Effects Of A Default On Expats

[ghost]

You conveniently left out the years and years of litigation, nearly a hundred prior court decisions (all against Argentina, and ignored), dozens of attempts (rebuffed by Argentina) at negotiating a settlement with the holdouts (most of whom do not fall under the pejorative title of buitres), the creation of an Argentine law (cerrojo, still active) prohibiting Argentina from paying the holdouts, and the fact that there was no initial negotiation which led to the canjes -- Néstor Kirchner said Argentina would pay 30 cents on the dollar, take it or leave it, period -- all of which factored into this final, extreme decision by the court.

Your comment blithely suggests that this was some bizarre decision which came out of the blue.

Far from it.

Argentina had years to settle with the holdouts amicably, and on much better terms. The government very deliberately chose not to.

This is the result.

Thank you. Serial defaulters crying foul after they sing up to play in big league and then try to change the rules to home court minor league BS. The Vultures disgust me but the Ks are even more repulsive and arrogant and ignorant.

 

[ajoknoblauch]

Thank you. Serial defaulters crying foul after they sing up to play in big league and then try to change the rules to home court minor league BS. The Vultures disgust me but the Ks are even more repulsive and arrogant and ignorant.

You forgot "obstinate."

The biggest winners in all of this may be the New York attorneys who collected huge hourly fees pursuing an Argentine claim that they must have known was hopeless. Presumably they required advance payment in dollars that, of course, came out of those precious reserves.

 

[French jurist]

You conveniently left out the years and years of litigation, nearly a hundred prior court decisions (all against Argentina, and ignored), dozens of attempts (rebuffed by Argentina) at negotiating a settlement with the holdouts (most of whom do not fall under the pejorative title of buitres), the creation of an Argentine law (cerrojo, still active) prohibiting Argentina from paying the holdouts, and the fact that there was no initial negotiation which led to the canjes -- Néstor Kirchner said Argentina would pay 30 cents on the dollar, take it or leave it, period -- all of which factored into this final, extreme decision by the court.

Your comment blithely suggests that this was some bizarre decision which came out of the blue.

Far from it.

Argentina had years to settle with the holdouts amicably, and on much better terms. The government very deliberately chose not to.

This is the result.

Have Vulture funds robbed US taxpayers money at some point? (if so which ones?)

 

[French jurist]

If you don't understand the difference in reliability between a headline and an article, I feel sorry for you.

Headline: New cure for malaria!

Article: A new discovery may lead to a cure for malaria in 10 to 15 years.

Headlines were invented to make the gullible buy the rag.

Enough!

That's bold.

 

[AmigoArtistico]

Have Vulture funds robbed US taxpayers money at some point? (if so which ones?)

I think that there's a terrible misunderstanding here. At least in this case, the funds in question are not robbing anybody. They legally purchased negotiable securities according to the laws which govern those securities, and now they are exercising their legal right to collect the debt represented by those securities.

You might find that seriously distasteful, but it is certainly not robbery.

I knew a lot of art and antiques dealers in the states. Based on the marvelous stories that many of them used to tell me about their various and innumerable "best transactions," I'd have to put most of them in the category of vultures (albeit on a smaller scale). But I never called them robbers (at least, not in voz alta).

 

[ghost]

I think that there's a terrible misunderstanding here. At least in this case, the funds in question are not robbing anybody. They legally purchased negotiable securities according to the laws which govern those securities, and now they are exercising their legal right to collect the debt represented by those securities.

You might find that seriously distasteful, but it is certainly not robbery.

I knew a lot of art and antiques dealers in the states. Based on the marvelous stories that many of them used to tell me about their various and innumerable "best transactions," I'd have to put most of them in the category of vultures (albeit on a smaller scale). But I never called them robbers (at least, not in voz alta).

No the NY art dealers that you are speaking of are referred to as Sluts and parasites.

 

[lucha54]

No the NY art dealers that you are speaking of are referred to as Sluts and parasites.

Whoa it sounds like you have been seriously burned by a NY art dealer in the past??

 

[French jurist]

Whoa it sounds like you have been seriously burned by a NY art dealer in the past??

Maybe a Chagall print bought in Florida ( -> Ghost). Got screwed too by a dealer from Florida, had bought online a Picabia watercolor with a COA by Schoeller (official expert) dating from the 1950s, turned out the COA was a fake, as the watercolor itself, but I managed to get my money back... he he

 

[French jurist]

If this is true, it's one great victory for Argentina. Griesa would finally change his decision...

http://www.lanacion....telar-de-griesa

 

[ElQueso]

Am I thinking too strange to wonder if Russia's and China's recent announcements related to Cuba and South America (particularly Argentina) is part of some kind of backdoor deal with Cristina to provide relief related to the holdouts and Griesa and all? The US's biggest upcoming rivals playing around in its backyard, making deals that no one else will, showing up Obama's statesmanship, etc? All this with little cost to them (who knows how long it will take or what kind of real benefit might come out of BRIC and the bank in the end - just words right now) to maybe cause the US government to pressure Griesa to make some kind of decision that could help Argentina?