On Monday, Mauricio Macri, the son of Italian-born construction tycoon Francesco Macri, beat out Cristina Kirchner’s handpicked successor Daniel Scioli for Argentina’s presidency in what amounted to a referendum on 12 years of Peronist rule. Now, Macri faces a trio of daunting tasks: i) restore central bank liquidity, ii) implement a new FX regime, and iii) tackle the ballooning budget deficit. The most most pressing concern: the central bank is literally out of dollars.
The $100 billion BRICS Contingent Reserve Arrangement (CRA) has become fully operational following the inaugural meetings of the BRICS CRA Board of Governors and the Standing Committee in the Turkish capital of Ankara. Continue reading »
17 July 2015 – Aluminé and Villa Pehuenia are preparing for heavy snow over the weekend along with temperatures up to 17 degrees below zero.
According to forecasts from the Basins Interjurisdictional Authority (AIC), the cold could hit records.
The acting mayor of Pehuenia, Ciro Cabrera, said that “on Saturday at 3am temperatures will be between 15 and 17 degrees below zero throughout the region, and throughout Saturday registration will be maintained between 8 and 11 degrees below zero. ” Continue reading »
The government in Buenos Aires said on June 27 that the other targets of asset seizures were Edison International of Italy and three British-based companies, Falkland Oil and Gas Ltd., Premier Oil Plc and Rockhopper Exploration Plc.Continue reading »
The lawsuit asks the government to provisionally suspend the uncontrolled open release of GMOs – for example, the sale of RR2 Pro/Liberty soybeans – on the grounds that they violate seed laws. The lawsuit also demands labeling of GMOs. Continue reading »
(TFC) Buenos Aires, Argentina– Judges Horacio Piombo and Ramón Sal Llargués of the Chamber of Criminal Cassation of Buenos Aires stunned the world when they reduced the sentence of a child molester because the child “displayed a homosexual orientation and was accustomed to being sexually abused.”
Mario Tolosa was the child’s soccer coach when he raped the child. He had been sentenced to six years, but the judges cut that sentence almost in half because Tolosa couldn’t be held responsible for “the warped sexual development of the minor child.” The six-year-old was called a cross-dresser by the judges before they went on to say:
“it is clear that the child’s sexual choice—despite his young age and in light of the considerable testimony of those close to him—had already been made.”
The prosecutor in the case is appealing to the Supreme Court of the Province of Buenos Aires.
It should be noted that these are the same honorable judges that reduced the sentence of a preacher that raped a 14-year-old and a 16-year-old because the girls
“were from a social class in which sexual permissiveness was acceptable at an early age.”Continue reading »
A group of British exploration companies have found oil and gas in an area north of the Falkland Islands. The Argentine government has threatened to challenge all exploration and drilling efforts in court.
The discoveries by the Zebedee exploration well were described by companies involved as “better than expected”.
The oil explorers said they found 27.9 meters of net-oil bearing reservoir and 18.5 meters of net gas-bearing reservoir. The license area being explored is 40 percent owned by Falklands Oil and Gas, 36 percent by Premiere Oil and 24 percent by Rockhopper Exploration. Continue reading »
An Argentinean court exonerates President Cristina Kirchner of charges that she may have covered up Iran’s involvement in a terror attack against a Jewish community building in Buenos Aires in 1994, in which 85 people were killed and hundreds wounded.
Kirchner was cleared of the charges brought forth by investigator Alberto Nisman, who dedicated many years to the case and was found dead in his home the day before he was expected to address the Argentinean Congress to present his findings. Continue reading »
BUENOS AIRES — Alberto Nisman, the prosecutor whose mysterious death has gripped Argentina, had drafted a warrant for the arrest of President Cristina Fernández de Kirchner, accusing her of trying to shield Iranian officials from responsibility in the 1994 bombing of a Jewish center here, the lead investigator into his death said Tuesday.
The 26-page document, which was found in the garbage at Mr. Nisman’s apartment, also requested the arrest of Héctor Timerman, Argentina’s foreign minister. Both Mrs. Kirchner and Mr. Timerman have repeatedly denied Mr. Nisman’s accusation that they tried to reach a secret deal with Iran to lift international arrest warrants for Iranian officials wanted in connection with the bombing. Continue reading »
Writing for Haaretz.com, Jewish journalist Damian Pachter – who first reported on the death of the special prosecutor – recounts the intimidation, the sleepless nights, the agent who stalked him and his ultimate decision to head for Israel… “So here they are, the craziest 48 hours of my life…”
When my source gave me the scoop on Alberto Nisman’s death, I was writing a piece on the special prosecutor’s accusations against President Cristina Fernández de Kirchner, her (Jewish) Foreign Minister Héctor Timerman, two pro-Iran “social activists” and parliamentarian Andrés Larroque. I learned that Nisman had been shot dead in his home.Continue reading »
“No one believes the suicide hypothesis,” one of Nisman’s investigative team told Reuters, adding that, “he was very convinced of his ideas and prepared to see them through. He had received threats all his life and it never intimidated him.” With the news of no gunpowder residue sinking in, and protests rising, even Argentina’s President is now uncomfortably admitting it, saying on Thursday that she was “convinced” Nisman’s death was not a suicide, explaining that people had led him astray in his investigation in order to smear her name and then “needed him dead.” However, instead of vowing to shed light on the matter, Fernandez and her government have been on the defensive, trying to refute Nisman’s claims against her. Neighboring Uruguay said it felt sorry for Argentina and that its justice system needs to clear up the case to maintain “the minimal confidence our societies need.”Questions abound…Continue reading »
In 1994, a “suicide bombing” of a Jewish center in Argentina left 85 people dead. International Zionism was very quick to point the finger of blame at Iran. In other words, the Mossad did it!
In 2004, the Argentinian Jew Alberto Nisman was, after years of Jewish pressure, finally assigned to investigate the 1994 bombing. Nisman, as today’s Slimes reports, “became entangled in a labyrinthine plot that he traced to Iran and its militant Lebanese ally, Hezbollah.” Evidently, its OK to spin “conspiracy theories” if they point to Muslims as the culprits.
The Zionists are mad-as-hell with Argentina for doing business with Iran. Adding to that strong motive is de Kirchner’s refusal to pay the banksters what they feel they are “owed” on Argentina’s foreign debt; and her coziness with the Big Bad Putin and his BRICS trading bloc, which Argentina may be joining in the future.
While Venzuelans line up for hours every day to garner staples such as soap and toilet paper, the Argentinians have a potentially more explosive problem. As Reuters reports, the country’s 20.6 million women couldn’t find their favorite tampons earlier this month – during the height of summer – “for 20 days, we simply couldn’t source any tampons from wholesalers.” The government vowed to keep the supply chain filled with tampons as media talk of a “run on tampons” stoked peoples’ fears that Argentina is rapildy heading down the same socialist utopia track as its neighbor. Continue reading »
The Argentine prosecutor who accused President Cristina Fernandez of orchestrating a cover-up in the investigation of Iran over the 1994 bombing of a Jewish community center has, according to AP, been found dead in his apartment, authorities said on Monday. As The Times of Israel reports, Alberto Nisman, 51, was discovered, by his mother, in a pool of blood in the bathroom on Sunday night with a gunshot wound to the head, hours before he was set to testify before lawmakers on his accusations of the cover-up. Coincidence we are sure, but police are investigating and Argentinian media reported that they had initially ruled the death a likely suicide but we note that The Clarin daily reported just a few days earlier that Nisman had told the newspaper, “I could end up dead because of this,” and in a separate TV interview, had also been considering increasing his security detail. Continue reading »
The Falkland Islands – a UK overseas territory Argentina lays claim to – have been allegedly reviewing their defenses after news Russia may offer Argentina fighter jets. Moscow could swap them for beef and wheat, UK’s Daily Express says in its report.
The deal reportedly involves a lease/lend of twelve Sukhoi Su-24 all-weather attack aircraft, which NATO calls “Fencer A”. The jets will be able to do air patrols over the Falklands’ capital, Port Stanley. According to the tabloid, Ministry of Defense officials fear Buenos Aires will take delivery of the planes well before the 2020 deployment of the Navy’s 65,000-tonne aircraft carrier HMS Queen Elizabeth and its F-35B fighters, leaving a “real window of vulnerability.”
Up to 1,500 troops, backed by a naval warship that visits throughout the year, are permanently based on the Falklands, along with four RAF Typhoon jets, plus anti-aircraft and artillery batteries. Continue reading »
Just weeks after defaulting (yet again) on its debt (whether technically or not), and shortly after raising the minimum wage by 31% (to $523 a month) amid runaway inflation, it appears Argentina has gone full-Venezuela. As WSJ reports, the great minds that ‘run’ Argentina have decided to pass legislation (dubbed “the supply law”) letting the government regulate private-sector prices, profit margins and production levels. The opposition is up in arms, “this is absolutely ridiculous. It’s part of a very primitive ideology that says government officials should decide what people should make, how much they should make and how much they should charge,” adding that “we already know exactly what it is like to suffer from these kind of interventionist economic policies,” in Venezuela.
Since President Kirchner unleashed her ‘cramdown’ plan for Argentinian debt, the Peso has collapsed at the fastest pace since January’s devaluation. The ‘official’ Peso prices has collapsed 1.3% in the last 2 day to 8.39 per USD – and Argentina’s debt yields have surged (prices tumbled) but the black-market Blue-Dolar price has exploded to an all-time low at 13.8 per USD, implying massive devaluation is coming.
The official Peso rate just hit record lows and is accelerating rapidly…
With the impasse over the latest Argentina default going nowhere fast, late last night president Kirchner stunned its creditors when she announced what amounts to a cramdown plan for holdouts, in which all bonds would be stripped of their existing indentures and converted to local law bonds. Or, as some would call it, a “scorched earth” transaction that burns all bridges, and goodwill, with the international creditor community and likely leaves Argentina unable to access global capital markets for the foreseeable future.
As part of its transaction Argentina would bypass the order issued by Judge Griesa halting payments to all creditors, not just the holdouts, and resume normalcy for the 90%+ of restructured bondholders while leaving Elliott, Aurelius and the like with little to no recourse aside from holding on to claims which would be two swaps behind, and with essentially no legal standing as it would completely bypass the Bank of New York (whom it would remove as trustee) custodian payment process and allow Argentina to make payments directly to those creditors it sees fit. Continue reading »
Argentina has now taken the US to The Hague for blocking the country’s 2005 settlement with the bulk of its creditors. The issue underscores the need for an international mechanism for nations to go bankrupt. Better yet would be a sustainable global monetary scheme that avoids the need for sovereign bankruptcy.
Argentina was the richest country in Latin America before decades of neoliberal and IMF-imposed economic policies drowned it in debt. A severe crisis in 2001 plunged it into the largest sovereign debt default in history. In 2005, it renegotiated its debt with most of its creditors at a 70% “haircut.” But the opportunist “vulture funds,” which had bought Argentine debt at distressed prices, held out for 100 cents on the dollar. Continue reading »
Washington has refused to allow the UN International Court of Justice (IJC) to hear Argentina’s claims that US court decisions on the country’s debt have violated Argentina’s sovereignty.
“We do not view the ICJ as an appropriate venue for addressing Argentina’s debt issues, and we continue to urge Argentina to engage with its creditors to resolve remaining issues with bondholders,” the US State Department told Reuters in an email.
The State Department sent an email with the same content to one of Argentina’s leading newspapers, the Clarin. Continue reading »
It’s all over but the crying: having explained Argentina’s position (i.e. not giving to so-called vulture funds), Economy Minister Kicilloff explains:
*KICILLOF SAYS HEDGE FUNDS NOT WILLING TO GIVE DELAY ON RULING
*KICILLOF SAYS HARD TO BELIEVE ARGENTINA IN DEFAULT IF HAS FUNDS
*KICILLOF SAYS ARGENTINA CAN’T COMPLY WITH COURT RULING
*HOLDOUTS DIDN’T ACCEPT ARGENTINE OFFER: KICILLOF
As Bloomberg notes, by defaulting today, Argentina may trigger bondholder claims of as much as $29 billion — equal to all its foreign-currency reserves. Just remember that the last 2 days have seen ‘smart money’ buy Argentine bonds and stocks to all-time record highs. Continue reading »
It is no surprise that right-wing Republican and hedge fund billionaire Paul Singer should be trying to wring hundreds of millions of dollars out of Argentina for a debt that Buenos Aires doesn’t really owe him. He screwed tens of millions of dollars out of poverty-stricken Peru and the Republic of Congo using the same financial sleight of hand. What may surprise people, however, is that key leaders in the administration of former President Bill Clinton are helping him do it.
Singer, who owns Elliot Management, a $17 billion hedge fund, is the leading “vulture investor”—a financial speculator who buys up the bonds of debt strapped nations for pennies on the dollar and then demands payment in full. When Argentina defaulted on its foreign debt in 2001, Singer moved in and bought up $48 million in bonds. He is now demanding that those bonds be paid at full-face value—$1.5 billion—plus interest and fees. It is a move that could derail Argentina’s long climb back into solvency, as well as undermine debt settlements worldwide. Continue reading »
Day after day, headlines from Argentina implore Judge Griesa to do the “fair, responsible” thing and lift his judgment that holdouts get paid before current bondholders receive their payments… and day after day Argentina’s demands are met with silence or denials. Today, though, with 1 week left until Argentina must put up or shut up, Judge Griesa has come out swinging…
*U.S. JUDGE SAYS OF ARGENTINA RULINGS: ‘JUDGMENTS ARE JUDGMENTS‘
*U.S. JUDGE URGES ‘SENSIBLE STEPS’ TO AVOID ARGENTINA DEFAULT
While CDS spreads have surged once again, bonds trade with default probabilities around only 50% which, according to Jefferies “are expensive on underestimating the risk of default.” Continue reading »