Upcoming Events

International | Miscellaneous

no events match your query!

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 Syrian War Report ? January 16, 2017: ISIS Overruns Army Defenses In Deir Ezzor Tue Jan 17, 2017 04:26 | The Saker
https://southfront.org/syrian-war-rep...

offsite link Bullhorns: Real News (CrossTalk) Tue Jan 17, 2017 04:23 | The Saker

offsite link Moveable Feast Cafe 2017/01/16 ? Open Thread Mon Jan 16, 2017 04:00 | Herb Swanson
2017/01/16 04:00:01Welcome 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

offsite link Guess what?s neither meat nor fish, but Ms. Chalupa and John Schindler, by Scott Mon Jan 16, 2017 03:34 | Scott
“What is this?” “This is no fish, neither meat, but Uncle Taras’ zalupa.” An insulting Ukrainian saying.     The first time I heard the word “chalupa” I was standing

offsite link Full Interview With Kremlin Spokesman Dmitry Peskov Mon Jan 16, 2017 02:02 | The Saker
Compare Dimiti Peskov to his US counterparts (Kriby, Psaki, etc.) and you will immediately see what the main problem and weakness of the USA is.  The Saker I noted that

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Guest Post: Extension of the 14 day rule: potential implications for Irish embryos Thu Jan 12, 2017 18:05 | Eilionoir Flynn

offsite link Notes on Judge Harding-Clark?s Report on the Symphysiotomy Payment Scheme. Thu Nov 24, 2016 17:50 | Máiréad Enright

offsite link The Practical Implications of Miller v SSEEU for Brexit: Nine Reflections Thu Nov 03, 2016 16:30 | Fiona de Londras

offsite link Having Our Voices Heard ? the Official Languages Act foreshadowing the Recognition of Irish Sign Lan... Wed Nov 02, 2016 09:35 | admin

offsite link Benefit Sanctions and Coercion Within the Irish Welfare System Thu Sep 22, 2016 13:38 | Cliodhna Murphy

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Expedient demise of the Executive? 07:55 Tue Jan 17, 2017 | WorldbyStorm

offsite link ?the country had voted to get people like her to ?get out??? 20:55 Mon Jan 16, 2017 | WorldbyStorm

offsite link Opinion polling on Brexit? 11:58 Mon Jan 16, 2017 | WorldbyStorm

offsite link What a vision for the future for a Brexit Britain 09:43 Mon Jan 16, 2017 | WorldbyStorm

offsite link Disabled access to new apartment housing? 09:14 Mon Jan 16, 2017 | WorldbyStorm

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 >>

Argentina Responds to Supreme Court with Debt Swap Plan

category international | miscellaneous | news report author Wednesday June 18, 2014 20:19author by Erin Kelso - Jubilee USAauthor email outreach at jubileeusa dot org Report this post to the editors

Global Consequences of Court Ruling Remain Intact

In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.

In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.

"Argentina may have a way to avoid paying the hedge funds but it won't change how the court precedent equips predatory funds with a powerful ruling to force the poorest countries into submission," stated Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA. "The impact of this ruling stretches far beyond Argentina."

The hold-out creditors include hedge funds popularly referred to as "vulture funds" because they buy debt cheaply when a country is in financial distress. Then the predatory funds sue them for full payment when the country experiences recovery or has attained new assets earmarked for social investment. The International Monetary Fund, World Bank, United Nations and US government have all expressed concern about the impact of a ruling in favor of these funds. They have noted that the precedent set by this case could make it more difficult for developing countries to receive debt relief and lead to greater financial instability. Jubilee USA made these arguments in a brief on behalf of Argentina before the high court, representing nearly 80 faith communities and national religious and development organizations.
"Essentially, the ruling legitimizes this extreme behavior and makes it more profitable across the globe," said LeCompte. "Poor people and legitimate investors still lose the most with this ruling."

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 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