User Preferences

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

Blog Feeds

Spirit of Contradiction

offsite link Of Tankies, Trots and Social Democrats Thu May 12, 2016 23:41 | Gavin Mendel-Gleason

offsite link Avatars of the Advanced-Capitalist Psyche – Capitain America: Civil War Mon May 09, 2016 00:07 | Gavin Mendel-Gleason

offsite link Wailings about Left Unity Sat Feb 13, 2016 01:13 | James O'Brien

offsite link The Bern Manifesto: Why I am Voting for Bernie Sanders Wed Jan 27, 2016 23:59 | Jerome Nikolai Warren

offsite link Kautsky – The crisis of capitalism and the shortening of working time Mon Nov 09, 2015 22:34 | James O'Brien

Spirit of Contradiction >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Broadcaster George Hook accuses politicians of tax evasion

offsite link The toxic link between police and politics Anthony

offsite link The cesspool that is Irish politics Anthony

offsite link Finian McGrath cashes in his principles Anthony

offsite link Vincent Browne: Blind to what’s coming down the road Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Russia Defense Report: Tank Biathlon 2016 Sun May 29, 2016 00:51 | The Saker
https://southfront.org/russia-defense...

offsite link International Military Review ? Syria, May 27, 2016 Sun May 29, 2016 00:45 | The Saker
https://southfront.org/international-...

offsite link As Our Past Wars Are Glorified This Memorial Day Weekend, Give Some Thought To Our Prospects Against... Sat May 28, 2016 23:50 | The Saker
by Paul Craig Roberts source: http://www.paulcraigroberts.org/2016/... The Saker reports that Russia is preparing for World War III, not because Russia intends to initiate aggression but because Russia is alarmed by

offsite link The World SITREP May 28th, 2016 by Baaz Sat May 28, 2016 20:43 | Scott
The World SITREP May 28th, 2016 by Baaz Russia Putin arrives at Mount Athos to mark 1,000 years of Russian presence May 28, 2016 – Russian President Vladimir Putin visited

offsite link Drinking in Saint Petersburg (music video) Sat May 28, 2016 16:39 | The Saker

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Minority Government, Human Rights, and the Opportunity for Constitutional Dialogue Fri May 06, 2016 11:36 | Ntina Tzouvala

offsite link Intensifying the glare of the United Nations? spotlight Wed May 04, 2016 06:46 | GuestPost

offsite link PhD studentships at DCU Fri Apr 29, 2016 17:15 | Eoin Daly

offsite link The Role of Sport in the Recognition of Transgender and Intersex Rights Mon Apr 11, 2016 10:54 | Eoin Daly

offsite link Call for Papers: ?International and Comparative Law in the 21st Century: Lessons learned?? Wed Mar 23, 2016 17:58 | GuestPost

Human Rights in Ireland >>

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

© 2001-2016 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