Kicillof Pays To 92% Of Bondholders, Griesa's Move Now?

[MDZ]

Kyoto required Senate approval which, unfortunately, it did not get. Kyoto is also very different from a financial agreement with a foreign government under the laws of New York State.

Exactly. On one side we have a few billion dollars - on the other side we have United Nations Framework Convention on Climate Change on an issue that will have global impact.

 

[dennisr]

Griesen orders Bank of New York return the payment. Bank of New York and Argentina appeal that decision. Another long court battle. Old Judge may die of old age by the time this is done and we start all over again. Someone should have reminded the Judge, " this is not Argentina's first rodeo."

 

[ajoknoblauch]

Griesen orders Bank of New York return the payment. Bank of New York and Argentina appeal that decision. Another long court battle. Old Judge may die of old age by the time this is done and we start all over again. Someone should have reminded the Judge, " this is not Argentina's first rodeo."

It's the first where they couldn't bribe the judge or appoint their own, though.

 

[Gringoboy]

Correction:Griesa.

 

[Don Alberto]

...As we all can see by the fact that Dick Cheney is doing 20-30 in San Quentin for peddling Halliburton influence, one cell over from Bill Clinton who's in for tampering with a federal grand jury and war crimes in Sudan and Haiti. And then there's Scalia and Jeb Bush who are cell mates/husbands after fixing the 2000 election, and the entire Board of Directors of Goldman Sachs (aka the DNC Fund Raising Committee) who are in solitary for peddling bum mortgages and aiding drug money laundering...

Which country are you talking about?

How about a country where you must prove people's guilt before you send them to jail?

 

[MDZ]

How about a country where you must prove people's guilt before you send them to jail?

Like with Guantanamo?

 

[Don Alberto]

Argentina is a sovereign country and should assert her sovereignty in this case in spite of the fact that previous Argentine administrations made serious attempts to undermine it by issuing bonds under NY law. ...

Absolutely! No newly elected government should be hampered by any convention, agreement, obligation, debt, etc. left over from an earlier government.

As for corruption, it's easy to see that Argentina isn't really corrupt.
Look! it's rank is 106 on the corruption index (the US has miserable rank of 19, near the bottom, while countries like Denmark and New Zealand must be extremely corrupt as they score only one lousy rank point.

/irony

http://www.transpare...cpi2013/results

 

[Don Alberto]

Quite a parody of Justice until now, let's hope for the best (for Argentina)

Absolutely! Abiding by the law is a stinker.

Quite well played by Kiciloff until now.

It's a bit difficult understanding the case in all its aspect: Griesa has indeed the power to help his friends by having weird interpretations, but his power is also limited.

Which weird interpretation? it is consistent with the Argentine interpretation i the two debt exchange prospects.

Please explain the meaning of pari passu in the below Argentine documents, if you think it differs from judge Griesa's interpretation.
- - -
1. Original prospectus for Argentina’s 2005 debt exchange.

p.27.

"Further Issues ...........
Argentina may, from time to time without the consent of holders of the New Securities governed by New York law or English law, create and issue additional debt securities ranking pari passu with the New Securities and having the same terms and conditions as any series of the New Securities, or the same terms and conditions except for the amount of the first payment of interest on such additional debt securities.

Seniority ...........
New Securities governed by New York law or English law will be direct, unconditional, unsecured and unsubordinated obligations of Argentina, and will rank pari passu and without preference among themselves and at least equally with all of Argentina's other present and future unsecured and unsubordinated External Indebtedness"
- - -
2. Original prospectus for Argentina’s 2010 debt exchange.

p.54.

"Further Issues.................................
Argentina may, from time to time without the consent of holders of the New Securities governed by New York law or English law, create and issue additional securities ranking pari passu with the New Securities and having the same terms and conditions as any series of the New Securities, or the same terms and conditions except for the amount of the first payment of interest or other amounts on such additional securities, or, if applicable, the initial interest or other payment date or interest accrual date.

Seniority...........................................
New Securities governed by New York law or English law will be direct, unconditional, unsecured and unsubordinated obligations of Argentina, and will rank pari passu and without preference among themselves by reason of priority of date of issue or currency of payment or otherwise, and at least equally with all of Argentina’s other present and future unsecured and unsubordinated External Indebtedness"

 

[Don Alberto]

Like with Guantanamo?

Guantanamo is not a US jail but an illegal POW camp.

 

[Don Alberto]

I find it marvellous that people who actually live in Argentina trust the words of a government, which told them that the inflation 2009 through 2013 was only 9 to 11 percent per year.