argentina 82

[Carib]

Anche stavolta dicono:
"é l'ultima offerta"... come nel 2004.

questa offerta sará probabilmente in linea con la logica della precedente.. e mira a eliminare chi si é pentito di non aver partecipato alla prima... chi ha comprato nel frattempo in conto ladroni.. o chi puó comprare ora a costo inferiore all'offerta in arrivo.

Forse é vero che sará "l'ultima OPS".

Nel senso che poi procederanno per transazioni private.

Ovviamente, restano in piedi sia le cause che le sentenze.. tranne che per chi vende o scambia.

[Iron Fizzetti]

Originalmente inviato da Carib

Anche stavolta dicono:
"é l'ultima offerta"... come nel 2004.

questa offerta sará probabilmente in linea con la logica della precedente.. e mira a eliminare chi si é pentito di non aver partecipato alla prima... chi ha comprato nel frattempo in conto ladroni.. o chi puó comprare ora a costo inferiore all'offerta in arrivo.

Forse é vero che sará "l'ultima OPS".

Nel senso che poi procederanno per transazioni private.

Ovviamente, restano in piedi sia le cause che le sentenze.. tranne che per chi vende o scambia.

ciao carib, è logico pensare che i bond che non dovessero venire consegnati prezzerebbero a valori superiori rispetto a quelli scambiati, in virtù di eventuali transazioni private e con l'avvicinarsi del 2014 (data in cui, se ricordo bene, potrebbero fare offerte migliorative rispetto al primo swap)???

[Carib]

Originalmente inviato da Iron Fizzetti

ciao carib, è logico pensare che i bond che non dovessero venire consegnati prezzerebbero a valori superiori rispetto a quelli scambiati, in virtù di eventuali transazioni private e con l'avvicinarsi del 2014 (data in cui, se ricordo bene, potrebbero fare offerte migliorative rispetto al primo swap)???

ciao, Iron.
direi che dipenderá dalle % di adesione.

Forse con % minima.. i ladroni ritirano l'offerta.

Con % massima... i ladroni stessi compreranno quel che resta, prima di entrare in trattative private.

[dodecaneso]

Dalla ATFA:

FOR IMMEDIATE RELEASE
September 22, 2008 Contact: media@atfa.org
1-888-662-2382

American Creditors Outraged that Argentine President
Cristina Kirchner's Defiance Hurts New York Economy
Cristina's Contempt Causes New York to Lose Tens of Millions in Tax Revenue
NEW YORK - Today, American Task Force Argentina alerted New Yorkers with a posting on the Times Square bill board that Argentine President Cristina Kirchner has hurt American taxpayers by repudiating billions in debt to U.S. creditors and defying the U.S. federal court system.
The U.S. bondholders' anger escalates as President Kirchner is in New York City this week for the UN General Assembly and other high profile engagements, including ringing the opening bell at NASDAQ. A recent report by former Under Secretary of Commerce in the Clinton Administration and ATFA Co-chair Dr. Robert Shapiro shows that Argentina's default and restructuring cost U.S. taxpayers billions of dollars. Other reports show that New York alone has lost tens of millions in tax revenue do to the Government of Argentina's delinquent behavior.
"ATFA applauds the decision by US Federal Judge Thomas Griesa to permit bondholders to attach certain assets of the Banco de la Nacion Argentina (BNA) in New York," said Dr. Shapiro. "The Government of Argentina has steadfastly refused to pay judgments obtained against it in the New York courts, and has boasted that it has removed all assets beyond the reach of creditors. This latest attachment demonstrates the fallacy of thinking that Argentina can participate as a modern country in the international arena without settling its debts."
Argentina issued the largest default in history on in 2001; and in 2005, Argentina offered its creditors an unprecedented amount of less than 30 cents on the dollar in a take-it-or-leave-it deal. More than half of international creditors rejected the obscene offer and now Argentina still refuses to go back to the negotiating table, despite having over $45 billion in international reserves.
"Like many heads of state, President Kirchner is in New York this week to bolster the image and strengths of her country," said ATFA Co-chair Dr. Robert Shapiro. "Unfortunately, President Kirchner has not represented her country well to the international financial community and has fundamentally violated the grounds of her contracts with creditors."
Made up of an alliance of organizations, ATFA's leadership includes its two co-chairs, the Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001. The Executive Director is Mr. Robert Raben, former Assistant Attorney General during the Clinton administration.
For additional information, please visit our website at www.atfa.org, or contact media@atfa.org, or +1-888-662-2382.

[bacck]

La risposta dei Kirchner è stata un'altro schiaffo a Shapiro con la complicità dei suoi connazionali.

Almeno sembra da fuori e sin quì.

[SelsonBlue]

Forse la notizia è già stata postata


NY Court OKs New Argentina Asset Attachment By Holdouts

9-15-08 2:55 PM EDT


BUENOS AIRES -(Dow Jones)- Judge Thomas Griesa of the New York Southern District Court has authorized two hedge funds to freeze an estimated $72 million in the New York-based assets of Argentine government-owned Banco de la Nacion.

The attachment granted late Friday to NML Capital Ltd. and EM Ltd. applies to asset pledge accounts held at other banks in New York. Under New York state banking rules, branches of foreign banks operating there must establish these accounts and can't access them without the approval of state banking authorities.

In confirming Judge Griesa's ruling, NML said in a statement obtained by Dow Jones Newswires that the funds' claim is founded on the argument that Banco de la Nacion "is controlled so completely by the Government of the Republic of Argentina that it lacks a separate identity and functions as an alter ego of the Argentine state."

This is the same argument that the two hedge funds applied in a similar attachment they won on $105 million that the Argentine central bank held in a New York account. They claim that the Argentine executive branch uses both banks for policymaking in such a way that they shouldn't be permitted exemptions from creditor actions against the sovereign that would normally apply to nominally independent institutions.

In Banco de la Nacion's case, the plaintiffs cited, among other examples, legal amendments that the government used to allow it to use the bank's funds as a vehicle for intervening in foreign exchange and bond markets.

In permitting the attachment, Griesa's preliminary opinion held that this " alter ego" argument is likely to succeed. However, for the funds to execute the attachment and force a payout, the judge will first hear counter-arguments from Banco de la Nacion and from the Argentine government. As with the still-pending central bank case, if the judge does grant a final ruling in the funds' favor, he is expected to grant a stay on execution to allow the defendants' to appeal to a higher court.

Spokespeople from the Argentine Economy Ministry and the office of President Cristina Fernandez weren't immediately available for comment.

Since it isn't known exactly where the asset pledge accounts are held, the plaintiff funds' lawyers sent an estimated 3,000 mailings out over the weekend to New York banks informing them of the freeze on Banco de la Nacion's assets. Although third-party creditors will retain priority access to those accounts, they can no longer be accessed without first weighing the holdouts' claim.

If eventually the plaintiffs are allowed to exercise the attachment, they can seek access to the branch's freely available assets to satisfy their claims on defaulted debt. However, given that third-party creditors will again have priority if a liquidation is eventually demanded, the final amount available to the funds is likely to be considerably smaller than their entire claim against Argentina.

NML, a unit of investment firm Elliott Associates, and EM Ltd., which is controlled by investor Kenneth Dart, are arguably the most litigious and aggressive creditors among more than 200,000 individual and institutional bondholders who rejected Argentina's tough 30-cents-on-the-dollar offer during its 2005 debt restructuring. Between them, their accumulated outstanding claim on unpaid principal and interest could be as high as $2 billion once all their holdings and rights are confirmed in court.

That leaves them with a significant portion of the total defaulted debt outstanding, a figure that totals $20 billion in face value and considerably more when past-due interest is included.

The funds' outsized presence means their latest attachment could complicate a difficult financing environment for Argentina, which faces debt financing needs of around $8 billion over the next 18 months.

Already, many observers believe their attachment on central bank funds could stymie a plan to repay $6.7 billion in debt to Paris Club creditors out of reserves. The repayment strategy strengthens the argument that the monetary authority isn't independent, these people say.

Meanwhile, a separate Finance Secretary plan to extend maturities on $4.1 billion in debts owed in so-called "guaranteed loans" to local banks could run into trouble because of a freeze that a different group of bondholders has imposed on a separate pool of defaulted Argentina bonds held at the Federal Reserve Bank of New York. Those old bonds are held as collateral against the guaranteed loans.

Recently, speculation has arisen that the government may make a new offer to bondholders to remove this litigation threat and improve access to international capital.

After last month's poorly received $1 billion bond sale to the Venezuelan government - effectively, Argentina's only foreign source of finance since the restructuring - concerns arose over the government's ability to meet debt payments without alternative access to foreign market sources. In theory, a new offer to holdout bondholders could remove a litigation threat that impedes Argentina's capacity to make bond offerings offshore and so widen its financing options.

But in a press conference Monday, Cabinet Chief Sergio Massa reiterated that Argentine law prohibits a new offer to anyone who opted out of the 2005 debt exchange until at least 2010. Meanwhile, in revealing the government's 2009 budget, he said the figures are consistent with its commitment to meet all of its debt obligations.

-By Michael Casey, Dow Jones Newswires; michael.j.casey@dowjones.com; 54-11- 4590 2428

[SelsonBlue]

Kirchner's imminent announcement in New York about Argentine debt


Apart from delivering her speech before the UN and holding bilateral meetings with other heads of state during her stay in New York, president Cristina de Kirchner will try to send a strong signal about Argentina's willingness to pay off the debt. The announcement regarding the Paris Club debt was a failure in terms of market impact. The aim is that Argentina can be provided with international credit and, for that reason, the announcements are likely to focus on bondholders who did not agree to the 2005 swap. It has emerged that the Argentine government is studying mechanisms for holdouts to swap their defaulted bonds. Thursday will probably be the day in which the actual announcement will be made.

[SelsonBlue]

BUENOS AIRES (Dow Jones)--Argentine stocks and bonds rallied Monday after President Cristina Fernandez surprised markets by announcing that she was considering a proposal to restructure debt held by those who refused to participate in a 2005 credit swap.

As of 1532 local time, the Merval Index of leading shares was up 5.29% at 1.751,56 points.

The benchmark discount bond rose to ARS104.50 ($33.74) from ARS101.50 to yield 10.5%.

Speaking at a conference in New York, Fernandez said that she had received a proposal prepared by three international banks to lift the country out of a default stemming from the country's economic collapse in 2001.

In late 2001, Argentina defaulted on some $100 billion in sovereign debt, and offered a debt swap with a sharp haircut in 2005. Investors holding roughly $20 billion refused to accept the deal and have fought to obtain payment since then.

While the president didn't provide concrete details of the plan, the simple fact that she discussed the issue of the holdouts marked a radical departure from earlier policy, said elaccionista.com analyst Jorge Alberti.

"Before, this was a taboo subject," he said.

Shares of banks were the first to react to the news, although the gains soon carried over to the broader market.

Companies benefitted from the possibility that they may soon be able to obtain international credit again, Alberti said.

-By Shane Romig, Dow Jones Newswires; 54-11-4590-2438; shane.romig@dowjones.com

[SelsonBlue]

Faccio mie le parole di Hilary





se questa è la proposta.......... io come sempre pretendo 100+ interessi.
a me quei soldi ora non servono, ho dovuto risolvere i miei problemi anche senza i soldi dei bond.
visto che i ladroni (argentini, banche e politici tutti) leggono questo forum ribadisco che se dipende da me i ladroni rimangono in default finchè sarò in vita.

100 + interessi o non si fa niente.

[Carib]

egún el diario La Nación, Nicola Stock, presidente de la Task Force Argentina (TFA), grupo que representa a cerca de 190.000 bonistas italianos que aún poseen US$ 4.400 millones en 'tango-bonds' caídos en default en 2001, se dijo escéptico ante el anuncio realizado por la presidente Cristinta de Kirchner en Nueva York.

"Hay que ver en detalle de qué se trata, quisiera saber exactamente qué hay de nuevo, pero por lo que he oído estaríamos frente a una propuesta del banco Barclays que sería inferior a la oferta realizada durante el canje de 2005. Si es así, para nosotros sería difícil dar una respuesta positiva", dijo Stock a periodistas del diario, que lo entrevistaron.

Integrante de la Asociación Bancaria Italiana (ABI), Stock recordó que sigue adelante en USA un recurso presentado por la TFA en contra de la Argentina ante el tribunal arbitral del Ciadi (Centro Internacional de Arreglo de Diferencias Relativas a Inversiones, que depende del Banco Mundial).

"Nosotros siempre estuvimos dispuestos a discutir con la Argentina, pero esto nunca ocurrió. Si queremos encontrar una solución tenemos que hablar, y siempre estaremos dispuestos a hacerlo. Pero mientras tanto, seguimos adelante con el recurso ante el Ciadi", agregó. "Si ahora la propuesta es la misma que hubo en 2005, o peor, para nosotros es difícil dar una respuesta positiva", reiteró.