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Argentine!
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sinoué


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MessagePosté le: Mar 27 Nov - 13:46 (2012)    Sujet du message: Argentine! Répondre en citant

http://www.franceculture.fr/player/reecouter?play=4542323


Jusqu'où ira l’appétit des intérêts privés...




Cordialement à tous


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Publicité






MessagePosté le: Mar 27 Nov - 13:46 (2012)    Sujet du message: Publicité

PublicitéSupprimer les publicités ?
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Danyves
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MessagePosté le: Mar 27 Nov - 15:12 (2012)    Sujet du message: Argentine! Répondre en citant

From WORLD 6:00amArgentina seeks halt to $1.3bn debt orderBondholders file separate emergency motion to prevent debt payments

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shadok
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MessagePosté le: Mar 27 Nov - 19:36 (2012)    Sujet du message: Argentine! Répondre en citant

J'ai quand même du mal à imaginer qu'un juge puisse prononcer une condamnation à l'encontre d'un pays . 
La spéculation sur la dette est devenue quelque chose d'insensé . Et les USA devraient bien commencer à s'occuper de leurs propres ressortissants  qui ne sont pas traités équitablement par les financiers, dans des dossiers comme le foreclosure gates ou les indemnisations prononcées encore une fois à l'aide de transactions et non de jugements  ont loin d'avoir été à la hauteur des préjudices subis par les victimes des fraudes bancaires américaines. 


Comme le dit la présentatrice de France Inter, la jurisprudence argentine pourrait entrainer l'annulation de la  restructuration de la dette Grecque et toute la stratégie de la banque mondiale et du FMI s'effondreraient . 


Merci pour cet revue de presse .


Comme je suis pas mal occupée en ce moment , c'est vrai que j'ai un peu moins de temps à consacrer au forum et aux informations 


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Danyves
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MessagePosté le: Mar 27 Nov - 19:47 (2012)    Sujet du message: Argentine! Répondre en citant

Thomas P. Griesa - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Thomas_P._Griesa
Thomas Poole Griesa (b. 1930 in Kansas City, MO) is a federal judge for the United States District Court for the Southern District of New York. Judge Griesa ...

You visited this page on 11/23/12.



http://en.wikipedia.org/wiki/Paul_Singer_(businessman)


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Danyves
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MessagePosté le: Mar 27 Nov - 20:00 (2012)    Sujet du message: Argentine! Répondre en citant

C'est à peine un jugement de connivence 

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Danyves
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MessagePosté le: Mar 27 Nov - 23:56 (2012)    Sujet du message: Argentine! Répondre en citant

Unforgiven debt
Argentina ruling hands creditors initiative

Markets: An unforgiven debt
By Robin Wigglesworth and Jude Webber

A US ruling against Argentina could switch initiative in bond markets back to creditors and away from indebted countries

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/11558dc6-3888-11e2-bd7d-00144feabdc0.html#ixzz2DSl5OUQI

When Cipriano Castro, a fearsomely mustachioed strongman from the Andes, seized power in Venezuela in 1899 and defaulted on the government’s foreign debts, the jilted European powers knew how to react: they sent the warships, which bombarded and blockaded the country until a settlement was reached. 






The enforcement of creditor rights in sovereign debt restructurings has since become less violent. Gunboats gradually became an unacceptable way of collecting debts. For much of the past century, governments have largely been able to renege on their debts with a degree of impunity, albeit not without some pain. 


 
 
 
 
 
Yet a decision last week by a New York court could swing the pendulum back towards creditors. Although the case may still end up in the US Supreme Court, the ruling potentially erodes the ability of countries to spurn creditors – and could embolden those hedge funds, known as vultures, that specialise in suing recalcitrant governments. 
 
 
 
 
 
 
The case in question is a long-running legal battle between Argentina and several so-called vulture funds that refused to join the 93 per cent of creditors that agreed to the punitive restructuring that followed the country’s 2001 default. The US courts have ruled unexpectedly harshly against Argentina, rattling markets and throwing money managers, lawyers and analysts into a spasm of speculation. 
 


This has the potential to break the paradigm of the sovereign debt world,” says Hans Humes of Greylock Capital Management, a fund that specialises in emerging markets. Mr Humes co-chaired the committee of Argentina’s bondholders and sat on Greece’s creditor committee during its restructuring this year.


“Creditor rights have been methodically stripped away in recent years, but this may bring us back,” he says.
Elliott Associates, the main hedge fund plaintiff, is run by Paul Singer, the US billionaire, and has made extracting money from defaulting governments its calling card. Elliott won the Argentine case through an arguably novel interpretation of a Latin phrase: pari passu. It means “on equal footing” or “in equal step” and is a venerable legal clause in bonds and loans.
In corporate bankruptcies, pari passu creditors rank equally in the queue when companies are dissolved, the assets are sold and proceeds disbursed to lenders. Although countries do not go into bankruptcy, the clause has long featured in government bonds and loans even though lawyers disagree on the clause’s meaning and importance, says Mitu Gulati, a law professor at Duke University and former lawyer at Cleary Gottlieb, Argentina’s counsel.






Argentina’s long-festering wound
Argentina has struggled to manage its money throughout its two centuries as an independent nation – and was once so hard-up it tried to swap the Falkland Islands for its debt, writes Jude Webber.
It received its first loan, from Britain, in 1824 but had defaulted by 1890. In 1949 it declared itself debt-free and was even a creditor to Italy, Finland, Belgium and Romania, which had been devastated by war. But by 2001 it had racked up the world’s biggest sovereign default by halting payment on nearly $100bn of foreign debt.
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Elliott and Aurelius Capital, its co-plaintiff, founded by a former Elliott trader, successfully argued that the pari passu clause in their defaulted bonds meant that Argentina could not continue to ignore them while paying the holders of its restructured debt.
But District Court Judge Thomas Griesa went further than just finding in favour of the hedge funds. Lawyers say he broke new ground in how widely the clause can be interpreted, and how far creditors can go in seeking redress from defaulting countries.
Lenders can win legal cases against countries, but winning compensation is trickier. Most overseas government assets are protected by sovereign immunity. Vultures typically try to create such legal bother that countries eventually pay them to go away.


But this so-called holdout strategy depends on extreme patience and deep pockets. Argentina, for example, has largely been able to thumb its nose at creditors for almost a decade. Elliott has proved a dogged adversary and even seized an Argentine navy training ship in October after it docked in Ghana. But despite this forceful demonstration of willpower, Elliot has so far failed to extract a single peso from Buenos Aires.
By contrast, Judge Griesa has backed up the bark of his ruling with a sharp bite that may bolster the hedge funds in their showdown with Argentina. The injunction prohibited third parties from “aiding and abetting” any violation of his order.


This was primarily aimed at Bank of New York Mellon, the conduit of Argentina’s payments to the holders of its restructured debts. Unless the appeals court intervenes, Argentina must pay Elliott and the other plaintiffs more than $1.3bn by December 15, BNY Mellon will breach the injunction if it transfers regular payments to Argentina’s lenders due on the same date.


BNY Mellon is unlikely to defy the court, so this essentially means that unless Argentina pays the vulture funds it could default on its international debts once more. Lawyers say that Judge Griesa’s legal dragnet leaves little room for escape, though Argentina and holders of restructured bonds have filed emergency appeals. It also applies to parties in the payments system – the economy’s circulatory system – including overseas clearing houses such as Euroclear.




This has far-reaching implications, says Anna Gelpern, a law professor at American University and Georgetown, previously of the US Treasury and Cleary Gottlieb.


“Grabbing a ship in Ghana is serious, but still a serious nuisance. In contrast, the ability of holdouts to seize money in the payments system is of s
ystemic importance,” Ms Gelpern says. “Gunboats could target individual countries but targeting the payments system is an entirely different kettle of fish.”




In a similar case in 2004, the New York Federal Reserve argued that the vulture funds’ methods represented “terrorism of payments and settlement systems”. Euroclear says it is monitoring the case “closely” but does “not intend to breach this US court order”.
Argentina’s restructured bondholders have reacted with fury, and have hired David Boies, the celebrated litigator who represented Al Gore in
the Supreme Court case that decided the 2000 presidential election. In an odd twist, Elliott’s lawyer is Ted Olson, the former US solicitor general who represented George W. Bush.




In the motion to avert the injunction, the bondholders’ lawyers attacked Judge Griesa’s “level of rancour” against Argentina and argued that it could damage foreign relations.




Other powerful actors could also intervene. Whitney Debevoise, a partner at Arnold & Porter and the former US executive director of the World Bank, argues that the court’s interpretation of pari passu could lead to challenges of the protected status multinational organisations such as the World Bank and the International Monetary Fund enjoy in debt restructurings.

.../...


Most of all, the Argentine saga has further to run. The appeals court still has to approve whether third parties and bondholders’ payments can be forcibly enlisted by Judge Griesa to put pressure on Argentina.
Argentina has vowed to appeal all the way to the US Supreme Court if necessary. The highest court normally does not hear contract interpretation cases of this kind but could do so if it thinks the ruling could have a systemic impact on the payments system and the international bond market.
Most sovereign law and restructuring experts agree that the case will inevitably have repercussions.
Collective action clauses, for example, are no panacea because they largely apply only to individual bonds, not a country’s overall debt burden. Hedge funds can still play holdout by gaining a blocking minority in one bond, making a restructuring of that instrument impossible.
Anne Krueger, a former senior official at the IMF and chief economist at the World Bank, now a professor of economics at Johns Hopkins University, argues that the case “clearly represents an erosion of sovereign immunity” that will embolden vulture funds in the future.
“Unless the Griesa ruling is overturned, this will open up a can of worms that will have to be dealt with,” she warns. “I don’t think it will be a revolution, as enough people have an interest in preserving the status quo. But it will have an impact.”
This may not necessarily be a negative development. Countries will still hold most of the aces in restructurings. The IMF has tallied more than 600 sovereign restructurings in 95 countries between 1950 and 2010. Giving creditors at least one trump to play may on the margins encourage better behaviour.
Any government concerned by the case’s implications can modify or remove the pari passu clauses in future bonds or avoid the New York jurisdiction altogether – perhaps in favour of London, where courts could choose to disregard the US precedent.
A side-effect may be to encourage vulture funds. But in spite of the opprobrium being heaped on these investors, experts for the most part agree that the problems they cause are outweighed by the benefits they bring: Funds such as Elliott are the “bad cops” of sovereign bond markets. The threat of legal battles makes defaults less attractive and encourages countries to treat creditors slightly better when they do have to restructure.
“I wonder why other sovereigns don’t gang up on Argentina and say, ‘for God’s sake stop this, you’re ruining it for all of us,” says one experienced sovereign restructuring expert. “I’ve been doing sovereign restructurings for 30 years and countries have generally had it good. That could change now.”


 


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Danyves
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MessagePosté le: Mer 28 Nov - 00:54 (2012)    Sujet du message: Argentine! Répondre en citant

Any government concerned by the case’s implications can modify or remove the pari passu clauses in future bonds or avoid the New York jurisdiction altogether – perhaps in favour of London, where courts could choose to disregard the US precedent.



Le choix du tribunal de New-York avait été fait dans le contragt d'émission des obligations, en cas de contentieux.


Le droit privé libéral américain s'impose maintenant dans les relations financières d'Etats. Quid du MES ?


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Danyves
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MessagePosté le: Mer 28 Nov - 10:49 (2012)    Sujet du message: Argentine! Répondre en citant

Fitch baisse la note de l'Argentine de 5 crans
27/11 | 23:38 
 
La note désormais attribuée à l'Argentine par Fitch n'est plus qu'à deux crans de la catégorie DDD qui correspond à des émetteurs en défaut de paiement. 


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laurent


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MessagePosté le: Jeu 29 Nov - 05:45 (2012)    Sujet du message: Argentine! Répondre en citant

ils osent vraiment tout ces ricons... même si ça n'a rien à voir, ça me rappelle un peu cet été la condamnation de Samsung face à Apple par un tribunal californien.. sans blague ? et si le tribunal avait été coréen ?
Les principaux dangers de ce jugement sur la dette argentine, au delà de crier aux "vautours" sur un fonds spéculatif (yen aura toujours, il ne faut pas se leurrer), à mes yeux, sont les suivants :
- depuis quand un juge d'un tribunal de district est compétent pour juger un pays (il ne s'agit pas d'une cour internationale, ni d'ONU / FMI / OMC ni meme ISDA - bon d'accord tous ces organismes ne sont pas des "tribunaux", mais j'appuyais le coté "international"
- et puis plus terre à terre, on a là une petite portion de dette argentine sur laquelle les créanciers n'avaient pas accepté la renégociation..ok, et au final ils obtiennent réparation intégrale..(sans parler du fait qu'ils ont du la racheter avec une forte décote)
=> comment vont réagir les 93% de ceux qui avaient "accepté" la négo, et qui ont donc bcp perdu... Et si finalement ils demandaient tous réparation ? effectivement la décote sur la dette grecque a du plomb dans l'aile..

Petit article rigolo sur les fonds "vautours" qui spéculent sur la dette de pays en difficultés : ce très cher Mitt Romney en personne fait mumuse avec la dette grecque... :
http://tempsreel.nouvelobs.com/economie/20120411.OBS5982/quand-mitt-romney-specule-contre-athenes.html

Laurent


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Danyves
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MessagePosté le: Jeu 29 Nov - 11:26 (2012)    Sujet du message: Argentine! Répondre en citant

Thomas P. Griesa
From Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/Thomas_P._Griesa#mw-headhttp://en.wikipedia.org/wiki/Thomas_P._Griesa#p-search
Thomas Griesa
Chief Judge of the United States District Court for the Southern District of New York
In office
1993–2000
Preceded byCharles Brieant
Succeeded byMichael Mukasey
Judge of the United States District Court for the Southern District of New York
In office
June 30, 1972 – March 13, 2000
Appointed byRichard Nixon
Preceded bySeat established
Succeeded byLaura Swain
Personal details
Born1930 (age 81–82)
Kansas CityMissouriU.S.
Alma materHarvard University
Stanford University
Thomas Poole Griesa (b. 1930 in Kansas City, MO) is a federal judge for the United States District Court for the Southern District of New York.Judge Griesa received an A.B. from Harvard University in 1952 and an LL.B. from Stanford Law School in 1958.
He was nominated to the court by Richard M. Nixon on June 15, 1972, to a new seat created by 84 Stat. 294, confirmed by the United States Senate on June 28, 1972, and received his commission on June 30, 1972. He served as chief judge from 1993 to 2000 and assumed senior status on March 13, 2000.
[edit]"Vulture funds"/Holdouts and Argentina's debt
Judge Griesa is the sitting judge hearing a case regarding the Argentine debt restructuring. Following theArgentine economic crisis (1999–2002) and subsequent Debt Default, the Republic offered defaulted bondholders an exchange involving a loss for bondholders: approximately 90% accepted the Republic's offer, but a small minority did not exchange their bonds and "heldout" for full repayment. The largest holdout creditor, NML Capital, a vehicle of Elliot Capital management, controlled by Paul Singer is litigating for full repayment in Griesa's court.


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Danyves
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MessagePosté le: Jeu 29 Nov - 11:27 (2012)    Sujet du message: Argentine! Répondre en citant

Paul Singer (businessman)
From Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/Paul_Singer_(businessman)#mw-headhttp://en.wikipedia.org/wiki/Paul_Singer_(businessman)#p-search
Paul Singer
BornPaul Elliott Singer
August 22, 1944
New York
Nationality
 American
Alma materUniversity of Rochester (B.S.)
Harvard Law School (J.D.)
OccupationBusinessman
Known forElliott Management
Net worth
 US$ 1.1 billion (September 2012)[1]
Spouse(s)Emily
Paul Elliott Singer (born August 22, 1944) is the founder and CEO of hedge fund Elliott Management Corporation and The Paul E. Singer Family Foundation.[2] According to The Guardian, "Elliott's principal investment strategy is buying distressed debt cheaply and selling it at a profit or suing for full payment." Singer is a longtime major donor to the Republican Party.[3]


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Danyves
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MessagePosté le: Jeu 29 Nov - 12:51 (2012)    Sujet du message: Argentine! Répondre en citant

From GLOBAL ECONOMY 11:40pmArgentina debt repayment order frozenUS appeals court puts earlier judge’s ruling on hold

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Danyves
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MessagePosté le: Jeu 29 Nov - 12:59 (2012)    Sujet du message: Argentine! Répondre en citant

FINANCE-MARCHÉS 
L'Argentine obtient un sursis contre les fonds « vautours »
29/11 | 10:10 | mis à jour à 11:05 | Isabelle Couet 
 
Buenos-Aires a remporté une manche contre les fonds « vautours ». Elle n'aura pas besoin de leu verser 1,3 milliard en décembre. Le risque d'un défaut imminent est levé. 


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MessagePosté le: Mar 4 Déc - 12:41 (2012)    Sujet du message: Argentine! Répondre en citant

From COMPANIES 12:18amRepsol seeks $10.5bn from Argentina
Spanish company files suit over YPF expropriation


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shadok
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MessagePosté le: Mar 4 Déc - 14:38 (2012)    Sujet du message: Argentine! Répondre en citant

Danyves a écrit:
From COMPANIES 12:18amRepsol seeks $10.5bn from Argentina
Spanish company files suit over YPF expropriation


Le dernier bulletin de MAP de Novembre 2012  commencerai-il à prendre corps ? 



 
Citation:
L’Amérique du Sud doit se préparer à une possible intervention militaire nord-américaine
Etant donné l’évidente réalité d’une Amérique du Sud qui ne sou- haite pas entrer dans la nouvelle ère sous le contrôle nord-améric- ain et le parapluie de la Guerre contre la drogue, les Etats-Unis, en tant que membres de l’OTAN, militarisent le territoire de l’Amérique latine pour renforcer leur position dominante13.
La Guerre contre la drogue est devenue, depuis l’effondrement de l’URSS, le prétexte nord-américain14 pour manipuler l’Amérique latine selon ses propres objectifs militaires et stratégiques. En dépit des nombreux rapports démontrant que la réponse militaire au trafic de drogue est inef- ficace15, la présence militaire des Etats-Unis alimentant davantage les violations des droits de l’Homme16 et la corruption des fonctionnaires17, la présence militaire américaine continue d’augmenter. 



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