User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link Qatar Crisis: Origins and Consequences Thu Jun 22, 2017 23:40 | Scott
https://southfront.org/qatar-crisis-c... If you?re able, and if you like our content and approach, please support the project. Our work wouldn?t be possible without your help: PayPal: southfront@list.ru or via: http://southfront.org/donate/ or

offsite link Battle For Mosul ? June 22, 2017: ISIS Blows Up Al-Nuri Kabir Mosque Thu Jun 22, 2017 20:27 | Scott
https://southfront.org/battle-for-mos... If you?re able, and if you like our content and approach, please support the project. Our work wouldn?t be possible without your help: PayPal: southfront@list.ru or via: http://southfront.org/donate/ or

offsite link Are We in The Final Phase? Thu Jun 22, 2017 14:05 | The Saker
by Peter Koenig There is hardly a day that goes by without a terror attack somewhere in the world, emphasis on western world. There were three successive UK terror attacks

offsite link Syrian War Report ? June 21, 2017: Government Forces Launched Large Advance In Daraa Wed Jun 21, 2017 19:08 | Scott
https://southfront.org/syrian-war-rep... If you?re able, and if you like our content and approach, please support the project. Our work wouldn?t be possible without your help: PayPal: southfront@list.ru or via: http://southfront.org/donate/ or

offsite link Moveable Feast Cafe 2017/06/21 ? Open Thread Wed Jun 21, 2017 18:31 | Herb Swanson
2017/06/21 17:31:01Welcome 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

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Ireland?s Failing Abortion Law: Statutory Interpretation, Human Rights and the Detention of Pregnant... Tue Jun 13, 2017 17:08 | admin

offsite link RIA Conference on Human Rights and the Social Sciences, June 22nd. Thu Jun 01, 2017 16:59 | admin

offsite link Asylum Seekers and the Right to Work: The Supreme Court Decision Tue May 30, 2017 15:06 | Liam Thornton

offsite link Human Rights-Based Integration Policy and the New ?Migrant Integration Strategy? Fri Apr 28, 2017 12:33 | Cliodhna Murphy

offsite link The Citizens Assembly Proposals: A Draft Bill Tue Apr 25, 2017 20:42 | admin

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Signs of Hope ? A continuing series 12:00 Thu Jun 22, 2017 | WorldbyStorm

offsite link Urghhh? does he have to say stuff like this? 11:56 Thu Jun 22, 2017 | WorldbyStorm

offsite link The DUP and London 09:12 Thu Jun 22, 2017 | WorldbyStorm

offsite link Attitudes across the EU?  08:32 Thu Jun 22, 2017 | WorldbyStorm

offsite link Stormont, the DUP and other matters! 13:31 Wed Jun 21, 2017 | guestposter

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

offsite link THE WRATH OF KANE: BANKING CRISES AND POLITICAL POWER 09:32 Fri Jan 30, 2015

offsite link ALWAYS THE ARTISTS: WEEK THREE OF THE BANK INQUIRY 23:11 Thu Jan 22, 2015

Dublin Opinion >>

Supreme Court Refuses Argentina Debt Case

category international | rights, freedoms and repression | news report author Monday June 16, 2014 22:04author by Jenna Maus - Jubilee USA Network Report this post to the editors

Supreme Court Refuses Argentina Debt Case and Validates Hedge Fund Predatory Behavior. The US Supreme Court denied Argentina's appeal for a hearing today, leaving intact a lower court ruling that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal. In a final blow, the court also decided that hedge funds can access information on where Argentina holds financial assets around the world. The International Monetary Fund (IMF), legitimate Wall Street investors and the US government had sided with Argentina because of the case's impact on debt restructuring, poor country access to credit and global financial stability.


"I am absolutely shocked by the decision," said Eric LeCompte, Executive Director of the religious anti-poverty organization, Jubilee USA Network. "For heavily indebted countries supporting poor people, this is a devastating blow. These hedge funds are equipped with an instrument that forces struggling economies into submission."

The case dates back to 2001 when Argentina defaulted on its debts and a group of predatory hedge funds purchased some debt for pennies on the dollar. The hedge fund NML Capital leads a group of hold-out creditors in suing the country for more than $1 billion. The case will set a precedent that will impact the functioning of the global financial system. The court did not exercise the expected option of asking the United States government to issue an opinion in the matter. In a related Supreme Court case and in lower courts the US government consistently argued that hold-out creditors should take the same deal that was agreed to by nearly 93 percent of bondholders. The US Treasury and the White House continue to express support for Argentina because of the case's impacts on US bipartisan debt relief policy, global debt restructuring and impacts on poor people.

"For 15 years, Republicans and Democrats have agreed that the world's poorest countries need to have their debt burdens reduced," noted LeCompte. "Today, that bipartisan policy is threatened by the court's decision."

Numerous global institutions and organizations have weighed in on behalf of Argentina. In March, citing the impact of the case on debt relief policy and the global poor, Jubilee USA filed to the Supreme Court on behalf of 79 religious and development institutions urging the high court to take the case. France, Brazil and Mexico also filed amicus curiae briefs on behalf of Argentina before the Supreme Court. The World Bank, Wall Street investors and the IMF have all expressed concern regarding the possibility of a win by the predatory hedge funds. The IMF recently reaffirmed support for Argentina, declaring itself "deeply concerned" about the potential impact the case could have on the ability of countries to restructure their debts, which in turn allows the global financial system to operate.

"There's a rare consensus that the court's decision today is harmful," added LeCompte. "The religious community is saddened that these extreme actors will now broaden their efforts to collect assets that belong to the poor. Given the ruling, we need to see what legislative remedies we can implement to stop these hedge funds."

Read a history and timeline of the case: http://www.jubileeusa.org/truth-about-debt/vulturefunds....html

Read Jubilee's USA's filing urging the Supreme Court to take the case: http://jubileeusa.org/fileadmin/13-990__-991_Amici_Brie...4.pdf

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

© 2001-2017 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy