El Cronista Lawsuits on debt are suspended in Germany Wednesday, November 06, 2013 Germany courts suspended some 90 lawsuits that had been filed by small creditors against Argentina over the default in 2001. The decision was based on accepting the arguments that the country presented about its right to offer a debt swap based on “new principles” on matters promoted by the United Nations Conference on Trade and Development (UNCTAD)

El Cronista Lawsuits on debt are suspended in Germany Wednesday, November 06, 2013 Germany courts suspended some 90 lawsuits that had been filed by small creditors against Argentina over the default in 2001. The decision was based on accepting the arguments that the country presented about its right to offer a debt swap based on “new principles” on matters promoted by the United Nations Conference on Trade and Development (UNCTAD)

El Cronista

Lawsuits on debt are suspended in Germany

 

Wednesday, November 06, 2013

 

Germany courts suspended some 90 lawsuits that had been filed by small creditors against Argentina over the default in 2001.  The decision was based on accepting the arguments that the country presented about its right to offer a debt swap based on “new principles” on matters promoted by the United Nations Conference on Trade and Development (UNCTAD). 

 

The news comes days before Economy Minister Hernan Lorenzino travels to Geneva to attend the “Ninth International Conference on Debt Administration” of UNCTAD, which is working on international acceptance of these pricinples under the framework of the UN.

 

According to sources in the Economy Ministry to the Telam news agency, the judicial resolutions obtained “in recent days allow the government the instance for consideration of the case before the Federal Court of Justice and, eventually, the Federal Constitutional Court, to fix the case as a leading case, which merit the new defenses put forth by Argentina.”  The German decision constitutes an international setback for the holdouts and the vulture funds, who saw their chances reduced to collect 100% of the original debts claimed before European courts.

 

Argentina argued on the basis of a legal opinion formulated by professors Christian Tietje and Matthias Lehmann, from the University of Halle-Wittenberg.  The experts argued and sustained the relevance of the “Principles for the Promotion of Granting and Taking Responsible Sovereign Loans,” from UNCTAD, as part of international law and local German law.

 

It is a set of 15 principles that establish, newly, a series “of responsibilities” both for creditors and debtors, where “Argentina contributed in recent years to their elaboration,” said sources.

 

 

 

Clarin

Military exercise: Rossi admitted that law was delayed over fear of attachments

Defense minister said that this year there was “greater zeal” in the preparation of the rule authorizing the participation in those exercises.  And that it is not due to a budget issue.  

 

Wednesday, November 06, 2013

 

Defense Minister Agustín Rossi today denied that Argentina’s absence in a meeting of air force exercises in Brazil is due to budget problems, and assured that the desertion is due to Congress not yet approving a law to authorize the troops’ journey and its logistical equipment.

 

"It’s not a budget issue, not at all,” Rossi said, who minimized the meeting – called "Cruzex Flight 2013", in which, since Monday, 90 planes are participating from the air forces of Canada, Chile, Colombia, Ecuador, the United States, Venezuela and Uruguay – calling it “an exercise of many, it has no singular specialness.”

 

In statements to Radio 10, the official said that “we are not going because we didn’t arrive on time, if the law had been voted on, we could have participated,” while acknowledging that his team delayed in drafting the initiative because “we had greater zeal” in preparing the bill “because there have been questions that lived on from the Frigate Libertad last year,” when it had been detained in Ghana at request of the “vulture funds.”

 

"He had that zeal because of what happened with the Frigate.  The law had not gotten approved, but there is no problem.  It’s one of so many military exercises in which Argentina can participate during the year.  It’s an exercise of many, it has no unique specialness,” he said.

 

He said that "Cruzex Flight" "is done every year.  We have participated in some, not in others.  In no previous years in which Argentina didn’t participate has it been in the news like today.  I’m surprised by it.”

 

He explained that “to be able to take out the troops and logistical equipment for a military exercise requires writing a law that Congressional approval,” and when he was asked if there would be “a risk of attachment,” he answered: “No, for that it’s included (in the bill).  We will not because we didn’t get there on time.”

 

When he was asked if the absence is due to problems for “lack of cash”, he responded: “Absolutely not.”

 

"Cruzex Flight 2013", which began last Monday, is taking place on air bases in Natal and Recife, with the presence of troops from Canada, Chile, Colombia, Ecuador, United States, Venezuela and Uruguay.