US Judge has lost credibility
Looks like Judge Griesa accomplished little more than creating a lose-lose situation for everyone.
The holdouts still aren't getting paid.
Interest payments were blocked to several creditors.
Those creditors are suing the banks to get their money.
The banks now risk losing business in Argentina.
What a mess. Oh wait, Griesa's actions will help Wall Street collect about $1 Billion in swaps payouts. Which were triggered by Griesa's forced default when he blocked Argentina's payments.
Here's what some are saying:
Financial Times writer Martin Wolf
[QUOTE]Argentinas creditors should make every effort to protect themselves from the vagaries of American judges. Fleeing US jurisdiction would seem an extremely sensible move.[/QUOTE]
Investment Advisor and Economic Trend Blogger Mike Shedlock
[QUOTE]The problem in this case is US judges think they can tell sovereign nations whether they can or cannot default. I find that both arrogant and ridiculous.
[/QUOTE]
Some Investors like Argentina for Oil
[URL]http://247wallst.com/energy-business/2014/09/04/soros-signals-argentinas-shale-is-biggest-place-to-be/[/URL] - interesting article on Chevron and George Soros looking past current problems.
Argentina Trumpeting Demand for Swap That May Not Exist
More obfuscation from CFK's government.
[URL]http://www.bloomberg.com/news/2014-09-05/argentina-trumpeting-demand-for-swap-that-may-not-exist.html?cmpid=yhoo[/URL]
Tres3.
Venezuela. Next to Default?
Situation in Venezuela looks unsustainable per Bloomberg [URL]http://www.bloomberg.com/news/2014-09-10/hugo-chavez-s-absence-felt-on-wall-street-bond-desks.html[/URL] and [URL]http://www.bloomberg.com/news/2014-09-09/venezuelan-inflation-slows-for-third-consecutive-month-in-august.html[/URL]. Meanwhile, oil prices continue to fall and the US dollar is getting stronger making it even tougher on Venezuela. Anyhow, if Venezuela does default the news will probably be treated as "wave of defaults hits South America" due to Argentina's current default.
Venezuela Oil Information
Per Bloomberg Venezuela oil exports to US are very weakening greatly.
[URL]http://www.bloomberg.com/news/2014-01-30/venezuela-oil-exports-to-u-s-hit-lowest-rate-since-1985.html[/URL] a.
[URL]http://www.bloomberg.com/news/2014-02-04/venezuela-selloff-worsens-as-u-s-oil-exports-sink-andes-credit.html[/URL]
Information and views on Venezuela oil export problems - [URL]http://www.panamericanworld.com/en/article/venezuelas-oil-price-falls-its-lowest-level-three-years[/URL].
[URL]http://www.miamiherald.com/2014/09/06/4332141/andres-oppenheimer-obamas-plan.html[/URL]
[URL]http://www.miamiherald.com/2014/08/30/4319013/andres-oppenheimer-venezuela-from.html[/URL]
Meanwhile, the USA has recently passed Saudi Arabia as the largest oil producer in the world.