Gesamtzahl der Seitenaufrufe

Mittwoch, 27. Februar 2013

Debt Coverage: Financial Times: “Argentina’s holdouts: here comes the judge”

Debt Coverage:
Financial Times: “Argentina’s holdouts: here comes the judge”
Bloomberg: “BlackRock Worthless to Argentina as Singer Seen Winning”
Reuters: “Argentina heads to U.S. appeals court in bond fight”
NPR (AP): “Q&A: Argentina's NY Court Showdown On Default Debt”
Bloomberg: “Argentina Seeks Relief From U.S. Court in Debt Fight”
The “Column: The ‘vulture fund’ eyeing Argentina – and what it means for other indebted states”
Demotix: “Protesters tell Vulture Funds 'Claws off Argentina' in London”
Missionary Oblates of Mary Immaculate: “The Debt ‘Trial of the Century’ – Vulture Hedge Funds v. Argentina”
Argentine Economy:
MercoPress: “Argentina’s industrial production marked a modest 0.2% rise in January”
MercoPress: “Argentina/Iran accord could just make it in Wednesday’s vote in the Lower House”
PressTV: “Argentina Lower House Committee passes AMIA Memorandum with Iran”

Financial Times
Wednesday, February 27, 2013 
By Jude Webber
The day has arrived. The New York courtroom will be packed to the gunnels – even Argentina’s vice president and economy minister will be on hand as the dramatic “holdout” saga nears its finale. The lawyering will be slick, the arguments sophisticated. So who will win?
First a speedy recap: The Second Circuit Court of Appeals will hear oral arguments in the case at 1400 EDT from four parties: the “holdout” creditors who spurned Argentina’s debt swaps and are suing to collect in full on bonds unpaid since the country’s near $100bn default in 2001 (even though they picked up some of the paper cheaply post-crash); the Argentine Republic, which has made never paying the holdouts an article of faith; the holders of “exchange” bonds issued in debt swaps in 2005 and 2010 during which 92 per cent of the debt in default was restructured; and the Bank of New York Mellon (BNYM) the exchange bonds’ trustee. The latter two feel they have been dragged into a fight in which they have no dog but where they still risk being mauled.
Wednesday, February 27, 2013
By Camila Russo
Bond traders are becoming convinced Argentina will lose its case against holdout creditors in U.S. courts, dismissing the support of money managers including BlackRock Inc. (BLK) that backed the nation’s claims.
The extra yield that investors demand to own Argentina’s overseas bonds due in 2017 over the same notes issued under local law surged to a record 2.46 percentage points last week. The 2017 debentures governed by New York law now yield 15.66 percent, more than triple the average in emerging markets.
Wednesday, February 27, 2013
By Nate Raymond
(Reuters) - Argentina will seek on Wednesday to persuade a U.S. appeals court to reverse an order that it pay $1.3 billion to a group of dissident bondholders stemming from the country's 2001 default, a showdown that could have wide impact on global debt markets.
The arguments at the 2nd U.S. Circuit Court of Appeals in New York are being closely watched amid fears of a new Argentina debt crisis if the country must pay the so-called "holdout" investors.
Wednesday, February 27, 2013
BUENOS AIRES, Argentina (AP) — Judgment day is approaching in an epic battle between Argentina and New York billionaire Paul Singer, who has sent lawyers around the globe trying to force the South American country to pay its defaulted debts.
Three U.S. appellate judges hear oral arguments in New York on Wednesday in the case, NML Capital Ltd. v. Argentina. The case has shaken bond markets, worried bankers, lawyers and diplomats, captivated financial analysts and generated enough "friend of the court" briefs to kill a small forest.
Much more is at stake than the future of Argentina's shaky economy, which could collapse if President Cristina Fernandez goes into default rather than pay a judgment of more than $1.3 billion to the plaintiffs, whom she calls "vulture funds."
Tuesday, February 26, 2013
By Bob Van Voris
Argentina’s decade-long struggle to avoid paying holders of its defaulted debt returns to a U.S. appeals court in New York that may have the final word on whether the South American country can put its 2001 financial crisis behind it or face a new one.
Argentina today is set to challenge a lower-court order that obliges it to pay the defaulted bonds whenever it makes payments on restructured debt. The nation claims the order violates its sovereignty, exposes it to the possibility of a new financial crisis and threatens efforts by other countries to restructure overwhelming sovereign debt.
Wednesday, February
DUBBED THE “sovereign debt court case of the century”, today a New York court will influence the economic future of Argentina – and that of other vulnerable, indebted nations.
Over 10 years ago, Argentina defaulted on its debt. Mired in economic and political crisis, compounded by the damaging policies of external lenders such as the IMF, Argentinian President Kirchner offered the state’s creditors about 25 cent in the dollar. Most creditors, seeing the writing on the wall, eventually took the deal.
Tuesday, February 26, 2013
By Peter Marshall
A noisy London 'Claws off Argentina' protest outside the offices of Elliot Associates by Jubilee Debt Campaign on eve of New York's appeal, which calls on them to stop their attack on Argentina and drop the $1.2 billion claim.
Protesters banged pots and pans outside their London office the day before an appeal by Argentina against a New York court ruling that they must pay the 'vulture' US Hedge Fund Elliot Associates over $1 billion.
Elliot Associates took no part in the original loans made to Argentina, which started at the time of the brutal military junta in that country. Most of those debt claims have since been ruled arbitrary and fraudulent, and in 2001 Argentina, then facing an acute economic crisis with massive unemployment, homelessness and poverty, defaulted on some of its debt.
Missionary Oblates of Mary Immaculate
Tuesday, February 26, 2013
On February 27th, two holdout vulture funds, including Paul Singer’s NML Capital, are in a New York Federal court verses Argentina. The Financial Times has dubbed the proceeding the “‘the trial of the century’ in sovereign debt restructuring.” The US Government filed a friend-of-the-court brief noting a ruling against Argentina could make it much harder for countries in financial recovery or countries facing economic stresses to access credit and debt swaps.
The faith community and other groups, organized by Jubilee USA, will vigil out of concern for poor people affected by vulture funds during the proceeding outside the Federal 2nd Circuit Court of Appeals Wednesday, February 27th starting at 1:00 PM in New York City. Vigils will also take place in London and Buenos Aires.
Wednesday, February 27, 2013
In the crucial automobile industry, which suffered the impact of slowed Brazilian demand last year, production rose 5.3% versus January 2012.
However output fell 36.1% over December 2012 probably as a result of planned maintenance stoppages during the peak summer month.
In December, Argentine industrial production dropped 3.4% from a year earlier in non-seasonally adjusted terms, and dipped 0.6% versus November. Industrial output fell in 2012, marking the first decline since the economic crisis a decade earlier.
Wednesday, February 27, 2013
Lawmakers from the Victory Front majority bloc along with its allies reached the needed 59 signatures. However for Wednesday’s vote in the full house, where the government majority is not certain, it is expected that some lawmakers turned ministers in provincial governments will be taking theirs seats back again.
The Argentine Jewish community AMIA building in downtown Buenos Aires was flattened in a bomb attack on 18 July 1994 killing 85 and injuring hundreds. Argentine prosecutors have indicated a Hezbollah-Iran link in the attack with local accomplices, which Teheran flatly denies.
Wednesday, February 27, 2013
“I beg you congressmen to take the side of the victims and justice. It will be you who decide if the case moves forward or remains paralyzed”.
With these statements, the Foreign Minister of Argentina Hector Timerman finished his exposition at a Lower House joint meeting where he defended the Memorandum of Understanding signed with Iran back in January and that sets up a Truth Commission to investigate the 1994 bombing of the AMIA Jewish community in Buenos Aires.
Given the government´s control of Congress, the Committees of Foreign Relations, Justice and Constitutional Affairs gave a new approval to the agreement that is expected to be signed into law at the Lower House this week

Keine Kommentare: