Argentine Economy

[Tres3]

More BS from Kicillof. I wonder why he did not name the potential "investors" and the amounts they would loan Argentina?

http://www.bloomberg.com/news/2014-1...tml?cmpid=yhoo

Tres3.

[Jackson]

Citigroup went to court to appeal Griesa's order, saying he abused his discretion in blocking payments.

Show us where in the contract does it state that existing payments be blocked to enforce pari passu. If you can't, we can only conclude that Griesa used (and abused) his discretion.

Let me explain this to you.

"Pari passu" means that all bondholders must be treated equally by the bond issuer.

Among other things, it means that the bond issuer can't pick and choose who it will pay I. E. "We like bondholders A, C and C, so we will pay them, and because we don't like bondholders D, E and F we will tell them to "fuck off".

That's a good thing. That's why all bond buyers want "pari passu" clauses in the bonds they buy. For the bond issuers it keeps the interest rates lower as the bonds are perceived as being more secure.

In this case, Argentine decided that it would ignore the "pari passu" clause in the bonds that they authored and sold, and instead decided to pay those bondholders who agreed to the haircut while simultaneously telling the holdout bondholders to "fuck off".

Judge Griesa agreed with the holdouts that a) their bonds were valid and that Argentine owed them the full amount stipulated therein, and b) that they were not being treated equally with the other bondholders who were in fact getting paid (abet at a reduced rate). Accordingly, he correctly ordered that nobody could get paid unless everybody got paid in accordance with the bond's conditions.

Of course, Argentina can settle the lawsuit with the holdout bondholders by paying them in full as stipulated in the bonds. Unfortunately for the exchange bondholders, I suspect that they waived their rights to full payment when they accepted the exchange bonds, but that's their problem.

Thanks,

Jax.

[Tres3]

It looks as if Kicillof is CFK's anointed successor.

http://www.miamiherald.com/news/busi...onal-business/

Tres3.

[Tres3]

CFK and her cohorts just do not get it.

http://www.bloomberg.com/news/2014-1...tml?cmpid=yhoo

Tres3.

[WorldTravel69]

More on the President's Ranting.

https://news.vice.com/article/how-cr...-to-remove-her

[Tres3]

Another court order for CFK to ignore and rant about.

http://finance.yahoo.com/news/u-judg...1--sector.html

Tres3.

[Tres3]

Show us where in the contract does it state that existing payments be blocked to enforce pari passu..

You obviously do not know what pari passu means.

Tres3.

[Gandolf50]

Citigroup went to court to appeal Griesa's order, saying he abused his discretion in blocking payments.

Show us where in the contract does it state that existing payments be blocked to enforce pari passu. If you can't, we can only conclude that Griesa used (and abused) his discretion.

That was in response to Argentina's abuse, rudeness, lies and outright thievery. Argentina (Cristina) thinks she can do what ever she wants and that every one else needs to do what she wants. She does not want to pay anyone in full. She will not even talk about paying in full. Only if she is looking at a steep discount is she willing to talk. But at the same time she wants new loans and she wants to be able to point out that she is paying on all old loans!

[Esten]

First, the judge ruled the only way he could, given that by Argentina's decision those bonds DO NOT have a Collective Action Clause (CAC). The judge had no alternative but to enforce the contract.

Citigroup went to court to appeal Griesa's order, saying he abused his discretion in blocking payments.

Show us where in the contract does it state that existing payments be blocked to enforce pari passu. If you can't, we can only conclude that Griesa used (and abused) his discretion.

[Flexible Horn]

http://www.bbc.co.uk/news/entertainment-arts-29474422

Top gear is one of England's most viewed TV programs.

I'm not sure this will entice many people to take their holidays in Argentina in the near future.

[Jackson]

The day he blocked legal payments to a majority group of bondholders, to help the holdout Vulture funds. He could have slapped contempt charges and penalties on Argentina without doing this and forcing a technical default. But he's pretty much accountable to nobody, and so can pretty much do what he wants.

As a federal judge he can't be fired. The only recourse would be for Congress to remove him through a lengthy process called impeachment and conviction. Which has only happened a few times in U.S. history. And there's no chance of that happening with a Republican House, since Judge Griesa is a Republican, and Paul Singer is a Republican and a major donor to Republicans.

Apparently Griesa has a history of arrogance and abuse of judicial power. As evidenced by statements from other lawyers and judges at the link below.

Federal judges cannot be fired and have no mandatory retirement age
http://the-tap.blogspot.com/2014/06/...-and-have.html

Actually, the facts are:

First, the judge ruled the only way he could, given that by Argentina's decision those bonds DO NOT have a Collective Action Clause (CAC). The judge had no alternative but to enforce the contract.

Second, the Appeals Court had no grounds to overturn such a straigthfoward ruling.

Third, the Supreme Court could not possibly agree to hear the case as there are no constitutional matters at stake here.

Finally, the ruling justified the USA Reputation as a safe haven subject to the rule of law, regardless of how much some liberals would prefer to replace that by political fiat.

Thanks,

Jax

[Gandolf50]

The day he blocked legal payments to a majority group of bondholders, to help the holdout Vulture funds. He could have slapped contempt charges and penalties on Argentina without doing this and forcing a technical default. But he's pretty much accountable to nobody, and so can pretty much do what he wants.

As a federal judge he can't be fired. The only recourse would be for Congress to remove him through a lengthy process called impeachment and conviction. Which has only happened a few times in U.S. history. And there's no chance of that happening with a Republican House, since Judge Griesa is a Republican, and Paul Singer is a Republican and a major donor to Republicans.

Apparently Griesa has a history of arrogance and abuse of judicial power. As evidenced by statements from other lawyers and judges at the link below.

Federal judges cannot be fired and have no mandatory retirement age
http://the-tap.blogspot.com/2014/06/...-and-have.html

Why should he be fired? Because he did his job?? Because he enforced a contract that was mostly written by Argentina because they were desperate for money at any price and they were out of options? And now the people who put up the money would like it back almost 15 years later? Give the old coot a medal for putting up with all this bull $hit!

[Dccpa]

That is why the USA has an appellate process. But did not that process uphold Judge Griesa? We are lucky that federal judges have lifetime tenure. Lifetime tenure gives them some insulation from the political process, and they cannot be fired by a politician. Was not the fact that USA judges have immunity one of CFK's complaints?

Tres3.

The US Supreme Court upheld Griesa's rulings in this case. Esten would like us to ignore the facts and look at the bright shiny object he is holding. The anonymous complainers were most likely attorneys that got their asses kicked in Griesa's court. I wonder if any of the anonymous complaints were written by Christina's minions. Regardless, she is getting her ass kicked in this case and is looking crazier and more desperate by the minute.

http://dealbook.nytimes.com/2014/06/16/supreme-court-denies-appeal-by-argentina/?_php=true&_type=blogs&partner=rss&emc=rss&_r=0

[Tres3]

The day he blocked legal payments to a majority group of bondholders, to help the holdout Vulture funds. He could have slapped contempt charges and penalties on Argentina without doing this and forcing a technical default. But he's pretty much accountable to nobody, and so can pretty much do what he wants.

As a federal judge he can't be fired. The only recourse would be for Congress to remove him through a lengthy process called impeachment and conviction. Which has only happened a few times in U.S. history. And there's no chance of that happening with a Republican House, since Judge Griesa is a Republican, and Paul Singer is a Republican and a major donor to Republicans.

Apparently Griesa has a history of arrogance and abuse of judicial power. As evidenced by statements from other lawyers and judges at the link below.

Federal judges cannot be fired and have no mandatory retirement age
http://the-tap.blogspot.com/2014/06/...-and-have.html

That is why the USA has an appellate process. But did not that process uphold Judge Griesa? We are lucky that federal judges have lifetime tenure. Lifetime tenure gives them some insulation from the political process, and they cannot be fired by a politician. Was not the fact that USA judges have immunity one of CFK's complaints?

Tres3.

[AllIWantIsLove]

Didn't he just rule that a contract means what it says? (And that's an honest question. I don't have the legal background to understand exactly what he did.).

But I am pretty sure that although "he can't be fired" his rulings can be overturned.

Bob.

The day he blocked legal payments to a majority group of bondholders, to help the holdout Vulture funds. He could have slapped contempt charges and penalties on Argentina without doing this and forcing a technical default. But he's pretty much accountable to nobody, and so can pretty much do what he wants.

As a federal judge he can't be fired. The only recourse would be for Congress to remove him through a lengthy process called impeachment and conviction. Which has only happened a few times in U.S. history. And there's no chance of that happening with a Republican House, since Judge Griesa is a Republican, and Paul Singer is a Republican and a major donor to Republicans.

Apparently Griesa has a history of arrogance and abuse of judicial power. As evidenced by statements from other lawyers and judges at the link below.

Federal judges cannot be fired and have no mandatory retirement age
http://the-tap.blogspot.com/2014/06/...-and-have.html