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Anti-Empire

offsite link North Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi?

offsite link Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi?

offsite link Slavgrinder Ramps Up Into Overdrive Tue Nov 12, 2024 10:29 | Marko Marjanovi?

offsite link ?Existential? Culling to Continue on Com... Mon Nov 11, 2024 10:28 | Marko Marjanovi?

offsite link US to Deploy Military Contractors to Ukr... Sun Nov 10, 2024 02:37 | Field Empty

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The Saker
A bird's eye view of the vineyard

offsite link Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
Alternative site: https://thesaker.si/saker-a... Site was created using the downloads provided Regards Herb

offsite link The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
Dear friends As I have previously announced, we are now “freezing” the blog.? We are also making archives of the blog available for free download in various formats (see below).?

offsite link What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
by Mr. Allen for the Saker blog Over the last few years, we hear leaders from both Russia and China pronouncing that they have formed a relationship where there are

offsite link Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
2023/02/27 19:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
Pepe Escobar for the Saker blog A powerful feeling rhythms your skin and drums up your soul as you?re immersed in a long walk under persistent snow flurries, pinpointed by

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Lockdown Skeptics

The Daily Sceptic

offsite link News Round-Up Wed Dec 25, 2024 00:32 | Richard Eldred
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the ?climate emergency?, public health ?crises? and the supposed moral defects of Western civilisation.
The post News Round-Up appeared first on The Daily Sceptic.

offsite link Starmer Doesn?t Have a Feel for Politics and His Team Lacks the Skills to Run the Country, Says Vete... Tue Dec 24, 2024 19:00 | Will Jones
Keir Starmer "doesn?t have a feel" for the Labour Party or politics in general and his team lacks the skills to run the country, veteran Labour MP?Diane Abbott?has said.
The post Starmer Doesn’t Have a Feel for Politics and His Team Lacks the Skills to Run the Country, Says Veteran Labour MP Diane Abbott appeared first on The Daily Sceptic.

offsite link Church of England Tells Clergy to Edit Christmas Carols to ?Avoid Unnecessary Offence? Tue Dec 24, 2024 18:00 | Will Jones
The Church of England has told clergy in Birmingham to watch out for "problematic words" in Christmas carols that imply Jesus is the "true Messiah" or other religions aren't valid. And they wonder why the pews are empty.
The post Church of England Tells Clergy to Edit Christmas Carols to “Avoid Unnecessary Offence” appeared first on The Daily Sceptic.

offsite link Best-Selling Hybrids Face Net Zero Ban From 2030 Tue Dec 24, 2024 15:42 | Will Jones
Some of Britain?s best-selling hybrid cars will be banned from sale after 2030 under a?Net Zero crackdown?proposed by Ministers, including the mild hybrid versions of the Ford Puma, Range Rover Evoque and VW Golf.
The post Best-Selling Hybrids Face Net Zero Ban From 2030 appeared first on The Daily Sceptic.

offsite link Experts Call For Return of Lockdown-Style Social Distancing as Flu Surges, Claiming ?a Fifth of Thos... Tue Dec 24, 2024 13:46 | Will Jones
Experts?have issued an urgent call for lockdown-style social distancing ahead of Christmas Day amid surging flu infections, claiming that a fifth of those infected have no symptoms but can spread it.
The post Experts Call For Return of Lockdown-Style Social Distancing as Flu Surges, Claiming “a Fifth of Those Infected Have No Symptoms But Can Spread It” appeared first on The Daily Sceptic.

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Voltaire Network
Voltaire, international edition

offsite link Voltaire, International Newsletter N?113 Fri Dec 20, 2024 10:42 | en

offsite link Pentagon could create a second Kurdish state Fri Dec 20, 2024 10:31 | en

offsite link How Washington and Ankara Changed the Regime in Damascus , by Thierry Meyssan Tue Dec 17, 2024 06:58 | en

offsite link Statement by President Bashar al-Assad on the Circumstances Leading to his Depar... Mon Dec 16, 2024 13:26 | en

offsite link Voltaire, International Newsletter N?112 Fri Dec 13, 2024 15:34 | en

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Argentina Files Final Supreme Court Appeal in Global Hedge Fund Debt Case Religious Community Joins IMF, Legitimate Investors and Governments in Opposing Exploitative Hedge Fund Behavior

category international | miscellaneous | news report author Friday February 14, 2014 20:06author by Arielle Retrosi Report this post to the editors

Argentina will file its final US Supreme Court appeal in the NML Capital hedge fund debt case before this Tuesday, February 18th. Legal observers, economists, investors, the United Nations, the Obama Administration, the International Monetary Fund (IMF) and the religious community have closely monitored the proceedings.

"The final outcome affects poverty around the globe, over a decade of US bipartisan debt policy and the profits of legitimate investors," stated Eric LeCompte, Executive Director of the religious debt campaign, Jubilee USA Network. "The religious community applauds the global consensus to deter and not reward this exploitative, predatory behavior."

Argentina's Supreme Court filing responds to a US 2nd Circuit Court ruling ordering the country to pay $1.33 billion to predatory hedge funds and other holdout bond holders. A final ruling in favor of the holdouts will hurt poor countries in financial distress and could allow a small group of hedge funds to target assets that benefit vulnerable populations. At the same time, the majority of debt holders who previously restructured their debt with Argentina have hired lawyers to help negotiate the dispute between holdout hedge funds and Argentina. Nearly 93% of debt holders restructured their debt with Argentina after the 2001 default. The restructured bondholders are concerned that their settlements could be disrupted if hedge funds win the final ruling. In a separate case currently before the Supreme Court, Argentina sought review of a lower court decision allowing NML Capital to seek information about Argentina's non-US assets. The United States filed an amicus brief in support of Argentina, arguing that Argentina's assets are immune from seizure under federal sovereign immunity law.

"These hedge funds hurt legitimate investors and poor people," said LeCompte, "The IMF, World Bank and White House are right that this extreme behavior takes advantage of the world's poorest people."

Interested parties will now have 30 days to file an amicus or friend-of-the-court brief urging the Supreme Court to accept the case. The Supreme Court would likely decide by the summer whether or not it will actually accept this final appeal. These cases go back to 2001, when Argentina defaulted on roughly $81 billion in debt. Multiple hedge funds purchased debt for pennies on the dollar. These hedge funds are called "vulture" funds because they prey on countries in financial distress and target assets that benefit poor populations. The nearly 93% of bondholders who restructured their debts with Argentina have seen the value of their bonds increase. The holdout hedge funds that are suing Argentina refused the deal several times and have instead sued for the full amount of the debt they purchased.

The opposition to vulture funds is widespread. Similar hedge fund claims against Argentina have been rejected by courts in Germany, and France filed an amicus brief in support of Argentina in a previous appeal to the Supreme Court. In numerous court proceedings, the US government filed an amicus brief in support of Argentina, arguing that a ruling against Argentina could make it much more difficult for countries in financial recovery or facing economic stress to access credit and debt swaps. The IMF has also weighed in on the case, saying that the result would have major implications for how future sovereign debt is restructured.

"There finally seems to be an endgame in sight," noted LeCompte. "The question now is will the final ruling protect our global economy from this extreme behavior or encourage this harmful hedge fund behavior."

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