- Argentina Dares to Call a Spade a Spade – Naming Western Greed Economy As “Economic Terrorism” (Information Clearinghouse, Oct 7, 2014):
October 07, 2014 “ICH” – “Today you pretend making a coalition against the Islamic State of Iraq and the Levant (ISIL), but in fact you’re their allies,” Those are the frank words by Cristina Fernandez Kirchner, the Argentinian President, spoken in a calm and secure voice at the UN General Assembly last Friday, 3 October 2014.
Similarly, she referred to the western financial system as economic terrorism, as in vultures – the vulture funds that thanks to New York judge Griesa have put Argentina – a solvent country, willing and capable of paying their debt, in default. He ruled that the vulture funds, Griesa’s clients and paymasters, needed to be paid in full, i.e. 100%, equal to US$ 1.5 billion, when close to 93% of all creditors agreed on a restructured reimbursement rate of about 20%. Continue reading »
- Argentina Stuns Bondholders With Scorched-Earth “Cramdown” Plan (ZeroHedge, Aug 20, 2014):
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 »
- Peak Stupidity: Argentina Fines Walmart For Violating “Fair Price” Pact, Urges Citizens To Denounce “Evil” Retailers (ZeroHedge, Feb 16, 2014):
We take certain liberties with this title: we realize that since one is dealing with human individuals, particularly human individuals stuck in an insolvent, soon to re-default nation, stupidity can never peak per se, as the next day will without doubt bring some peak-er instance of even more profound idiocy. However, at this particular moment, this may be it.
- Thursday at U.N.: Panel on voluntary surrender of firearms (Examiner, Oct 22, 2013):
One month after Secretary of State John Kerry signed the United Nations Arms Trade Treaty and just a few days after 50 U.S. senators said they will not ratify the agreement, a curious “high level panel” on Argentina’s national program for the voluntary surrender of firearms is scheduled this Thursday in a U.N. conference room in New York, Examiner learned today.
Apparently hosted by Ambassador Maria Cristina Perceval, permanent representative of Argentina to the U.N., according to the invitation obtained by this column, the gathering was described as a “side event” scheduled during the daily lunch break, from 1:15 to 2:30 p.m.
Last year, according to the U.N. Office of Drugs and Crime, Argentina authorities destroyed nearly 11,000 firearms that had been voluntarily turned in. Argentine President Cristina Fernandez Kirchner, now recovering from serious surgery, spoke last month at the U.N.
- Argentina’s Modest Proposal: Buy Bonds Or Go To Jail (ZeroHedge, May 11, 2013):
While Argentina’s recent extraordinary attempts at central planning have been widely documented, ranging from freezing supermarket prices in a (failed) attempt to control inflation, to banning advertising in a (failed) attempt to weaken the private media, so far nothing has worked at stabilizing the economy and preventing the collapse in the domestic currency (if leading to such humorous viral videos as #mequieroir). Ironically, this is both good and bad news. It is good news because as we showed two days ago, even the ludicrous speed rise in the Nikkei has been a snail’s pace compared to that other unknown “Nation 1.” We can now reveal that while Japan is Nation 2, Nation 1 is that inflationary basket case Argentina, and specifically its Merval stock index. Continue reading »
- Argentina Freezes Supermarket Prices To Halt Soaring Inflation; Chaos To Follow (ZeroHedge, Feb 5, 2013):
Up until now, Argentina’s descent into a hyperinflationary basket case, with a crashing currency and loss of outside funding was relatively moderate and controlled. All this is about to change. Today, in a futile attempt to halt inflation, the government of Cristina Kirchner announced a two-month price freeze on supermarket products. The price freeze applies to every product in all of the nation’s largest supermarkets — a group including Walmart, Carrefour, Coto, Jumbo, Disco and other large chains. The companies’ trade group, representing 70 percent of the Argentine supermarket sector, reached the accord with Commerce Secretary Guillermo Moreno, the government’s news agency Telam reported. As AP reports, “The commerce ministry wants consumers to keep receipts and complain to a hotline about any price hikes they see before April 1.” Continue reading »
Morphine for training exercises? Sure!!!
(AFP) — Argentina and the United States are engaged in a diplomatic spat after Buenos Aires authorities seized what they say are undeclared weapons and drugs on a US military aircraft last week.
The Argentine government on Monday said it planned to lodge a formal protest with Washington, while the US State Department said it was “puzzled and disturbed” by the seizure of what it claimed was routine equipment for training the Argentine federal police.
Officials in Argentina said the US Air Force C-17 transport plane was searched and its cargo seized by customs officials on Thursday at Ezeiza International Airport after arriving with experts and material for a hostage rescue training exercise.
In a statement late Sunday, President Cristina Kirchner’s government said it would lodge a protest with Washington and ask it to cooperate in a probe into the air force’s attempt “to violate Argentine laws by bringing in hidden material in an official shipment.”
Argentina has said it seized “sensitive material” that had not been declared in a manifest submitted by the US embassy.
“Among the material seized, which the State Department makes no reference to, are from weapons to different drugs, including various doses of morphine,” the foreign ministry said in Sunday’s statement.
State Department spokesman Philip Crowley said “we are puzzled and disturbed by the actions of Argentine officials,” adding they conducted what he called “an unusual and unannounced search of the aircraft’s cargo.”