Argentina defaults (again)

[Simfan34]

Here we go again:

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And they seem to be using Russian-style media tactics:

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[Middle-aged Europe]

Thanks, Paul Singer.

[○∙◄☻¥tπ[╪AV┼cVê└]

Does anyone on Wall Street wonder why they are so hated?
But Cory Booker will be sad if we criticize Wall Street.

[○∙◄☻¥tπ[╪AV┼cVê└]

It sounds like even moderate hero Obama filed to try to kill the case. You know Wall Street is really really really in the wrong when even the Obama administration had enough of them.
Cory Booker is probably cheering that his pals got Argentina to default.

[TTS1996]

Does anyone on Wall Street wonder why they are so hated?
But Cory Booker will be sad if we criticize Wall Street.

Forget that, everybody look over here!



In the mean time, oh so obviously Wall Street's fault, nothing to do with Argentina's laughably useless government and the Eva Peron-a-gram they put in charge.

[Associate Justice PiT]

     So what's "atomic" nonsense? Is it normal nonsense that was sitting downwind from a nuclear weapon testing range?

[Velasco]

Thanks, Paul Singer.

[Snowstalker Mk. II]

Another victim of the international vulture class.

[Deus Naturae]

Another victim of the international vulture class.

If you feed from the vulture's beak, don't be surprised when you get the claws.

[Velasco]

The Argentinian government is blatantly incompetent, but you should know that Paul Singer was hanging around before Cristina took office. Even a former chief economist of the IMF -who doesn't say good things on the debt restructuring a decade ago- admits that "Argentina is not solely to blame for its latest debt default" and "the global system for sovereign-debt workouts remains badly in need of repair"

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http://www.theguardian.com/business/2014/aug/01/argentina-blame-debt-default

On the other hand, Paul Singer is a billionaire who buys debt bonds when prices are down, and later demands their collection with astronomic profits. Apparently, he sued Peru in the 90s and collected 57.4 million of of dollars, when he acquired the bonds by $10.7 million. Also, he bought bonds from Congo by $20.1 million and later collected almost $90 million. "Vulture" is a well deserved way to describe his hedge fund enterprise.

[○∙◄☻¥tπ[╪AV┼cVê└]

Argentina couldn't agree to 100%, because they had settled 93% of their outstanding debt at 30% of face value, and part of the agreement is that no one else would get a better deal, at least until 2015. So that $1.5 billion that Wall Street crony Judge Thomas Griesa ordered them to pay would actually cost them about $80 billion, which they didn't have. Needless to say, Argentina would rather selectively default than pay Singer one bloody cent at this point. Argentina already defaulted 13 years ago, this is just one hack judge making them default again. Singer didn't lend Argentina anything, he's just trying to make a killing at the expense of other countries. Singer and Griesa have destroyed American-Argentina relations.

[Хahar 🤔]

And they seem to be using Russian-style media tactics:

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I fail to see these "Russian-style media tactics".

[Simfan34]

Denying the country had gone into default entirely.

[Velasco]

Standard and Poor's and Fitch call it "selective default". However, the UN Economic Commission for Latin American and Caribbean (ECLAC, CEPAL in Spanish) says that Argentina has not fallen into default; according to CEPAL's head "default" is a matter "under dispute". I'm sorry because I don't have a link in English. Anyway, the head Alicia Bárcena comes to say that Argentina negotiated with 92% of creditors and paid them, while the remaining 8% "is imposing the rules of the game". She says this situation is a completely new experience and jeopardizes the "financial international architecture", because some countries might not have an "appetite for renegotiating sovereign debts after this".

http://www.cnnexpansion.com/economia/2014/08/04/argentina-no-cayo-en-default-cepal

On the other hand, Argentina deposited a 539 million dollars fund that did not come to the creditors, because certain judge from NY called Thomas Griesa blocked the transfer until the country does not pay 1330 million dollars claimed by the so called 'vulture funds'. If I'm not wrong, Paul Singer spent 48 million of dollars. It's about a 2770% profit!

The rhetoric used by the Argentinian government may sound atomic or bombastic, but...