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Since: Aug 11

Thailand

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#1
Oct 4, 2012
 

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Argentina’s treatment of creditors and debts also extends to international financial institutions and has “repeatedly ignored judgments issued by the World Bank’s arbitral body, the International Centre for the Settlement of Investment Disputes (ICSID). In May 2012, the Spanish oil company Repsol filed the 50th ICSID case against Argentina”.

Among G-20 countries,“Argentina accounts for 84% of pending cases at ICSID. It has consistently disregarded the rule of law”.

http://en.mercopress.com/2012/10/04/argentina...
GAto montes MAlvinense

Richmond Hill, Canada

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#2
Oct 5, 2012
 

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Lord Ton wrote:
Argentina’s treatment of creditors and debts also extends to international financial institutions and has “repeatedly ignored judgments issued by the World Bank’s arbitral body, the International Centre for the Settlement of Investment Disputes (ICSID). In May 2012, the Spanish oil company Repsol filed the 50th ICSID case against Argentina”.
Among G-20 countries,“Argentina accounts for 84% of pending cases at ICSID. It has consistently disregarded the rule of law”.
http://en.mercopress.com/2012/10/04/argentina...
WHo cares.In history Argentina was not the worst.....uk IS MUCH worse because is a killer,with 2,8 millions unemployed...BTW,those are the results of the NEo liberals,that is destroying countries around the world...uk IS FINISHED!! SO why you care!

Ace McCloud

UK

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#3
Oct 5, 2012
 

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LOL You really do love this guy Jim Rogers... Well so far his videos have been wrong. But I guess you like to leave things open ended hey Mally.

Just like 'One day Argentina will get the Falklands' LOL Open ended statements with no basis is what Argentina is based upon.
MALVINENSE 1

Scarborough, Canada

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#4
Oct 5, 2012
 

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Ace McCloud wrote:
LOL You really do love this guy Jim Rogers... Well so far his videos have been wrong. But I guess you like to leave things open ended hey Mally.
Just like 'One day Argentina will get the Falklands' LOL Open ended statements with no basis is what Argentina is based upon.
Sure Jim ROgers is MUCH MORE SMART than you ace....He retired at 35,billionaire....So he knows what he is talking about.That is the reason he moves his family to Singapore.....He is smart and you are not.
Believed what you want,reality will triumph in the end.The worst is yet to come.....What the crooks bankers will create? A diversionary war?The bankers are talking something in those lines..They re crooks and I hope the smart people will not engage in that foolishness....But considering human STUPIDITY,the Worse can happens.The apocalypse is looming in the horizon..
Terry Hill

São Paulo, Brazil

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#5
Oct 5, 2012
 

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So 180 years of lying . Where's it got you? Certainly no respect. I can just hear the mutterings "Here come those liars again".
francisco

Argentina

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#6
Oct 5, 2012
 

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Terry Hill wrote:
So 180 years of lying . Where's it got you? Certainly no respect. I can just hear the mutterings "Here come those liars again".
Bien que hacen negocios con nosotros....

Tan malos no somos no piratin?.
Deanstreet

Stanley, Falkland Islands (Malvinas)

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#7
Oct 5, 2012
 

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At this present moment in time it appears to be yes - argentina is the world's worst debtor...

argentina has absolutely no respect for claims by creditors against it regarding outstanding debts...

If it did have a modicum of respect, then perhaps the 'Libertad' might not have been arrested, nor would the plastic bag be scared to use the presidential debt outside of south America..

Kindest regards from the Falkland Islands
GAto montes MAlvinense

Richmond Hill, Canada

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#8
Oct 5, 2012
 

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Deanstreet wrote:
At this present moment in time it appears to be yes - argentina is the world's worst debtor...
argentina has absolutely no respect for claims by creditors against it regarding outstanding debts...
If it did have a modicum of respect, then perhaps the 'Libertad' might not have been arrested, nor would the plastic bag be scared to use the presidential debt outside of south America..
MAlvinas Argentinas
Nor does uk,who defaulted of 3,5 billion to Argentina in the 1950's....excrement!
Deanstreet

Stanley, Falkland Islands (Malvinas)

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#9
Oct 5, 2012
 

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argentina - yes the world's current worst debtor..

And...

cannot even borrow 60 million dollars...

Kindest regards from the Falkland Islands
GAto montes MAlvinense

Richmond Hill, Canada

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#10
Oct 5, 2012
 

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Deanstreet wrote:
argentina - yes the world's current worst debtor..
And...
cannot even borrow 60 million dollars...
MALVINAS ARGENTINAS
We do not need it.
Anyway uk is FINISHED! 2,5 million unemployed...AHAHAHAHAAHAH PELOTUDO!
Deanstreet

Stanley, Falkland Islands (Malvinas)

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#11
Oct 6, 2012
 

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You need at least 10 million to get your navy returned to you...

Kindest regards from the Falkland Islands
Hugo

Huinca Renanco, Argentina

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#12
Oct 10, 2012
 
Un "cisne negro" irrumpe en el mercado: el default técnico de Chaco abre un panorama incierto tras la pesificación compulsiva
La decisión que adoptó el Gobierno de Jorge Capitanich de pagar en pesos un bono que estaba emitido en dólares tuvo un inmediato efecto negativo en el mercado. Los expertos consultados por iProfesional.com advierten sobre su posible generalización. Sorpresa y confusión

http://finanzas.iprofesional.com/notas/146402... -

Argentine government bonds fell on concern holders of dollar-denominated debt will have to accept pesos after the central bank denied Chaco province’s request to buy the U.S. currency to make payments on local securities.

http://www.bloomberg.com/news/2012-10-09/arge...
Ricardo

Buenos Aires, Argentina

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#13
Oct 10, 2012
 

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Lord Ton wrote:
Argentina’s treatment of creditors and debts also extends to international financial institutions and has “repeatedly ignored judgments issued by the World Bank’s arbitral body, the International Centre for the Settlement of Investment Disputes (ICSID). In May 2012, the Spanish oil company Repsol filed the 50th ICSID case against Argentina”.
Among G-20 countries,“Argentina accounts for 84% of pending cases at ICSID. It has consistently disregarded the rule of law”.
http://en.mercopress.com/2012/10/04/argentina...
The World's worst debtor in History is the U.S.
In 1971 it defaulted all the gold support for the IMF money which it had formally and solemnly compromised to garantee in Breton Woods....and NEVER payed it...but you have your usual double standards...some can not to pay and some can not....
Funny part is that the common idiots don´t even see it...the big guys moving the strings do...and must laugh their asses off about how easy is to fool people.
Did the UK pay it's war debt with Argentina?...I left that to you as a homework.
Deanstreet

Stanley, Falkland Islands (Malvinas)

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#14
Oct 10, 2012
 
The question remains, can you borrow..?

Kindest regards from the Falkland Islands

Since: Oct 12

Huinca Renanco, Argentina

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#15
Nov 17, 2012
 
United States: U.S. Second Circuit Requires Argentina To Pay Defaulted Sovereign Debt Under "Equal Treatment" Clause

On 26 October 2012, the United States Court of Appeals for the Second Circuit upheld permanent injunctions designed to remedy Argentina's breach of a promise to pay certain bondholders after a 2001 default on its sovereign debt.1 Relying on an "equal treatment" clause which provided that payment of the bonds ranked at least equally with Argentina's other present and future bond issuances, the court held that Argentina could not discriminate against the defaulted bonds in favour of bonds issued in its 2005 and 2010 sovereign debt restructurings. Accordingly, the court enjoined Argentina from making payments on the 2005 and 2010 bonds without making comparable payments on the defaulted bonds.

The Bonds

In 1994, Argentina began to issue debt securities pursuant to a fiscal agency agreement ("FAA Bonds"). The agreement contained an "equal treatment" clause, providing that:

[t]he Securities will constitute ... direct, unconditional, unsecured and unsubordinated obligations of the Republic and shall at all times rank pari passu without any preference among themselves. The payment obligations of the Republic under the Securities shall at all times rank at least equally with all its other present and future unsecured and unsubordinated External Indebtedness ...."

Argentina defaulted on the FAA Bonds in 2001, after which its President declared a temporary moratorium on principal and interest payments on the FAA Bonds and other certain external debt. Each following year, Argentina has passed legislation renewing the moratorium, and has made no principal or interest payments on the FAA Bonds since the 2001 default.
In 2005, Argentina offered to exchange new unsecured and unsubordinated debt ("Exchange Bonds") for the FAA Bonds, at a rate of 25 to 29 cents on the dollar. To induce holders of the FAA Bonds to participate in the exchange, Argentina stated in the prospectus that "[e]xisting defaulted bonds eligible for exchange that are not tendered may remain in default indefinitely." That same year, in order to exert additional pressure on bondholders to accept the exchange offer, the Argentine legislature enacted a "Lock Law" that, among other things, prohibited Argentina from conducting any further settlement with respect to the FAA Bonds. The 2005 exchange offer closed in June 2005, with a 76% participation rate.

In 2010, Argentina temporarily suspended the Lock Law and initiated a second exchange offer. The 2010 exchange offer provided a payment scheme substantially equivalent to the 2005 exchange offer, and included similar risk factors in the prospectus. Upon conclusion of the 2010 exchange offer, Argentina had restructured over 91% of the FAA Bonds.

Argentina has made all principal and interest payments due on the Exchange Bonds. Starting in 2009, certain holders of the FAA Bonds that did not participate in the exchange, began to sue Argentina, alleging breach of contract and seeking injunctive relief, including specific performance of the equal treatment clause. The FAA Bonds are governed by New York law, and Argentina consented to jurisdiction in any state or federal court located in New York City.
http://www.mondaq.com/unitedstates/x/205826/F...

Since: Oct 12

Huinca Renanco, Argentina

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#16
Nov 17, 2012
 
District Court Decision

The United States District Court for the Southern District of New York determined that Argentina violates the equal treatment clause of the fiscal agency agreement "whenever it lowers the rank of its payment obligations under [the FAA] Bonds below that of any other present or future unsecured and unsubordinated External Indebtedness." In particular, the court held that Argentina lowered the rank of the FAA Bonds in two ways: by making payments on the Exchange Bonds while refusing to make payments on the FAA Bonds, and by enacting the Lock Law. As a result, the court granted injunctive relief, ordering Argentina to specifically perform its obligations under the equal treatment clause. The injunctions provided that whenever Argentina pays any amount due under the terms of the Exchange Bonds, it must pay the same percentage of the amount due to the holders of the FAA Bonds. Argentina subsequently appealed the court's decision.

Second Circuit Decision

On appeal, Argentina advanced several arguments as to why the district court erred, including that (i) the equal treatment clause prohibits only legal subordination,(ii) the injunctions violate the Foreign Sovereign Immunities Act ("FSIA"), and (iii) the balance of the equities and public interest favoured Argentina.

As to the district court's interpretation of the equal treatment clause, Argentina argued that the equal treatment clause is a boilerplate provision that is universally understood in the sovereign debt context to provide protection from "legal subordination or other discriminatory legal ranking by preventing the creation of legal priorities by a sovereign in favour of creditors holding particular classes of debt." To that end, Argentina submitted that, even if it favoured the Exchange Bonds in payment, it did not legally subordinate the FAA Bonds because it did not give the Exchange Bonds a legally enforceable preference over the FAA Bonds in the event of a default on the Exchange Bonds.

The Second Circuit found Argentina's argument unpersuasive, concluding that the preferred construction of equal treatment clauses in the sovereign debt context is far from settled. Instead, the court determined that the equal treatment clause protects bondholders from more than just formal subordination. Specifically, the court held that the first sentence of the equal treatment clause ("[t]he Securities will constitute ... direct, unconditional, unsecured, and unsubordinated obligations ...") prohibits Argentina, as bond issuer, from formally subordinating the bonds by issuing superior debt, while the second sentence ("[t]he payment obligations ... shall at all times rank at least equally with all its other present and future unsecured, and unsubordinated External Indebtedness") prohibits Argentina, as bond payor, from paying on other bonds without paying on the FAA Bonds. The court found this interpretation to be particularly apt in the sovereign debt context, as financially distressed sovereigns do not enter bankruptcy proceedings with a prescribed priority scheme – rather, sovereigns can choose the order in which claims will be paid. Thus, the constraints imposed through the equal treatment clause prevent Argentina as bond payor from discriminating against the FAA Bonds in favour of other external debt.

Since: Oct 12

Huinca Renanco, Argentina

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#17
Nov 17, 2012
 
With respect to the FSIA, Argentina asserted that the injunctions violated its mandate that "the property in the United States of a foreign state shall be immune from attachment, arrest and execution." This argument was equally unavailing because the Second Circuit found that the injunctions would not deprive Argentina of control over any of its property. Specifically, the court concluded that the injunctions did not require Argentina to pay any bondholder any amount of money or limit the other uses to which Argentina may put its fiscal reserves, but merely prohibited Argentina from transferring money to some bondholders without also paying others. The court also determined that the FSIA did not otherwise create any impediment to the injunctions, as Argentina had voluntarily waived its immunity from the jurisdiction of the district court and the FSIA imposes no additional limitations on the equitable powers of a district court that has obtained jurisdiction over a foreign sovereign.
Ricardo

Laferrere, Argentina

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#18
Nov 17, 2012
 

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Worst debtor in history is the US
An never paid it
In 1971 it seized all the gold backing the IMF deposits of all the member Nations, tht they had commited to custody in the Breton Woods founding Agreement
It was the biggest default in history by far
You don't believe me, check for yourselves.
It is well known...but one thing is the U S and another the rest, apparently doing that things is only bad when powerless countries do them
Massive brainwashing

Since: Oct 12

Huinca Renanco, Argentina

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#19
Nov 17, 2012
 

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Perdón pero tengo algunas dudas,quién o quienes eran los acreedores ? qué reclamos hicieron para cobrar esa deuda ?
Ricardo

Laferrere, Argentina

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#20
Nov 17, 2012
 

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Hugob wrote:
Perdón pero tengo algunas dudas,quién o quienes eran los acreedores ? qué reclamos hicieron para cobrar esa deuda ?
Varios reclamaron
Gran Bretaña tambien
El ministro de economia de Gran Bretaña se traslado personalmente a EEUU
Los acreedores, onviamente eran todos los paises miembros del FMI que podian reclamar el respaldo oro de sus depositos
Pero vos que la vas de tan informado por que no esrudias el caso en lugar de preguntarme

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