, with a face value of $61.8 billion, for three new bonds with a face value of $35.2 billion ($15 billion in par-value bonds, $11.9 billion in discount bonds, and equivalent of $8.3 billion in quasi-par bonds).

The exchange also repudiated all past due interest from the default in December 2001 to the restructuring; and the new bonds carried lower interest rates and shorter maturities than the original bonds they replaced. Indeed the interest rates on the new paper, ranging from 2.08 percent to 5.96 percent, were extraordinarily low for any sovereign debt, much less for loans to a government that had just defaulted."

Robert J. Shapiro & Nam D. Pham:"Discredited – The Impact of Argentina’s Sovereign Debt Default and Debt Restructuring on U.S. Taxpayers and Investors"
http://www.sonecon.c...entina_1006.pdf (p. 13 (p. 14 in the .pdf))

Edit: The discount rate depended on which type of bond and which jurisdiction they were issued under.

 

[Don Alberto]

Yeah, but that's shocking that Singer will take part to the decision regarding the CDS, you agree right?

Singer's job is to grab as much money for his hedge funds as possible, something he is good at, and something he is obliged to do.

As I already have said, I think it's a stinker, when the sole purpose is to grab.

There is no moral in law - fortunately.

There is no moral in finance - unfortunately.