Gesamtzahl der Seitenaufrufe

Samstag, 28. Dezember 2013

The Buenos Aires province’s 2035 bonds returned 43 percent this year, the best performance among Argentine provincial debt securities after the 57 percent return on Mendoza’s 2018 bonds, according to data compiled by Bloomberg.

Bloomberg News

Buenos Aires Yield Surge Versus Government Means Buy to Elypsis

December 27, 2013

Buenos Aires province bonds are yielding about the most over Argentine government notes since early September, prompting research company Elypsis to recommend buying the securities.
Yields on Buenos Aires province 2015 dollar bonds surged 177 basis points, or 1.77 percentage points, in the past month to 13.78 percent, while the government’s borrowing costs for similar maturity notes fell 35 basis points to 8.55 percent. The moves brought the yield gap to 517 basis points after widening to as much as 527 last week, the most since Sept. 9.
The province, which accounts for about half of Argentina’s gross domestic product, is rated CCC+ by Standard & Poor’s, the same as the government and seven levels below investment grade. Buenos Aires is also seeking to tap international credit markets, which would allow it to increase liquidity, according to analysts at Buenos Aires-based Elypsis.
“Buenos Aires province bonds shouldn’t be pricing a default probability that is so much higher than the government’s,” Eduardo Levy Yeyati, Andres Azicri and Luciano Cohan wrote in a Dec. 23 research report to clients.
Bonds sold by the country’s most populous province are falling on concern local authorities’ finances will deteriorate. Inflation estimated at 26 percent prompted police across the country to go on strike to back demands for wage increases from provincial governments.
The Buenos Aires province’s 2035 bonds returned 43 percent this year, the best performance among Argentine provincial debt securities after the 57 percent return on Mendoza’s 2018 bonds, according to data compiled by Bloomberg.
The gains compare with average returns of 18 percent for Argentine government dollar bonds and losses of 5 percent for emerging-market securities.
To contact the reporter on this story: Camila Russo in Buenos Aires at
To contact the editor responsible for this story: David Papadopoulos at

Samstag, 21. Dezember 2013

A Look at Argentina's Currency Woes

A Look at Argentina's Currency Woes

This month, just as Argentines were preparing for summer vacation, they received news that surely put a damper on the travel plans of more than a few of them. The government announced it was raising its tax on overseas tourist packages and the goods and services its citizens buy abroad. Faced with plummeting foreign reserves, the tax hike is the most recent effort by the South American nation to keep inflation-spooked Argentines from pulling money out of the country.

The government is right to be concerned. In 2013 alone, reserves have plunged more than $12 billion to $31 billion, down from around $50 billion two years ago. The pace of outflows has risen for a variety of reasons, Credit Suisse’s Argentina economic and political analyst Casey Reckman writes in a recent report called “Argentina: How Low Will Reserves Go?” Foremost among them: debt service, rising energy imports, a surge in credit card purchases abroad, lower gold prices, and an artificially high exchange rate that hurts exports.

It’s a problem more than a decade in the making. Argentina has yet to find its way back into the good graces of international financial markets since it defaulted on $132 billion in foreign debt in 2001. The resulting lack of external financing has forced the country to use existing foreign exchange reserves to repay creditors and fund imports. Tourism whittles down reserves, too, as plenty of Argentinians travel to purchase things more cheaply abroad than they can at home. “Argentina is an extraordinarily expensive place to live, and there are no dollars,” says Riordan Roett, director of the Latin American Studies Program at Johns Hopkins University. “I don’t see an easy way out for this government.”

The administration’s most pressing task is to stop the hemorrhaging or risk being unable to afford fuel imports or debt payments. As a result, officials are attempting to repair Argentina’s standing in international financial markets. In February, Argentina became the first country ever to come under International Monetary Fund sanction for providing inaccurate inflation and GDP data. The country plans to introduce a new national consumer price index which it has worked on with the IMF by early next year. Argentina also aims to negotiate a settlement with the Paris Club of creditor nations, to whom it still owes billions of dollars, and is working on compensating Repsol for the 2012 seizure of its stake in YPF. The second prong is an effort to get the official exchange rate to converge with the parallel rate. The central bank manages Argentina’s exchange rate, but they have been allowing it to depreciate recently.

Limiting foreign currency transactions remains an important part of the strategy for the time being. Argentines must apply to receive dollars at the official exchange rate. The government’s latest effort to dissuade Argentines from purchasing foreign currency or spending money overseas was an increase in the tax on those transactions from 20 percent to 35 percent. Lawmakers are also expected to approve tax hikes on luxury goods such as yachts and imported automobiles.

But those measures probably won’t be enough. Reckman thinks Argentina’s gross international reserves could fall to $26.1 billion by the end of next year and to a mere $15.1 billion by the time the next president takes office in December 2015. The peso’s depreciation means the inflation outlook isn’t likely to improve, which could encourage wealthier Argentines to continue seeking to pull even more money out of the country. Credit Suisse forecasts that privately estimated inflation will increase towards 30 percent in 2014, compared with just under 26 percent in November.

Reckman doesn’t see any short-term prospects for large new capital inflows that could help reverse the situation. Plans to compensate Spanish oil and gas giant Repsol for nationalizing its stake in Argentine energy company YPF may help attract more foreign direct investment, but “it could take months to sign deals with foreign companies and even longer for those investments to have an impact on Argentina’s trade balance,” she says in a note this month called “Argentina Trip Notes.”

Reckman believes Argentina should be able to keep making debt payments for the next two years, but there is little room for error given the low levels of reserves – particularly if capital outflows accelerate. In that event, the government would have little choice but to devalue the peso or hustle a little harder to smooth over relations with the Paris Club and holdout bondholders and hopefully regain access to international markets, which could help stave off a default “If reserves decline more quickly than expected, the government would sooner carry out a large devaluation than default ahead of presidential elections in October 2015,” Reckman says.

While she certainly wants exports to become more competitive, President Cristina Fernandez’s lame-duck government will likely hold off on a large, one-off currency devaluation for as long as possible, says Reckman, choosing instead to allow the exchange rate to fall. The nominal exchange rate is expected to fall around 30 percent by the end of this year and even more quickly in 2014, Credit Suisse says.

Some have suggested that Argentina create a separate exchange rate for tourism, luxury goods and possibly financial transactions that would be weaker than the current official rate, but talk of a multiple-rate regime has recently died down. Policymakers could also curtail subsidies of public services and utilities to bolster public finances, but any progress on that front is likely to be gradual given the political sensitivity of reducing social benefits. In the meantime, the government has instituted limits on the amount of pesos banks can lend to big exporters to encourage foreign companies to bring dollars into the country instead.

There’s also the possibility that an Argentinian default infects the whole region. In the 1980s, Mexico, Argentina and Brazil all defaulted on debt payments, and the International Monetary Fund was forced to eventually intervene with loan programs to many countries in the 1990s. And the Asian crisis of 1997 started when Thailand’s currency collapse spread to a handful of other countries.

The good news? That kind of domino effect is unlikely to occur today, says Johns Hopkins’ Roett. For starters, a number of countries, including Mexico, Chile and Colombia, have much healthier stocks of reserves that could withstand any initial fallout from the problems in Argentina. What’s more, the region has benefitted from a general shift away from a tendency to tighten fiscal and monetary policy during downturns – the austerity model that Europe has been following – and instead turning to expansionary policies. So Argentina’s neighbors don’t have to worry as much as they once might have about the country’s latest financial troubles. But that doesn’t mean Argentina and its creditors can worry any less.

source: CS 19-12-2013

Montag, 16. Dezember 2013

The Argentine Central Bank, starved of dollars and declining international reserves started to trade new short-term dollar-denominate bonds in order to encourage the farm sector to sell the crops they are still holding on to. It is estimated that over 3bn dollars in mainly soybeans remain in the hands of farmers and cereal exporters.

Saturday, December 14th 2013 - 06:11 UTC

Argentine central bank issues hard currency bonds hoping to lure cereal exporters

The Argentine Central Bank, starved of dollars and declining international reserves started to trade new short-term dollar-denominate bonds in order to encourage the farm sector to sell the crops they are still holding on to. It is estimated that over 3bn dollars in mainly soybeans remain in the hands of farmers and cereal exporters.
Farmers are still holding on to an estimated 3bn dollars in soybeans
 The bonds will mature in 180 days and have an interest rate of 3.65% and could lead to higher Central Bank reserves if the farm sector decides to support the initiative. But farmers have been holding back on selling their crops as a hedge against inflation and the quickening depreciation of the peso.
The government would like to see grain exporters buy the bonds now and bring dollars into the country ahead of the harvest that will kick off in April. The bonds exclusively for the cereals export sector can be converted into Pesos at the official exchange rate of the day starting day 91. June 2014 Peso futures are trading at 7.405 Pesos to the dollar, 16% weaker than the current exchange rate of 6.363 pesos to the dollar at the Rosario Futures Exchange.
There are an estimated 3.4 billion dollars of soybeans being held by farmers awaiting more favorable exchange rates, according to research company Elypsis. Many of those holding on to the grains have said they are protecting themselves against inflation and a rapidly devaluating peso.
“The Central Bank will provide liquidity to this new instrument since day 91 of the subscription through re-purchasing all the bonds or a part of them at their technical value before their expiration date”, said the official release.
The Argentine central bank is desperate to get hold of 2 billion dollars, which would keep international reserves above the threshold 30bn; currently they are at 30.5bn but there are commitments of 800m in the next few weeks.
The Argentine government has insisted that soy farmers are hoarding more of the oilseed than usual, with Cabinet Chief Jorge Capitanich discouraging producers from engaging in what he defined as 'speculative behavior', pinpointing such hoarding as one of the top causes behind the recent depletion of Central Bank reserves.
Calculating the proportion of this year’s harvest that remains unsold is not straightforward, however, with many farmers arguing they are simply waiting for the best moment to sell their produce, as any other merchants would.
The context of persistent double-digit inflation that is estimated at running above 26% annually, tied with a quickening devaluation, makes keeping a portion of harvests a viable savings mechanism.

Clarin And the economy has also lost its spell

And the economy has also lost its spell
Sunday, December 15, 2013
By Alcadio Oña
An ex-minister with access to the climate in the offices of power says: “They are disoriented, overwhelmed by the problems and without much capacity for a response.”
Inside the Central Bank, the atmosphere is not very different: worry reigns, they improvise and run behind events without ever getting in front of them, as proven in the exchange rate policy.  At the top, Juan Carlos Fábrega, the boss, has little of his own game, and some decisions that that are fully on his turf are not coming from his ideas: it’s evident, there are others giving orders.
None of what the sources say contradicts what may be perceived on the outside and is expressed in the unhinged firing of officials: that is, that the expectations created by the ministerial shuffling are already running out and are showing that little or nothing has changed. Moreover, after the reshuffle new complications jumped up, many serious and unexpected, such as the looting, the police rebellion, death and fear.
They are virtuous, because they involve a different air in methods, daily press conferences from the Cabinet Chief deliver less and less. Often, they are waves of statements of little specific substance and lacking any precision on what the government is holding as its roadmap.
Nor is it clear why or for what reason Axel Kicillof rose up, if he experiments with more of the same and in bigger doses, there are doubts gathering about his capacity to lead and even appears ill-equipped for all that he is taking on.  The rumors agree that he landed there by the hand of Máximo Kirchner.
Someone who occupied a relevant position in the Central Bank puts his finger directly on a sensitive zone: "I have the suspicion that are putting makeup on the stock of reserves. There was a press report that differed by US$300 million dollars from the real amount, which came to be known after 48 hours and only seen by the analysts. Coqui (by Jorge Capitanich) said in three days it had increased by 20 million, but he hid that it had been influenced by the increase in value of gold."
Since they have started to falling without a rest, the BCRA-denominated assets are a key fact in exchange rate movements and the formation of expectations. But if the alleged maneuvers exist, it would be before a copy of the practices of the INDEC.
Soon, the dollars provided by the grain producers will being to be noted, under an enviable exchange rate assurance, and the dollars being brought in by the Chevron-YPF duo. The question is whether the time that is gained this way will serve to improve the panorama.
There are already higher doses of the same halt on online purchases and the squeeze on car imports, proof that urgency reigns, although in the case of the terminals they are passing on the costs by taking it out of production and employment. A similar medicine is being applied to the factories in Tierra del Fuego.
Now the targeting of cars and electronics also bears the stamp of the late reactions, as Kirchnerism has lived the entire time with a strong deficit in the foreign exchange balance of both sectors, without doing anything to turn them around and shrink the every growing energy bill.
Part of this picture dominated by urgency was the search for investment by Kicillof and Julio De Vido in China and Russia. With dollars as the goal, they will  have returned with a harvest limited to mere promises.
Meanwhile, the asset deterioration of Central Bank is on course like a runaway train.  It now has reserves of little more than US$30 billion and faces a liability estimated at 500 billion pesos. At the end of 2009, the ratio was US$48 billion against 200 billion pesos. Again, the Kirchnerist model.
Guillermo Moreno never passed a test in price control class. His last lesson consisted of keeping them more or less contained until the elections of October: "Then I go," he used to say to employers.
He went, effectively, and -- what happened? Two things: one, the INDEC said inflation was 0.9% in November, as Moreno would have done.
So says an analyst: "Since the middle of last month we have been seeing a true jubilee, pushed on, also, by the prospect of a price regulation, Kicillof-style.”  For December a real rate of 3 to 3.5% is projected, mostly in food products, which would lift the annual rate to 28%.
The dislocation in salary structure, which deepened during the K-era, represents another problem for the government, that pulsates in the background of the conflicts with the provincial police and what could come up with the rest of the State agencies and dependencies.
According to an INDEC survey, towards the second quarter of this year the average net salary in the provincial public sector amounted to 6,700 pesos a month and 6,100 in the municipalities. For the central administration of the nation, it’s up at 10.400, and 10,000 in the autonomous city of Buenos Aires.
Without warning, there is a gap of 50% between comparable jobs.
That wages agreed to under pressure for the provincial police have been increased from 33 to 100% is another sign of distortions and the delay that had accumulated. And one more, if the government also gives 8,000 pesos to the security forces that depend on the Nation. Finally, and in the way that is, reality ends up being imposed when there are unsustainable situations.
At the top of the remunerations are the oil companies, with salaries of between 24,000 and 33,000 pesos. And in the background are 4 million retirees, who are paid just 2,477: this is how things really are, even though the government preaches that since 2003 it has increased them by 1,551%.
This scenario reveals deep inequalities and balances and imbalances often associated with the pressure capacity of each element.
No one can validate violence or disrespect for democratic authorities, but it is hard to believe the explanations that the government gives. And it is well known that with the wrong diagnosis comes the wrong medicine.
Surely, there are a few and varied causes, but among those that cannot be put aside are the halting economy, inflation and an unequal and fragmented society.
The official statistics themselves add that a quarter of young people under 25 years are unemployed. Many or most of them have parents who have for a long time been unaware of what a stable job is, which means it is not too much to say, because work bring order, fixing the scales of values and where respect for hierarchies is weighed.
Another fact that also speaks of the future arises from the PISA test, done among 15 year-old boys from all over the world.  The latest one showed the poor quality of education in Argentina and reported, for example, that here, two of every three students do not know math.
The State can be big, powerful and interventionist, but it is proven that this does not guarantee public policies that are successful and projected towards the long-term. Governments should deal with such questions, and the sooner the better.

es ist bald wieder soweit....

Foto: "Auch Pensionierte dürfen weiter arbeiten!"

Freitag, 13. Dezember 2013

Lead Articles: La Nacion: “Kicillof gets closer to Washington and the Paris Club” Ambito Financiero: “The Paris Club marks it territory: the debt surpasses US$10 billion”

La Nacion
Kicillof gets closer to Washington and the Paris Club
Friday, December 13, 2013
By Martin Kanenguiser
The Economy Ministry yesterday got behind the leadership of ex-minister Hernan Lorenzino to move forward on an agreement with the Paris Club, which will not be easy to conclude over the differences in official terms offered by both sides.
After Lorenzino’s trip to Paris, as head of the debt restructuring unit, sources at Economy indicated to LA NACION that Minister Axel Kicillof supported the idea of an agreement with this group of countries with which Argentina is in default since the end of 2001.
In fact, Lorenzino traveled with ex-Finance secretary Adrián Cosentino, who is his second at the mentioned unit, and with Finance Undersecretary Germán Plessen, who remains in office with the new Finance Secretary, Pablo López.
The trip, which began on Sunday and which ended yesterday, served to formally restart the negotiation beyond the figures that Argentina owes (around 9.5 billion dollars), with an offer that would be brought forward that was proposed to the companies that won lawsuits in the ICSID (the arbitral tribunal of the World Bank), as LA NACION reported yesterday.  
At Economy they clarified that the final offer is still being put together, but they emphasized that “the minister’s intention is to end with the problems that generate problems for Argentina and increase the cost of financing.”
However, the negotiation will not be easy, as the creditors proposed that if Argentina doesn’t offer a short pay term (which, for them, is 18 months maximum), the International Monetary Fund (IMF) must intervene as an agent monitoring the disbursement; as such, the government is planning a schedule of up to 10 years, with bonds, in a context of falling reserves which make it difficult to make a down payment.
"The situation is complicated because for a short payment there is no money and for a long payment the creditors demand that the IMF be in it, as happens with other agreements with the Club,” said sources close to the negotiation to LA NACION.  
On the other hand, the source confirmed that, as LA NACION reported, a parallel channel of negotiation from the United States opened up through an ex-official, to rebuild relations and try to overcome the mutual mistrust, beyond the embassy that Cecilia Nahon runs.
The ex-official was received by Alex Lee, the man in charge for following Latin America at the State Department.
Change in focus  
There is was agreed that it would be important, in addition to moving forward on the Paris Club issue, that Argentina leave the new debt swap open – which was announced, voted on by Congress, but until now has not come together – without a closing date and that they avoid the focus on the United States appearing to support Argentina in a bilateral manner, and emphasis instead be put, in the question of the holdouts, on there being a global risk from the complaint of the “vulture funds.”
Also, it was suggested that aides to Pope Francis, and the experienced diplomats of the Vatican, be used as intermediaries between both parties.
The intention of the meeting was to put forth a more balanced scenario, between the unrealistic discourse of the government and the sometimes “apocalyptic” view put forth by leaders of the opposition before officials from Washington, explained the source, with the intention that the Obama government contribute to an orderly transition until 2015, after the electoral defeat of the government in the legislative elections of October.
Ambito Financiero
The Paris Club marks it territory: the debt surpasses US$10 billion
Negotiators from the entity clarified also to Argentina that it continues to demand the backing of the IMF  
Friday, December 13, 2013
by: Carlos Burgueño
The Paris Club clarified yesterday to Argentina what the real framework will be to start to negotiate an eventual agreement, to pay the debt that the country has with that entity since the default of 2001.  The government of Cristina de Kirchner will have to accept,  unfailingly, the mission set forth in “Article IV” of the Charter of the International Monetary Fund (IMF).  Also, the total debt that is due to the member countries now is more than US$10 billion and is placed at around US$10.4 billion.  Beyond both conditions, the Paris Club could accept payment through a public bond that quotes openly, and with the possibility of being negotiated on the international financial markets.  In this case, they clarified to the first envoys to discuss these conditions, that they cannot speak of haircuts.  This option is only possible in the case of a cash down payment and a plan of no less than 24 months.  With reserves navigating around US$31 billion, it’s a utopic option.  So the bond plan is the one left.
The one in charge of discussing, eventually, an agreement with the Paris Club, will be ex-Economy minister Hernan Lorenzino from his office as ambassador to the European Union in Brussels.  However, it will be from another seat, as head of the Unit of Foreign Debt Negotiation, where he will travel from the Belgian capital to Paris to concretely discuss an eventual agreement.  For this, beforehand he needs Cristina de Kirchner herself to give him concrete instructions, limits and ceilings, definitively an exact framework to accept or reject proposals and counter-proposals to be made to the entity.
Initially, what Lorenzino had in mind was the option of a bond similar to that was given to Azurix, Vivendi and CMS Gas, companies that had won judgments in the ICSID; and to the Gramercy Fund of Robert Koenigsberger, which bought the debts from three others that also had favorable decisions in this tribunal of the World Bank.
The idea is a long-term Boden X bond to pay for principal, and the Boden XV for interest, with a 7% annual financing in dollars.  Also on offer would be a special issue of the BAADE, with a percentage of between 10% and 20% with possibilities of applying it to productive processes within the country. Both emissions would have a term of not less than 10 years. According to the first surveys that Argentine technical staffers who spoke with colleagues of the Paris Club picked up (all now in informal terms), the possibility of the debt issuance could be accepted; but, in that case, the entirety of the debt will be demanded of Argentina. At this point, it was clarified for the Argentine negotiators that currently accrued interest has raised the total above the barrier of US$10 billion, and that through December 2013 it will be slightly above US$ 10.4 billion. A figure substantially greater than the US$9.450 billion which former Minister Amado Boudou had mentioned hours before leaving his post in November 2011. That was the last date when the parties had been talking of a potential agreement. Then, the European crisis, the beginning of the plan to tend to the reserves and the currency clamp led to whatever project to regularize the situation with the entity to be shelved.
On the other hand, the entity also clarified to local emissaries that the necessity of having oversight within the guidelines of "Article IV" of the IMF remains in force and is not negotiable.
The Paris Club has this conditionality in its Charter, and dating back to the first serious contacts to normalize the situation, in the middle of 2010 (also with Minister Boudou), it has been a firm and non-negotiable position. It is in its bylaws and only with a unanimous vote of the partners could the situation be resolved. These include Japan, Britain, Canada and Germany, who have unwavering positions in this regard. It has been mentioned in Buenos Aires that, eventually, only Spain (which is owed some US$1 billion) would be willing to negotiate.
A possible mission provided for in "Article IV" of the entity managed by Christine Lagarde means that the government must accept that technical staff from that agency circulate within official offices and review the Argentine economy’s numbers; something that Kirchnerism has avoided since 2006 and is one of the banners of the movement. Anyway, a possibility of this kind is also being requested from the IMF itself, within the plan to accept the new Consumer Price Index (IPCNu). As this newspaper reported yesterday, the entity requires that Argentina leave allow these inspections to begin in the period of September 2014 - February 2015; as a first step toward taking away the "motion of censure".
The main driver for negotiations between Argentina and the Paris Club of creditor countries to reach a satisfactory conclusion, in addition to Spain, is the United States. The government of Barack Obama already warned the country that only with an agreement with this organization could there be a release of funds from international financial organizations and the Eximbank, as well as to facilitate the return of the government to the international markets.

Montag, 9. Dezember 2013

Interest of the United States ......

Interest of the United States ........................................................ 1
Statement ......................................................................................... 1
Discussion ........................................................................................ 6
I. The court of appeals broadly held that the FSIA
 does not constrain general discovery into a foreign
 state’s assets ..................................................................... 7
II. The court of appeals’ decision is incorrect ................... 8
A. Courts must exercise their authority to order
discovery concerning a foreign state’s assets
consistent with the FSIA’s presumptive
immunity from execution and the comity
and reciprocity concerns embodied in the
statute ......................................................................... 8
B. The court of appeals erred in upholding the
district court’s discovery order ............................. 12
III. This Court’s review is warranted ................................ 18
A. The court of appeals’ holding that the FSIA
does not constrain post-judgment asset
discovery conflicts with the decisions of
other courts of appeals ........................................... 18
B. The question presented is important ................... 19
C. This case is a suitable vehicle to resolve the
question presented .................................................. 21
Conclusion ...................................................................................... 23
Af-Cap, Inc. v. Chevron Overseas (Congo) Ltd.,
475 F.3d 1080 (9th Cir. 2007) ........................................ 12, 19
Argentine Republic v. Amerada Hess Shipping
Corp., 488 U.S. 428 (1989) .................................................... 14

Sonntag, 8. Dezember 2013

pari passu....eine alte Leidenschaft von mir......untenstehendes freut mich natürlich......einen Angehörigen der rechtsbesorgenden Berufe (der hier immer wieder anonym rumstänkert) wird es weniger freuen....versucht er doch pari passu für sich zu kapern.....

pari passu....eine alte Leidenschaft von mir......untenstehendes freut mich natürlich......einen Angehörigen der rechtsbesorgenden Berufe (der hier immer wieder anonym rumstänkert) wird es weniger freuen....versucht er doch pari passu für sich zu kapern.....

  1. BetreffPari Passu....der Königsweg aus Urteilen vs Argy einzucashen#1
     rolfjkoch ist offline
    Registriert seit
    Pari Passu....der Königsweg aus Urteilen vs Argy einzucashen

    am 23.2.2012 fällte Judge Griesa in NY ein bahnbrechendes Urteil (order) vs Argy und nahm die Abwicklungskette der Banken/Treuhänder und Clearingsysteme etc in die Pflicht und verbot ihnen Zinszahlungen für Argy auf die Umschuldungsbonds zu leisten ohne gleichzeitig (pari passu / pro rata) NML zu bedienen

    in Kürze wird dieser Ansatz in Ffm gerichtsvirulent....

    siehe auch:
  2. BetreffAW: Pari Passu....der Königsweg aus Urteilen vs Argy einzucashen#2
     bondino ist offline
    Registriert seit
    Was auch mal erwähnt werden sollte...

    In zwölf Jahren Holdout-Kampf war das Schlagwort "Pari Passu" lange Zeit nur spinnerhaft belächelt worden.

    Doch Rolf Koch hat Recht gehabt mit seinem Königsweg, denn schließlich ist es der Weg geworden, die Königin von Argentinien (ein G20-Staat) selbst vor die Wahl zu stellen: Default ja oder nein?

    Dafür mal ein Lob an Rolf Koch, der eisern diesen Weg mit Haut und Haar zwölf Jahre lang gekämpft hat!
    Hut ab!