How USA wants to destroy Argentinia

[senheiser]

Argentina placed into ‘default’ rating as debt deal deadline expires
Published time: July 30, 2014 20:52
Edited time: July 30, 2014 22:28
Get short URL

Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders.

Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by US judge Thomas P. Griesa’s order tying that payment to ongoing litigation by vulture funds which refused the country’s original cents-on-the-dollar debt restructuring offer.

Analysts generally do not believe that a default by Argentina will have the same consequences as in 2001.

“An Argentina default is expected to be short-lived at this point and shouldn’t have any major implication for the country,” said Mauro Roca to Bloomberg, a senior Latin America economist at Goldman Sachs in New York.

“There’s the expectation that a deal with holdouts will be worked out soon.”

The country’s Economy Minister Axel Kicillof arrived in New York this week to engage in negotiations with holdout creditors. The talks have been overseen by a mediator appointed by the US judge who placed its payment on hold.

Speaking during a press conference on Wednesday evening Kicillof told reporters that the so-called vulture funds had refused a new offer proposed by Argentina.

Kicillof further stated that upon the country's request for a stay to process the existing payment to 90%-plus of bondholders, the judge responded that only the holdout vulture funds could grant that request. The Argentinian minister said that the hedge funds did not comply to a stay.

"We will not sign anything that puts at risk the future of the Argentinian people," said Kicillof."Argentinians can rest easy. The country will continue forward. But have no doubt that we are open to further dialogue, just as long as it is under reasonable conditions."

 

[Skull and Bones]

Lolwa, I should blame CIA for my hair loss problem.

 

[senheiser]

Lolwa, I should blame CIA for my hair loss problem.

S&P = American
guy who sues = American
judge who approves = American

a whole network of Americans to benefit Americans

 

[Hypersonicmissiles]

S&P = American
guy who sues = American
judge who approves = American

a whole network of Americans to benefit Americans

Argentina's fault for relying on the Yankees. They can easily get funding from China. China Development Bank lends billions to foreign countries. Argentina can borrow from Chinese capital markets. Chinese banks will lend them money too.

 

[senheiser]

Argentina's fault for relying on the Yankees. They can easily get funding from China. China Development Bank lends billions to foreign countries. Argentina can borrow from Chinese capital markets. Chinese banks will lend them money too.

they got chinese money but it was for infrastructure projects. However this isnt about money aregntinia has plenty its about of paying these americans money which argentinia isnt owing them. If they pay, plenty others will demand argentinia to pay them money too, so they can easily go bankrupt again.

 

[Hypersonicmissiles]

they got chinese money but it was for infrastructure projects. However this isnt about money aregntinia has plenty its about of paying these americans money which argentinia isnt owing them. If they pay, plenty others will demand argentinia to pay them money too, so they can easily go bankrupt again.

China also signed a currency swap deal worth around 70 billion yuan. Yuan can be used for trade and investment with China. It can also be used to convert those yuan into dollars and pay any dollar-denminated debt they have.

But I agree that Argentina don't need to pay these Yankees anything because they don't owe the Yankees.

 

[senheiser]

China also signed a currency swap deal worth around 70 billion yuan. Yuan can be used for trade and investment with China. It can also be used to convert those yuan into dollars and pay any dollar-denminated debt they have.

But I agree that Argentina don't need to pay these Yankees anything because they don't owe the Yankees.

i think argentinia will the first country who will ask money from the bric and china bank

 

[Chinese-Dragon]

This shows how damaging Argentina's first default on debt was, it pretty much cut them off from international financing, and led to a vicious cycle of debt repayment.

i think argentinia will the first country who will ask money from the bric and china bank

The BRICS bank has already offered to give financing to Argentina.

 

[HariPrasad]

Argentina placed into ‘default’ rating as debt deal deadline expires
Published time: July 30, 2014 20:52
Edited time: July 30, 2014 22:28
Get short URL

Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders.

Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by US judge Thomas P. Griesa’s order tying that payment to ongoing litigation by vulture funds which refused the country’s original cents-on-the-dollar debt restructuring offer.

Analysts generally do not believe that a default by Argentina will have the same consequences as in 2001.

“An Argentina default is expected to be short-lived at this point and shouldn’t have any major implication for the country,” said Mauro Roca to Bloomberg, a senior Latin America economist at Goldman Sachs in New York.

“There’s the expectation that a deal with holdouts will be worked out soon.”

The country’s Economy Minister Axel Kicillof arrived in New York this week to engage in negotiations with holdout creditors. The talks have been overseen by a mediator appointed by the US judge who placed its payment on hold.

Speaking during a press conference on Wednesday evening Kicillof told reporters that the so-called vulture funds had refused a new offer proposed by Argentina.

Kicillof further stated that upon the country's request for a stay to process the existing payment to 90%-plus of bondholders, the judge responded that only the holdout vulture funds could grant that request. The Argentinian minister said that the hedge funds did not comply to a stay.

"We will not sign anything that puts at risk the future of the Argentinian people," said Kicillof."Argentinians can rest easy. The country will continue forward. But have no doubt that we are open to further dialogue, just as long as it is under reasonable conditions."

Are bhai Ab Argentina bhi AA gaya US ke list main. Ab tak to sirf Muslim countries the or North Korea tha. Is US expanding the list of countries to be destroyed.

 

[Hamartia Antidote]

If the guy running the vulture fund was a Russian you'd be calling him a hero.

http://dealbook.nytimes.com/2011/08...iotts-paul-singer/?_php=true&_type=blogs&_r=0

The Economic Manifesto of Elliott’s Paul Singer
By EVELYN M. RUSLI and AZAM AHMED AUGUST 3, 2011 9:20 AMAugust 3, 2011 4:50 pm

Tomohiro Ohsumi/Bloomberg NewsPaul Singer, founder of Elliot Management.
“Stability is not the way of the world.”

That is how Paul Singer, founder of the $17 billion hedge fund Elliott Management, describes the current environment in his latest letter to investors, a 14,000-word screed that attacks government officials in the United States and Europe for their fiscal recklessness and portends an end to American hegemony should the ship not soon be righted.

In the colorful and often angry letter, Mr. Singer takes particular aim at the Federal Reserve (a “group of inbred academics,” in his view) for its use of artificially low interest rates and quantitative easing to stimulate the economy. The approach, he said, has distorted the price of just about everything.

“The distortions in public policy in the U.S. and Europe have introduced extraordinary undercurrents which are hidden from sight, but they are entirely capable of changing the landscape very quickly, and probably not for the better,” he said in the letter, which was obtained by DealBook.

Related Links

• Video: The ‘Manifesto’ of a Hedge Fund King

Mr. Singer, whose fund gained 1.1 percent in the second quarter, released the letter several weeks before Capitol Hill reached a compromise on the contentious debt ceiling issue. That battle does not fully account for the country’s long term insolvency issues, he wrote, nor what he calls the “unpayable Big Three” — Social Security, Medicare and Medicaid.

“In both the U.S. and Europe, the budget and balance sheet numbers do not work,” the letter said. “When ‘off-balance sheet’ promises are taken into account, the U.S. and most countries of the Euro zone are insolvent.” And by extending reams of credit, the developed nations, he explained, are undermining their credibility, an erosion that — once complete — will exact untold consequences.

“As this is written, the prices of financial assets do not seem to take into account the risk of a history-altering reversal of confidence in paper money, the U.S. dollar, the American economy and its political leadership, or the Euro currency block.”

“Yet poor policy and incompetent leaders are creating massive systemic risks, and modern markets can concentrate and change their focus instantly — for all the right reasons, for no apparent reason, or for some combination of the two.”

Given the Fed’s “increasingly cavalier attitude” toward monetary policy, Mr. Singer said, it is up to the markets to “take away its freedom of action.” In that event, Elliott expects a “collapse” in the dollar’s exchange rate, a busted bond market and surging commodity prices — all accompanied by extreme volatility in the equity markets.

And as for how to extract the economy from the depths of whatever reckoning is to come, history does not inspire confidence in the eyes of Mr. Singer. Calling the government’s management of the financial crisis “horrendous,” Mr. Singer said the stimulus plan was a failure that led to a uniquely feeble recovery and an employment situation that “is simply putrid.”

“Instead of addressing the unsound financial system by deleveraging the banks, making them understandable and transparent, and modernizing the regulatory scheme, the bulk of the actions taken by the new government, starting in early 2009, consisted of an ideological wish-list and cronyism. Very little was oriented toward supporting the private sector, except for the surviving banks, which were nursed back to ‘health’ (that is, mostly as highly-leveraged trading shops) with lavish dollops of close-to-free money and blanket guarantees.”

So what would it take to fix the current dilemmas outlined by Mr. Singer, a hardcore conservative?

“Some are consumed with guilt and cry plaintively, ‘Tax me more, it feels so good!’ But many others will take their jobs, projects and ideas elsewhere, to places where they are not just thought of as sheep to be fleeced. The world, in terms of choices available to educated, ambitious workers and entrepreneurs, is way bigger than just the United States, Japan and Europe.”

Instead of raising taxes in a futile attempt to pay for burdensome entitlement programs, Mr. Singer said legislators should be focused on slashing obligations. He admitted that restructuring the health care system would require complex solutions, but Mr. Singer said there were also some easy fixes to trim costs, like lifting the retirement age or changing the way benefits are calculated.

And what to do about the Federal Reserve and its chairman, Ben S. Bernanke, whose confidence in the Fed’s ability to control inflation seems “more like careless talk radio rants than expressions containing the prudence and conservatism needed from the guardian of the value” of the dollar? Mr. Singer wants the Fed to ease off the gas pedal and change directions.

“The Fed should state that it has done more than enough, and that fiscal and regulatory policy needs to pick up the responsibility for growth and job creation.”

“We should demand that the Fed start commenting — in their beautiful prose — on the value of the dollar. They also need to start normalizing interest rates carefully, while developing intelligent policies to deal with the possible resultant decline in many asset prices (possibly balanced by optimism in the increased probability of sound money policies in the future). Until interest rates are normalized, capital will continue to be misallocated throughout the economy, real investment ‘risk’ will be almost impossible to determine and a firm foundation for solid growth in the American economy cannot be created.”

His most bitter medicine is perhaps reserved for Europe, which he chides for propping up Greece — “a hopelessly insolvent country.” Mr. Singer’s solution is simple: let Greece fail. He argues that Germany and France can only write so many checks before “elected officials are dragged out of the Reichstag by voters, or until German credit is on the verge of collapse.” Although the countries have become the informal lenders of last resort for the continent, Mr. Singer warns that they too are on shaky ground.

“The appropriate course is for Greece (and perhaps others) to have as controlled a default as possible and to exit from the Euro. The ‘strong’ European countries will then have to ameliorate the severe economic shock which the defaulting countries will suffer, and they will also have to control and limit the damage to their own banking systems which presently hold a significant amount of the ‘bad’ debt.”

So what to make of all the volatility? Mr. Singer shies away from hanging up the Doomsday clock. With a healthy dose of uncertainty, he says he’s not sure if the “current market volatility is the start of something big or just a spooky episode.” However, if the next financial crisis is indeed brewing, Mr. Singer says, it will not enter as a lamb:

“You should expect surprising transmission mechanisms, the tearing apart of vulnerable market connections and assumptions, and a whole new set of insolvencies and problems. There is no way to predict the shape and timing of it, except our guess is that when the next real crisis (not just a head fake) starts, it will play fast, very fast.”

Yet for all the bearish musings in the letter, there is one thing Elliott is bullish on: itself.

The fund said it is still finding significant opportunity in “structured products, readily available at cheap prices from banks that are still under pressure; securities related to distressed real estate in the U.S., Europe and Japan; and discounted claims in the Madoff bankruptcy.”

In defense of its size, Mr. Singer says its returns have not suffered as it has grown. Based on an in-house statistical analysis, the fund achieved its best performance in 2007 and 2009, when it was at its biggest.

It is also getting bigger. The firm, the letter said, is “currently in the process of raising additional capital.”
​

 

[pakdefender]

They have already made Argentine bankrupt
Many Nazi's escpaed to Argentine and the Jews have not forgotten this.

 

[C130]

Argentina's fault for relying on the Yankees. They can easily get funding from China. China Development Bank lends billions to foreign countries. Argentina can borrow from Chinese capital markets. Chinese banks will lend them money too.

trading one master for another, huh.
nice neo-imperialism you got going on in South America and Africa.

and what's the deal with "Yankees" think some of us might find that offensive. you wouldn't like if Americans or Westerns in general refereed to Chinese as chinks would you?

 

[Hasbara Buster]

Lolwa, I should blame CIA for my hair loss problem.

Yes, Washington would never create chaos in other countries. They are not doing it now across the globe and they have never done so in their entire history

 

[C130]

meh, i'm kinda iffy on this. the guy Paul Singer seems shady. Argentina had years to work this out to come some kinda agreement with the hold outs.

 

[pursuit of happiness]

Argentina placed into ‘default’ rating as debt deal deadline expires
Published time: July 30, 2014 20:52
Edited time: July 30, 2014 22:28
Get short URL

Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders.

Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by US judge Thomas P. Griesa’s order tying that payment to ongoing litigation by vulture funds which refused the country’s original cents-on-the-dollar debt restructuring offer.

Analysts generally do not believe that a default by Argentina will have the same consequences as in 2001.

“An Argentina default is expected to be short-lived at this point and shouldn’t have any major implication for the country,” said Mauro Roca to Bloomberg, a senior Latin America economist at Goldman Sachs in New York.

“There’s the expectation that a deal with holdouts will be worked out soon.”

The country’s Economy Minister Axel Kicillof arrived in New York this week to engage in negotiations with holdout creditors. The talks have been overseen by a mediator appointed by the US judge who placed its payment on hold.

Speaking during a press conference on Wednesday evening Kicillof told reporters that the so-called vulture funds had refused a new offer proposed by Argentina.

Kicillof further stated that upon the country's request for a stay to process the existing payment to 90%-plus of bondholders, the judge responded that only the holdout vulture funds could grant that request. The Argentinian minister said that the hedge funds did not comply to a stay.

"We will not sign anything that puts at risk the future of the Argentinian people," said Kicillof."Argentinians can rest easy. The country will continue forward. But have no doubt that we are open to further dialogue, just as long as it is under reasonable conditions."

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any argantian member can elaborate the real issue and ground realities