Should Argentina Default On Its Debt?

[dennisr]

There's something really weird about the Griesa comment above (laughed about Court judgments), it's that his decision will provoke the death/suicide/depression/whatever of xxxxx people due to the crisis that would result from a default.

,and where is the humanity for the original bond holders that lost their pensions and savings when they got stiffed by Argentina back in 2001? Everyone pays for these crooks.

 

[ajoknoblauch]

Whenever there's a choice between confrontation and conciliation, Argentina prefers the former.

 

[French jurist]

,and where is the humanity for the original bond holders that lost their pensions and savings when they got stiffed by Argentina back in 2001? Everyone pays for these crooks.

Indeed dear Dennis but the guys asking for the money are on a yacht, they bought penny on the dollar the bonds from those poor guys.

Some would say it's like two crooks fighting, I prefer to highlight the above statmement by Griesa (also a paradox, but somehow cruel/amoral)

 

[Napoleon]

The sad thing is that Argentina could have easily paid off the renegotiated debt and the vulture funds by now.

-It would have meant less embezzling of funds by the Current Administration for themselves and their friends.
-It would have meant no "Futbol Para Todos".
-It would have meant not giving the money to friends to buy media outlets.
-It would have meant not overpaying for bonds sold to Venezuela so that you could reap the kickbacks.
-It would have meant not fighting a court battle against a paper mill built in another country.
-It would have meant not bribing Ghana to release a frigate from who knows how long ago.
-It would have meant not releasing prisoners and then paying to send them to the 2010 World Cup.
-It would have meant not fighting an increase in Subte prices so that new cars could be purchased sooner.
-It would have meant not adding to the debt by borrowing train cars from China that the next administration will have to pay for.
-It would have meant not paying million and millions of dollars a year for protesters to fill the streets and make a mess of the city.
-It would have meant not driving off foreign corporations who would have paid billions in taxes for the corporations that were here.
-It would have meant not limiting exports so that more foreign currency can come into the country.

...I could go on, but I'm hungry.

All debts could have been paid off by now AND the reserves could be in the US$50 billion to US$100 billion range by now, but that didn't fit with the "Master Plan".

 

[Rich One]

Indeed dear Dennis but the guys asking for the money are on a yacht, they bought penny on the dollar the bonds from those poor guys.

Some would say it's like two crooks fighting, I prefer to highlight the above statmement by Griesa (also a paradox, but somehow cruel/amoral)

Not TRUE many Italian pensioners original bondholders did not accept the 60 % Quita and are perhaps unpaid for 12 years or perhaps dead.
And also the Italian pensioners that had to accept a 60 % Quita and lost a major part of their savings. Talk about Humanity Why shouldn't they receive 100 of the Value plus interests

 

[Gringoboy]

We were talking about this last night at dinner.
Adriana says Griesa should take into account the potential suffering of the Argentine people in the event of adverse rulings.
I replied that he is simply looking at points of law and that the Argentine people's financial suffering isn't mitigation, which I suppose isn't entirely true, given his alleged comments on KFC's rantings.

 

[Jaredberryman]

My understanding is that Argentina has some reserves. Why not just go ahead and pay it off and be done with the matter? Reserves will be depleted, but at least you don't have to default and scare off investors in this country. I just read they also are not going to try to negotiate. Maybe they could somehow get a better deal if they at least tried?

If they just go ahead and get rid of the debt, then they can adjust spending so that you can meet all other debt payments and also replenish reserves. Of course, cutting spending has negative political implications for this government in Argentina, and they do not have the character to make decisions that are better for the long haul for the country but not so beneficial to themselves.

 

[Alicia karr]

We were talking about this last night at dinner.
Adriana says Griesa should take into account the potential suffering of the Argentine people in the event of adverse rulings.
I replied that he is simply looking at points of law and that the Argentine people's financial suffering isn't mitigation, which I suppose isn't entirely true, given his alleged comments on KFC's rantings.

If only all institutions, businesses, etc. would keep compassion in their perspectives what a better world we would live in! You rock Adriana!

 

[Gringoboy]

I never thought cuts in public spending, including social welfare payments cuts were ever in the grand plan as they need the votes.

 

[Rich One]

Not TRUE many Italian pensioners original bondholders did not accept the 60 % Quita and are perhaps unpaid for 12 years or perhaps dead.
And also the Italian pensioners that had to accept a 60 % Quita and lost a major part of their savings. Talk about Humanity Why shouldn't they receive 100 of the Value plus interests

Clarin Reports that a 76 yo. Italian pensioner Gianfranco Laforia contacted the Papa Francisco to request payment of his Argentine Debt Bonds....!! He represents a group of Italian pensioners defaulted since 2001 that didn't accept the 60 % discount . Nobody Cares about their 12 year suffering.

On the light side, Papa Francisco's sister is opening a fashionable Italian style resto in Montevideo, The Specialty Dish will be "Gnocchi de Papa". It was made clear that the project has no Vatican funding.