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Here is a link to the ruling itself. http://www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/doc/12-105_2_opn.pdf#xml=www.ca2.uscourts.gov/decisions/isysquery/08821c11-2f02-4a64-b8a5-3134521750d2/2/hilite/
It is only 25 pages and easy enough to read. Clearly a legal ruling that the Supreme Court will not review.
Argentina agreed to all the findings when they wanted to sell the bonds. For example, they agreed that any legal issues would be settled in NY, under NY law. The ruling also binds the banks that are processing payments for the current Argie bonds, which really slam Argentina's arguments (these same arguments where heavily criticized as baloney and lacking fact) so that if the Banks pay the current bond, they also have to pay the defaulted bond, in full. Argentina may default again on their current bonds. The uniqueness of the bond as it was worded will not affect any other sovereign rights. The bonds that Arg. Sold later on and they are currently paying have different wording regarding paying and guarantees and would not have been subject to the current ruling.
Basically, Argentina signed a contract then when they did not like it changed their minds. But this bond had particular rights and guarantees that could not be changed. The legality of the contract was extended, with Argentina's express permission prior to selling the bonds, to any future owners of the bonds, therefore the vulture funds (whom I do not necessarily like) will win this case. The NY courts (especially the tough Judge Thomas Griesa, who originally handled the case) are going to be-slap Argentina for their BS.
Watch for those who settled to try and get some relief.
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I recieved 8.90 today in Moreno.
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[QUOTE=Thomaso276;435250]Watch for those who settled to try and get some relief.[/QUOTE]And if their so doing tips Argentina into default?
One day Singer might need some help from those whom he's endangering. I will laugh at that time.
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[QUOTE=Tres3;435248]What does morality have to do with the issue? USA Courts decide legal issues, not moral ones. There have been people of questionable morals throughout recorded history. Was the unilateral Argentina default morally correct? If it were, Argentina would not find the international credit markets closed.
Tres3.[/QUOTE]Talking about morality... The only reason this gov't is making any effort at repayment is so they can borrow more money and do what? Default again. Why should anyone give them any kind of a break?
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[QUOTE=MisterTea;435258]And if their so doing tips Argentina into default?[/QUOTE]Earth to Mister Tea: Argentina is ALREADY in default.
[QUOTE=MisterTea;435258]One day Singer might need some help from those whom he's endangering. I will laugh at that time.[/QUOTE]Yea, right. Singer is going to need the Argentine government's help exactly how?
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Here's today's editorial in the Herald. Good summary.
If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.
In dollars thru the Bank of Argentina in Buenos Aires.
[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL]
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[QUOTE=Canardly;435261]Here's today's editorial in the Herald. Good summary.
If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.
In dollars thru the Bank of Argentina in Buenos Aires.
[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL][/QUOTE]And break their agreement with the banks and the courts.
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1 photos
Fake bill
Here is a fake bill I got from an ATM machine from the Galica right next to the General San Martin subway station. The bill had the silver strip and right watermark. What gives away this bill the serial numbers font. Even my friends from there say its one hella of good counterfeit. [ATTACH=CONFIG]28849[/ATTACH].
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Classic
[QUOTE=Tres3;435248]What does morality have to do with the issue? [/QUOTE]
Morality has everything to do with the motives of a Vulture Capitalist.
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In Reality. Bad Summary
[QUOTE=Canardly;435261]Here's today's editorial in the Herald. Good summary.
If Supreme Court will not take the case by 2014 Argentine Government will probably service Exchange Bondholders.
In dollars thru the Bank of Argentina in Buenos Aires.
[URL]http://www.buenosairesherald.com/article/139257/sentence-without-a-full-stop[/URL][/QUOTE]If you read the ENTIRE ruling, the Buenos Aires Herald presents a really bad summary. The Supreme Court has issued a certiorari ruling fairly rapidly if it considers the lower court ruling to be cut and dried.
Tres3.
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Morality
[QUOTE=Esten;435265]Morality has everything to do with the motives of a Vulture Capitalist.[/QUOTE]There are many who consider mongering immoral. Is your mongering immoral? Do you have bad motives? Morality is an independent opinion that courts in the USA do not decide. As I said before, courts decide the legality, not the morality of a law. Legislatures decide morality. If you think a law is immoral, you should talk to your elected representatives, not judges who are appointed for life in an effort by the framers of the Constitution to keep morality out of the courts.
Is making money legally immoral?
Give up on this one, because you cannot win. You are wrong.
Tres3.
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[QUOTE=Tres3;435268] ... Legislatures decide morality. ...
Tres3.[/QUOTE]It seems to me that in the US individual legislators decide how to insure their re-election. And anyway how would they decide morality when they have none?
Bob.
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[QUOTE=Jackson;435260]Earth to Mister Tea: Argentina is ALREADY in default.[/QUOTE]No no, in default on the bonds it's currently servicing, and in default on the new arrangements (haircut) on the old bonds. That's the only use of the word here that makes any practical sense.
[QUOTE=Jackson;435260]Yea, right. Singer is going to need the Argentine government's help exactly how?[/QUOTE]No no, not the Argentine government, but the firms who own the bonds currently being serviced. Those are the ones being endangered by Singer.
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Read the Ruling
[QUOTE=MisterTea;435273]No no, in default on the bonds it's currently servicing, and in default on the new arrangements (haircut) on the old bonds. That's the only use of the word here that makes any practical sense.
No no, not the Argentine government, but the firms who own the bonds currently being serviced. Those are the ones being endangered by Singer.[/QUOTE]Read, and understand the ruling! If you do not comprehend the ruling, get someone who does to explain it to you.
Tres3.
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Morality
[QUOTE=AllIWantIsLove;435272]It seems to me that in the US individual legislators decide how to insure their re-election. And anyway how would they decide morality when they have none?
Bob.[/QUOTE]I agree that most all of the legislators have no morality. That is why most of them check which way the morality wind of the voters who elected them is blowing before casting their votes. BUT, that is also why the framers of our Constitution attempted to take morality out of the equation by having an appointed federal judiciary, that is appointed for life.
Tres3.