Argentina Responds to Supreme Court with Debt Swap Plan: Global Consequences of Court Ruling Remain IntactSubmitted by Anonymous (not verified) on Thu, 19/06/2014 - 5:24am
In reaction to an adverse Supreme Court ruling against Argentina, President Cristina Fernández de Kirchner announced that Argentina would offer new bonds to its creditors governed under Argentine law. The proposed debt swap would involve the 92% of the country's creditors that agreed to restructure in the wake of the country's 2001 default. While the debt swap proposes an alternative for the South American country to avoid paying hold-outs, it fails to reverse the global implications on debt markets, debt restructuring and financial stability.
Supreme Court Refuses Argentina Debt CaseSubmitted by Anonymous (not verified) on Wed, 18/06/2014 - 6:52am
The US Supreme Court denied hearing Argentina's appeal today and a lower court ruling stands that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal after the default.
Eric LeCompte, Executive Director of the religious anti-poverty organization Jubilee USA, releases the following statement: