Joined up thinking for the Irish Left
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13 Billion ? Lucky for some? Mon Sep 05, 2016 13:04 | Tony Phillips
Rebuilding Ireland: Long on Promise, Short on Detail Mon Aug 29, 2016 22:20 | Eoin O'Mahony
Brexit and Other Issues: Comments on the Current Situation Mon Aug 29, 2016 21:52 | Brendan Young
Bin Charges: From Private Circus to Public Service Tue Jun 21, 2016 12:38 | Michael Taft
Irish Left Review >>
Fake News: The Epistemology of Media Wed Jun 07, 2017 11:52 | Gavin Mendel-Gleason
Officials and Provisionals Sat Apr 01, 2017 22:54 | James O'Brien
Interview with Cathal Goulding Mon Dec 26, 2016 17:11 | Cathal Goulding
Trump, Russia and the CIA Sat Dec 10, 2016 18:23 | Gavin Mendel-Gleason
Why is my rent so high? Mon Oct 31, 2016 18:51 | Gavin Mendel-Gleason
Spirit of Contradiction >>
Interested in maladministration. Estd. 2005
State failing in its duty to enforce law
Elaine Byrne/Fergus Finlay: Afraid to condemn their own? Anthony
Jobstown trial exposes mainstream bias Anthony
RTE: Blatant censorship and manipulation of news Anthony
In the event of a terrorist attack…in Ireland Anthony
Public Inquiry >>
A bird's eye view of the vineyard
Syrian War Report ? July 20, 2017: Govt Forces Regain More Oil Wells In Raqqah Countryside Thu Jul 20, 2017 23:00 | Scott
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Syrian War Report ? July 19, 2017: Hayat Tahrir al-Sham Clashes With Ahrar al-Sham In Idlib Province Wed Jul 19, 2017 19:22 | Scott
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Syrian War Report ? July 18, 2017: Army Advancing On ISIS-held Town Of Sukhna Wed Jul 19, 2017 19:19 | Scott
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Moveable Feast Cafe 2017/07/19 ? Open Thread Wed Jul 19, 2017 14:30 | Herb Swanson
2017/07/19 13:30:01Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of
Catherine Austin Fitts interviews the Saker for the Solari Report: The Emerging Multipolar World ? S... Tue Jul 18, 2017 15:46 | The Saker
Dear friends, Here is the latest installment of my quarterly conversations with Catherine Austin Fitts. This time the topic was The Emerging Multipolar World ? Seeking a US Foreign Policy
The Saker >>
Argentina Files Final Supreme Court Appeal in Global Hedge Fund Debt Case Religious Community Joins IMF, Legitimate Investors and Governments in Opposing Exploitative Hedge Fund Behavior
Friday February 14, 2014 20:06 by Arielle Retrosi
Argentina will file its final US Supreme Court appeal in the NML Capital hedge fund debt case before this Tuesday, February 18th. Legal observers, economists, investors, the United Nations, the Obama Administration, the International Monetary Fund (IMF) and the religious community have closely monitored the proceedings.
"The final outcome affects poverty around the globe, over a decade of US bipartisan debt policy and the profits of legitimate investors," stated Eric LeCompte, Executive Director of the religious debt campaign, Jubilee USA Network. "The religious community applauds the global consensus to deter and not reward this exploitative, predatory behavior."
Argentina's Supreme Court filing responds to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds and other holdout bond holders. A final ruling in favor of the holdouts will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, the majority of debt holders who previously restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The restructured bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling. In a separate case currently before the Supreme Court, Argentina sought review of a lower court decision allowing NML Capital to seek information about Argentina's non-US assets. The United States filed an amicus brief in support of Argentina, arguing that Argentina's assets are immune from seizure under federal sovereign immunity law.
"These hedge funds hurt legitimate investors and poor people," said LeCompte, "The IMF, World Bank and White House are right that this extreme behavior takes advantage of the world's poorest people."
Interested parties will now have 30 days to file an amicus or friend-of-the-court brief urging the Supreme Court to accept the case. The Supreme Court would likely decide by the summer whether or not it will actually accept this final appeal. These cases go back to 2001, when Argentina defaulted on roughly $81 billion in debt. Multiple hedge funds purchased debt for pennies on the dollar. These hedge funds are called "vulture" funds because they prey on countries in financial distress and target assets that benefit poor populations. The nearly 93% of bondholders who restructured their debts with Argentina have seen the value of their bonds increase. The holdout hedge funds that are suing Argentina refused the deal several times and have instead sued for the full amount of the debt they purchased.
The opposition to vulture funds is widespread. Similar hedge fund claims against Argentina have been rejected by courts in Germany, and France filed an amicus brief in support of Argentina in a previous appeal to the Supreme Court. In numerous court proceedings, the US government filed an amicus brief in support of Argentina, arguing that a ruling against Argentina could make it much more difficult for countries in financial recovery or facing economic stress to access credit and debt swaps. The IMF has also weighed in on the case, saying that the result would have major implications for how future sovereign debt is restructured.
"There finally seems to be an endgame in sight," noted LeCompte. "The question now is will the final ruling protect our global economy from this extreme behavior or encourage this harmful hedge fund behavior."