After meeting with Cristina, Hollande announces that France “will support” Argentina with the Paris Club
Wednesday, March 19, 2014
After an almost two hour private meeting with the head of State, the French President said at a joint press conference that his country "will support" Argentina in its negotiations to cancel the debt that remains with the Paris Club. Cristina invited him to travel to the country to "strengthen ties". The President meet him on the fourth day of her European tour.
The President also highlighted the decision by France to act as "amicus curiae" in the trial that Argentina maintains with the holdouts (known as vulture funds), who demand that they be paid on debt bonds at the nominal price and not the price that was paid to 93 percent of the creditors who agreed to the swap.
"It is important for the developed countries that emerging countries can get out of debt to grow and strengthen our trade and thus be able to honor our debts,” said the Argentine Head of State in a statement to the press that she shared with Hollande at the Elysee Palace, seat of the French Government.
Cristina meets with Hollande
The President, who tomorrow will participate in the inauguration of the Book Salon where Argentina is a special guest, expressed her thanks within this framework for both decisions from France, the on one being an amicus curiae in the case of the holdouts and the other regarding support for the Argentine position in the Paris Club.
"Holdouts are trying to bring down an agreement which 93 percent of creditors signed on to and that is important not only for Argentina but for the whole world, since it could become a test case. If the position of a small financial group based in tax havens, who pay no taxes, is to triumph, we would be in the midst of a moral and political scandal,” said the President (CFK).
Cristina said that the fact of allowing Argentina to honor its debt "is not only beneficial for Argentina, but also for European companies that will again have credit from their national agencies to invest, create jobs and contribute to the growth of their companies and of global economic activity.”
Minutes earlier, President Hollande had said that his country "will support" Argentina in its negotiations to pay off the debt that remains with the Paris Club and that "Argentina is managing to get out of their financial straits.”
Even Hollande pointed out that the fact that Argentina normalizing its situation with the creditors of the Paris Club "also corresponds to our interests, because it will allow us to have a greater flow of trade" with Argentina.
Cristina also highlighted bilateral trade with France and said that in 2003 there was a 300 million dollar surplus for the Argentina, and today it is 2.6 billion dollars, with a surplus of 1.6 billion for France.
Wednesday, March 19, 2014
By Rich Samp
In a last-ditch effort to stave off defeat in its long-running battle with bondholders who want to be paid, Argentina in February asked the U.S. Supreme Court to hear its appeal from an adverse appeals court decision. It is now busy trying to line up amici curiae (“friends of the court”) to file supporting briefs with the High Court. The deadline for filing amicus briefs is next Monday, and a number of groups and foreign countries have given official notice of their intent to file briefs in support of Argentina.
However, there are some indications that Argentina has paid for one or more of the anticipated amicus filings. The Supreme Court takes a dim view of that practice; it wants each amicus filer to truly be a “friend of the court,” not a “friend of a party.” The Court does not strictly prohibit the filing of amicus briefs that have been paid for by a party. But it requires that the fact of payment be explicitly disclosed in the opening footnote of the amicus brief.
Lawyers who practice regularly before the Court know that a disclosure of payment in Footnote 1 is a black mark; the Court is unlikely to pay much attention to a paid-for brief. The justices view such briefs as simply a second brief from one of the parties, an effort to evade the strict word limit that the Court imposes on parties’ briefs.
French support on the Paris Club and the lawsuit with the vulture funds
President Hollande received Cristina in Paris. After a luncheon, the President (CFK) thanked him for France’s support so that “we could get out of debt and grow.” And she reaffirmed Argentina’s claim on the Malvinas.
Wednesday, March 19, 2014
by María Laura Avignolo
At the end of the meeting between the Presidents of France and Argentina, Francois Hollande said that his country "will support" Argentina in its negotiations to pay off the debt that remains with the Paris Club.
"Argentina is coming out of their financial straits," said Hollande in a conference together with Cristina and added that this support for Argentina before the Paris Club "also corresponds to our interests, because it will allow us to have a greater flow of trade".
Meanwhile, the Argentine President thanked him for the invitation to the book fair in France and highlighted the "intense cultural, political and historical relationship” with that European country.
She said that French support for negotiations with the Paris Club will allow that "we can get out of debt to grow" and also highlighted: "I want to give thanks for the decision by France to file before the Court on the vulture fund holdouts,” who she accused of "attempting to pull down Argentina's debt swap agreement.”
Then she said that Argentina "has become an oil country" and didn’t fail to tell Hollande: "I have a filmmaker daughter who loves French cinema.”
In addition, they said that in Paris today they discussed issues related to the international situation, with regard to Syria, Lebanon and Ukraine.
Cristina Fernández de Kirchner came out today in favor of having "the respect of territorial integrity be applied to everyone," after the meeting that she held with her French counterpart, Francois Hollande. In a joint statement to the press, the President said that "the Ukraine issue should be resolved in a climate of political negotiation and within the framework of the peace" and, in that context, introduced the Malvinas issue and said that Argentina "is suffering from territorial encroachment by the United Kingdom in the Falkland Islands".
"However, the great powers have rallied in favor of the referendum that the kelpers have held and which lacks any value. If no value was given to the one held in Crimea, a few kilometers from Russia, much less one in an overseas colony more than 13 thousand miles away", she concluded.
Buenos Aires Herald
Wednesday, March 19, 2014
In Paris, where she met with her French counterpart Francois Hollande for almost two hours, President Cristina Fernández de Kirchner praised the decision by the European nation to file and amicus curiae brief, or friend-of-the-court brief, before of the US Supreme Court, in a show of support to Argentina in its long-standing battle against creditors that refused to accept the South American country’s debt swap. CFK also secured the support of the French government to settle a 9 billion dollars dispute with the Paris Club.
Paris Club and vulture funds
“What would happen in the case of countries with mile-high debt levels, (with) groups that reside in tax havens, that don’t even pay taxes in their own countries? It will be a real moral and political scandal,” President Kirchner said while addressing the international press in Paris today along with France’s Hollande.
The head of state accused a “group” of creditors of seeking to “knock down an agreement reached with 93 percent of (Argentina’s) creditors.” “A minimum part (of bondholders) that accounts for 1.3 billion dollars, threats to knock down one of the most important agreements ever,” CFK affirmed.